AMERICAN ITEMS.

Hokitika Guardian, 8 February 1929, Page 5

AMERICAN ITEMS.

U.S.A. SPECULATION. A HALT CALLED. (United Press Association—By Electric Telegraph—Copyright'. WASHINGTON, February f>. The Federal Reserve Board lias issued an important statement to-day. It is that, following on a continued increase of stockbrokers’ leans for speculative purposes to the high total of (i,73fi million dollars, the Board conceived it to be its duty, in tiie immediate situation, to restrain, directly or indirectly, the use of Federal Reserve facilities in aid of the growth o'f speculative credit. This is interpreted to mean that hereafter loans made by the member banks of the Federal Reserve system will be more carefully scrutinised by the Board. The statement points out Unit the Board lias been encouraged to interference by reason of excessive amounts of flic country’s credit being absorbed in speculative security loans. The statement adds: “Coming at a time when the country lias lost some live bundled million dollars in gold, the effect of the great and growing volume of speculative credit has already produced some strain, which has reflected itself in an advance of from one to one and a-half per cent in the cost of credit ifor commercial uses.”

ATHLETIC VISIT. VANCOUVER, February 7. Australia and New Zealand in a few months will see Percy Williams, the Olympic sprint champion, G. Lowe, English winner of Olympic 400 metres, and also Ralph Ball, the noted Canadian middle-distance runner. Following Williams’ appearance in New York and other eastern cities, Williams and party will tour Britain and the Continent and then Africa and the Antipodes. CANAI) A’ S PAR LI A MET. (Received this day at 10.30. a.m.) OTTAWA. Feb. 7. The Third Session of the Sixteenth Parliament as opened on I hursdav with a brilliant ceremony. Lord Willingdon revived the custom ol driving to Parliament in an open sleigh, instead of in a motor.