AUSTRALIAN NEWS.

Hokitika Guardian, 12 August 1926, Page 1

AUSTRALIAN NEWS.

j Australia & N.Z. Cable Association.]

NEW GUINEA GOLD

(Received this day at 8.30 a.m.) SYDNEY, Aug. 12

Five thousand ounces of gold arrived at Sydney from Bulolo district, New Guinea mandated territory. Forty miners aro now operating in the district and a similar number are waiting to proceed to tho field, but are unable to do so owing to the difficulty of securing labour to carry stores.

'GERMAN COMPETITION. SYDNEY, Aug. 12

The report of the Australian Industries Protection League states German competition in certain lines aro becoming astonishingly vigorous and instances wire netting, which is being offered at £4 sterling per ton below what it could bo produced for in Australia. Other classes cf goods, notably in the tool trade aro offering at similarly low rates. Tho League urges it is the duty of the Federal Government -to make it impossible for unpatriotic or forgetful traders to deal with foreigners, when the same classes of goods ,can be obtained from Britain. PHOSPHATES COMMISSION. SYDNEY, Aug. 12. In the House of Representatives the report of tho Royal Commission which inquired into matters connected with the British Phosphates Commission, was tabled. It 'records a continued stra'ined relation existed between Pope, the Australian Commissioner and Dickinson and Ellis, British and New Zealand Commissioners respectively. Tho report states no justification exists for tlie imputations cast by Pope against the other Commissioners as lie was extra,ordin.aryily suspicious of the good faith of those from whom he differs. Mr Bruce stated that in view of the report and in order to restore harmony and avert the transfer of the phosphate commissions head offiice to New Zealand Pope would be removed, and paid three months salary in lieu j of notice. Tho secretary of the Prime Minister’s Department meantime will be acting as Australian representative on the Commission. Mr Bruce added that when in London he would discuss the position with the Prime Ministers of Britain and New Zealand.

A FAILURE. MELBOURNE, August 12. The Victorian report' states that in no case has improvement resulted from the treatment. Neither the serum nor the extract is proof of any value in the treatment of eases selected. Tho majority of oases treated are worse and five of seventeen died. The committee had not found what the treatment was of any value in the cases selected. The Queensland committee found •further tests not only unnecessary but possibly injurious to patients. A BARONET DIES. ADELAIDE, August 12. The death has occurred of Sir James Stephen Goofd, an Irish Baronet. He was in the mental hospital for many years. Until thirteen years ago he was employed as a ganger on tlie South Australian railways. His sucessor to tlie Baronetcy is George Goold, an employee at Port Pirie Smelters for over forty years. The deceased maintained the secret of his titlewhich was only disclosed through a tragedy at Monte Carlo in 1907 in which his relatives were involved.

AUSTRALIAN DEFENCE. (Received this day at 9.0 a.rn.) MELBOURNE, August 12. In the House of Representatives replying to criticism of the defence estimates Mr House said in 1925-26 the 'cost of Australian defence had been 27s 2d per head which is greater than any other Dominion. Although the Inspector-General's report on land forces (cabled on .Tune 16th) was condemnatory of the ministry, it must not be forgotten that tlie Navy and Air Forces were tlie first line of defence. In both these branches, progress has been made in advance of the programme laid down for five years in 1923. MONEY MARKET. SYDNEY REPORT. SYDNEY. July 29. Despite the fairly general feeling of uncertainty prevailing in ' financial quarters, consequent on the introduction of the Workers Compensation Act, and the State Government’s deficit for its financial year just closed, the money market, based on Stock Exchange operations, continues in -a period of buoyancy. with a tendency towards cheaper money and a strong demand for sound investment shares and stocks. During the week just closed a large volume of money was seeking investment-, which tended to create a sharp advance in the market prices for gilt-edged securities* and sound shares, but as many holders were not averse to taking a profit on their earlier purchases, tlie present ruling prices are not, altogether,indicative of the Volume of business transacted. The market is at present free of largo capital issues and Government loans of note, the market values should distinctly harden in the next few months, for the B.A.W.R.A. millions have -yet to lie distributed, while in addition considerable sums are now being released locallv by the payment of Halfyearly dividends. With the exception of the 6 per cent 1930, which fell 10s, and the 5 per cent .1948,-which receded by 2s 6d prices for other Commonwealth stocks and bonds improved on the week’s operations, all issues being actively dealt in on rises from Is 3d to 7s 6d.