AMERICAN ITEMS.

Hokitika Guardian, 30 April 1924, Page 3

AMERICAN ITEMS.

[ R BUTKItS Telecrams.]

CREDIT FOR GERMANY. NEW YORK, April 20. The “Times’x” financial Editor announces the completion of negotiations milder which twenty-one of America’s largest banks have granted live million -dollars credit for the use of German Importers. This group of banks granted the French credit for stabilising the .‘franc, as cabled on the Pith. March. German trade bills, hearing the amines of two prime German institutions in each case, will 'he taken for ■re-discount. Trade hills will he issued in dollars, payable in the United ■States, and accepted as such by the members of the hanking syndicate. ’I he •new gold Re-discount Bank will be the German agent, and will thus he disabled to maintain a fairly stable level ■of exchanges, and facilitate the stabilisation of the Reichmark until the final plan of the Reparations Expert Com mittee can b§ put into effect. T his istep is considered the best temporary -mienns of reviving German-American trade to pre-war levels, and at the ■same time being the precursor of greater American aid in the form of the international loan advocated by the (experts.

U.S.A. SCANDALS. WASHINGTON. April 28. A new sensation involving President ■Coolidge was revealed in the Senate (during the Agricultural Committee’s (discussion of the disposal of the so-call-ed Muscle Shoals (Alabama) Power Plant, which, next to Niagara, is regarded as the greatest source of waterpower, and which the Government, (luring the war used to manufacture nitrates. Mi Henry Ford recently made ul bid for a lease to operate the plant, but the Conservationists bitterly opposed a lease, alleging it would vest private interest- in a monopolistic control of the greatest source of national Wealth.

big MINE DISASTER. NEAV YORK, April 28. At 'Wheeling, in West Virginia, one hundred and seven miners have been oiitonihcd by nn explosion at Benwood Coal Mine. All the entries were blocked by debris. Though they worked for four hours, rescuers were unable to gain an entrance. ,11 The mine is on fire, and is choked with deadly fumes. There is little hope for the trapped miners. NEWSPAPER BEAT,. (Received this day at 11.45 a.m.l XH\V YORK, April 20. Following on the consolidation of Hearsts newspapers and magazines there lias been twelve million dollars oi lirst mortgage bonds at 0} per cent, at par. Tt is the largest newspaper issue over made in America.