AMERICAN NEWS

Hokitika Guardian, 23 January 1928, Page 2

AMERICAN NEWS

(Australian & N.Z. Cable Association J

U.S. NAVAL EXPANSION. NEW YORK. Jan. 21

The New York World’s AYashington correspondent .says that the multimill,on dollar navy building scheme in which the Administration Tins acquiesced, is lioing inflated so rapidly (luit it appears destined to he a million dollar bubble. Both the Republican and Democratic majorities are allpowerful and the Appropriation and Finance Committees have determined to tight to the finish any ’efforts to appropriate the money necessary to make the naval expansion dream come true. The project, if carried out, would raise the annual cost of the navy to more than live hundred million dollars, with an increase in the annual tax burden of at least two millions, and would, in the view of many, precipitate an open armament race with the British and other naval Powers. As the Bill now stands, the Pretiiilent’s hands would he tied even if limitations should lie decided upon at the 1931 Conference. Senator Glass to-day assailed the programme as an imposition upon the taxpayers and a menace to world peace. He added: “What .started it apparently wan Administration bluff, and it was taken seriously by the House Naval Affairs Committee. It is causing international apprehension over the real intention of the l nited States.” Senator llorah is opposed to the project, and said he intended to attack it as soon as the Bill reached the Sen-

U.S. PRESIDENCY. WASHINGTON) Jan. 20.

A movement has been started in some New England States to send delegates to the Republican National Convention who will keep up the effort to drat Air Coolidge as a Presidential nominee. and cast their votes for him. at least during the early balloting. A group of leaders at Connecticut were reported to-day as the latest to join the programme, which was said to have the sanction of Chairman Duller of the Republican National Committee.

Another aspirant for Democratic nomination was approved to-day when the Tennessee Congressional Delegatioil announced Cdrsell Hull as a candidate for Presidential honours.

RUSSIAN BONDS DISPOSAL. NEW YORK, Jan. 21. It is understood that the Russian Soviet Government has devised a method of selling its securities here without nonlliot with the State Departments’ policies, and as an initial effort. has begun [Selling direct jto American investors a portion of the thirty million dollars Russian railway bond issues, recently authorised.

Tlie Soviet has arranged the payment of interest and principal in dollars through credit at banks hero. The Chicago and San Francisco bonds at present will he delivered hy mail from London, but eventually • there may he at raugoments for their immediate delivery there. U.S. TARIFF. WASHINGTON, Jan. 22. Representative Dickinson has introduced a measure amending the Ford-liey-McCumber tariff. Jn order to secure additional protection for American agricultural products, five cents per pound would he placed on imported dry salted hides, four cents per pound on wet salted hides, sixteen cents per pound on dry salted calfskins, and ten cents per pound on wet salted calfskins. These items are now free rates. On meat, fresh and prepared, it would be increased from twenty to forty per cent., ad valorem.