NEW ZEALAND NEWS.

Taihape Daily Times, Volume 7, Issue 240, 30 June 1915, Page 2

NEW ZEALAND NEWS.

DEARTH OF SHIPPING SPACE. INVERCARGILL INDIGNANT. INVERCARGILL, June 28. A meeting of merchants was held to day ot discuss the daarth of shipping at the Bluff. It was pointed cut thai the position was vary acute. The av ailable tonnage was taxed to an extent not experienced for a number of years and was likely to become worse unless they got steamers. Commitments hac been made for large quantities of chafi and kindred products, the major por tion being for the Defence authorities !in Victoria and New South Wales Bluff stores were in a dreadful state oi congestion, and matters had reached £ climax. In addition to the InvercargiL merchants, those at Gore had also tc be reckoned with. One speaker said that .the position appeared to be hope less. There was sufficient cargo at Lyttelton and other ports to monopolise the available boats until October, and chaff would not be wanted in Australia then. Finally it was decided to ledge a protest witih the Union Company, pointing out the amount of attention other ports had received with .regard to ships, while the first steamer from th e Bluff was set down for July. Even then merchants understood that the Defence Department's orders were to receive consideration, so that local produce would probably lie in store until August or October, when it would probably not be wanted in Australia, and orders would be cancelled. The motion urged that a boat be put on for Melbourne, and the same facility be extended in regard to Sydjney. BRITISH WAR LOAN. DETAILS OF THE LOAN. WELLINGTON, June 28. The Government has received a cable giving details of the British 4£ per cent war loan. The message states that the issue of stock or bonds bearing interest at 41 per cent is payable halfyearly on June 1 and December 1. The price of issue is fixed at £IOO per cent. A full half-year's dividend will b e paid on December 1, 1915. Applications, which must be accompanied by a deposit of £5 per cent, will be received at th e Bank of England and may be ! forwerded direct or through the medium of any banker or stockbroker in must be for even hundreds of pounds. Arrangements are being made for the receipt of applications for smaller amounts than hundreds through the Post Office. Further payments will be required as follows: Ten per cent on July 20th, 15 per cent on August 3rd, ■1.5 per cent on August 17th, 15 per cent on August Slst,- 10 p.c. on September. 14th, 10 p.c. on September 28th, 10 p.c. on October 12th, and 10 p.c. on October 26th If not previously redeemed, the loan will be repaid at par. on December 1, 1945, but th e Government will have 'he right to redeem at par. at any time after December 1, 1925, on giving three months' notice. Instalments may be paid in full on or after July 20th, 1915, under a discount rate of 4 1-3 per cent, per annum. CHANGE FOR NEW ZEALANDERS. The Prime Minister,, when asked this afternoon if he had any statement to make upon the Imperial proposals for obtaining subscriptions from the overseas Dominions, to the British war loan replied that all h e could say was that New Zealanders would have ample opportunity soon for investment in this i i country. Asked if this had reference to future loan proposals of the Government, Mr Massey replied in the affirmative. IfcTW PLYMOUTH OIL. A LIBEL ON THE LNTDL'SfEY. "' '-NEW PLYMOUTH. June V.S. Mr. P. A. Harley of Aucklaud, was Interviewed in connection with the recent statement of Sir Marcus Samuel with reference to the prospects of obtaining oil from New Zealand, which he stated were nil, the Shell Transport Company having abandoned hope ; of receiving .any. Mr. Hadley. said the statement so far as the public \vac soncerned conveyed the idea that the Shell Company had endeavoured to produce oil throughout the Dominion and as n result had had to abandon the hope of doing so. Instead of this, however, the Shell Company had drilled for less than a year at Kotuku, on tho west coast of the South Island, and for_ two years at Weber, on the east coast cf the North Island, but they had never drilled anywhere in the Taranaki Province. New Plymouth was the only proven oil field in New Zealand and the statement accredited to the chairman of •Jie Shell Company would, to say the least, seriously prejudice, if rot effectively kill, this very promising industry. - ■