AMERICAN ITEMS.

Hokitika Guardian, 18 October 1929, Page 5

AMERICAN ITEMS.

RAMSAY MACDONALD. (United Press Association—By Electric Telegraph—Copyright;. OTTAWA' Oct. 16. Addressing the Canadian Club at Toronto today, Mr Ramsay MacDonald said the development of Empire unity, the strengthening of those intangible bonds of affection, the* price of. which bound tne children of the Dominions to the hearth stones of the Mother were problems before the Government of Britain. A Fifteen hundred delegates from the American 1 Federation of Labour Convention, which is meeting there earlier, gave Mr MacDonald and Miss Ishbel one of the greatest ovations accorded him since his American arrival. Applause interrupted him when he rose to speak. Labour, he said, stood for those -things which he had come to America to promote.

STOCK MARKET DROP. NEW YORK, October 16. The stock market suffered a drastic decline. ' The market value loss is above tt thousand million dollars. r lhe list broke of its own weight. With the apparent removal of all support, a heavy’flood of: selling orders was received. Small traders trying to hold stocks from the. recent reaction sold out with heavy-losses,; the greatest loss being represented' in'United States steel,' closing at 213 - off 9§, the loss therein-being above eighty millions. Thirty representative industrial stocks dropped over ten .points; 20-rails lost abpve two points. The day’s sales were, over 4;088,000. shares.