RECORD SLUMP

Hokitika Guardian, 9 June 1930, Page 3

RECORD SLUMP

IMMENSE fortunes lost

[United Press Association—By Electric Telegraph—Copyright.J

LONDON, June 6

When will the great, commodity f slump end? This is the question being asked everywhere. Some are of the opinion thajt bedrock will be reached by Septum her j when the effects of the relaxation in. credit restriction will be felt and the : disturbing elements of the international monetary situation removed., , . ”, -• !

file “Daily Express” says: ,“Immense fortunes have been lost. Even the slump of IDO6-7 pales into signir flea nee compared with the present colossal, fall in values,”

The paper illustrates the big drop in , tl’f prices of rubber, silver, zinc, fry>dstuffs, textiles, and metals, and it ■mMs; ‘‘All of tbe interest involved will attend a conference at tbe London Guildhall on .Tune 17, the Prime Minister presiding.”

GERMAN SLUMP,

A GOOD EXAMPLE OFFERED

BERLIN, June G,

Tbe German industrial and the trade union leaders, in order to meet the economic crisis in Germany, will submit to President Von Hindenburg personally a joint appeal, in which they will indicate their preparedness to ma'-e. pecuniary sacrifices, provided the affluent classes agree to make an emergency offending or pay a special levev in order to balance this years’ T --. r ],vr,t. |t is regarded as likely that President Hindenburg will approve of this.

TAXATION RAISED

BERLIN, June 6

The German Cabinet sat all night to devise measures to avert a financial crisis. Tt was decided to ex"ediate the Public Works construction programme; to increase by one-half nor cent, the workers’ contributions towards the unemployment insurance ;| >"s totalling four, and a half per cent ; and also to tax the salaries secured by contract up to ten per cent, and to impose a special bachelor’s tax.