AMERICAN ITEMS

Hokitika Guardian, 7 May 1931, Page 5

AMERICAN ITEMS

AMERICAN VIEW. United Press Association.—By Electric Telegrapn.—Copyrigxn,. j WASHINGTON. .May 5. Breaking a two year silence, Andrew Mellon. United States Secretary of the Treasury, said to-day a solution o. the present economic distress would be found in individual initiative and not lie by ‘‘surrendering the management of business and industry to the Government, or to any board or group of men.” He made this statement in the course of an address to a luncheon given to foreign bankers. EXCHANGE RATE. MONTREAL. May 5. Exchange 4/8(5.19-32. DEFICIT AVERTED. BY DEATH DUTIES. NEW YORK, May 6.

The State Treasury, which had a four million sterling deficit lately, ends the fiscal year with a handsome surplus, composed of windfalls and inheritance taxes from Ella Wcndel. Mrs Whitelaw Reid and George Baker. The latter will pay sixteen per cent, on about- sixteen million sterling.

CANADIAN PACIFIC RAILWAY. (Received this dav ni 1.5 n.m.) MONTREAL, May (1. Following a meeting of directors ol Canadian Pacific Railway, President Beatty said in view of the fact that the prospective earnings of the company cannot he estimated with any degree of accuracy, owing to the unusual conditions prevailing, the Directors had decided, instead of declaring the usual quarterly dividend at the rate of 2J per cent., that they will declare an interim dividend of one and a quarter per cent, and await results of the subsequent months’ operations, belore finally deciding the rate that will be paid for the full year.

ELEANOR ROLLING. OVERDUE' FROM BAR UNDOES. ST. JOHNS (Newfoundland). May 6. The'steamer. Eleanor Bolling, used by the Byrd. Antarctic Expedition was reported overdue on Wednesday from Bnrbaroes She carried a crew of sixteen and left Barbaroes on April 17th.