AMERICAN CABLE NEWS

Hokitika Guardian, 28 June 1927, Page 2

AMERICAN CABLE NEWS

FINANCIAL smash.

(Australian & N.Z. Cable Association.)

NEAT YORK, June 2G. Advices from I-os Angeles state that what is regarded as the most sensational smash in Western financial history, involving twenty million ster_ ling, has occurred. IF is was when fifty-five financiers and operators were indicted for a conspiracy to wreck the once fabulously rich Julian Oil Coy. and for a breach of the State Trust Law. Forty thousand Californians hold what are now alleged to he worthless Julian securities, following the smash. A number of the accused were admitted to bail. All will appear in the Supreme Court oil Monday.

BIG OIL FIRE. NEAT YORK, June 26. A message from Long Beach, Caliornia, states that fire has swept a eetion of tho Alamitos Heights Oilelds. near there, on Sunday night, arising damage estimated at one milieu dollars.

1A rPE RIAI/ RELA TI ON S. NEW YORK, June 27. ■Sir Harrison Moore, lecturing at Chicago University on the subject of Australia in Imperial and foreign relations draws attention to the Commonwealth's remoteness from a land peopled by whites, her proximity to Asiatic populations and her sparsely settled areas, whereof a large portion was within the tropics. Australia’s exports being mostly foodstuffs and raw materials related her problems cf every industrial country in the world. Australia’s chief customer was Britain, who had supplied capital to enable the Commonwealth to bo developed free from serious disabilities associated with pioneering in other countries. Sea routes were vital to Australian trade, therefore Australia was profoundly interested in the maintenance of sea power, whereby ocean transport was protected. The AVliite Australia policy envisnged a community of British Society. Tracing the process of transition in Colonial Government, Sir IT. Moore said Australia’s Federation did not produce any doubts about losing the Empire tie. The Federation - had led not so much to concentration on external affairs, as on the internal, social .economic policy. Though this was backed by a strong sense of Empire unity and Empire citizenship. Australia’s political leaders had entered discussions on the responsibilities of other parts of the Empire as equal with the citizens thereof, instancing Australia’s action regarding the introduction of Chinese labour on tho Rand, and insisted on white labour on mail ships. The 1 flexibility of British-Australian relations under responsible Government was regarded as the principle whereon colonial Self-Government was based.