AMERICAN CABLE NEWS

Hokitika Guardian, 22 June 1927, Page 3

AMERICAN CABLE NEWS

(Australian & X.Z. Cable Association.)

AUSTRALIAN LOANS. NEW YORK, .Tune 20. The New York World, in a financial editorial, states: International hankers here and in Australia predict t'na the Commonwealth is on the verge of turning to New York for all its industrial and municipal loans. It is explained that Now York now offers lidtor terms to borrowers than London. Bankers hero and in Australia' believe that if the Commonwealth were pressed, it would give the American hanks till the privileges that are enjoyed h.v its domestic institutions. This agreement would he based on the provision that the United States should grant similar privileges to the Australian banks in future. In the conflict between the Australian Federal and States’ laws, the United States interferes, because tin* State laws more Ilian, the national ones, now restrict the operations of foreign hanks.

MORE (AMERICAN FLOODS. WASHINGTON, .Tune 21

A message from Kansas City stales a fresh outbreak of (floods heavily damaged sections of Oklahoma. Afissouri and Arkansas wheat regions. Kansas is the most heavily bit. The damage is estimated already to have exceeded two hundred thousand dollars. Production throughout the section has slackened twenty-five per cent. Reapers have been forced to quit with the crops half .gathered. Cottonwood river is steadily rising, towns near Emperor have been cut off and flood warnings are widespread as the lesser streams rise threatening to inundate more fields and towns. The lakes have overflowed, causing heavy damage to summer cottages and hemes. Tiny streams have assumed mile wide proportions, covering hundreds of acres of farm lands and smaller towns are isolated.

WHEAT GROWERS’ DEMAND. NEW YORK, June 22

J. Gough (President of Texas Wheat Growers’ Association) addressed, at Chicago, the American Institute of Chicago Co-operation. He demanded the abolition of the Chicago Board of Trade. He said it was the height cf folly to talk about farm relief and not eliminate the cause, The Chicago Board of Trade dominated the cxcliangc, and had Absolute power to fix the price of every bushel of wheat. The five men on that Board determined what the farmer got fir his grain. They were nameless under the law and known by members only. Farming would never be profitable until there nvas a change in the system and the farmer could control the flow of price and distribution of his products, the same as other industries did.