INCIDENTS OF THE WAR.

Taihape Daily Times, Issue 219, 30 January 1917, Page 6

INCIDENTS OF THE WAR.

BANK OF FRANCE’S DEPOSITS. Received 9.45. PARIS,. Jan 2S. Deposits in the Bank of Franco last year totalled over £200,000,000 sterling.

PAYING THE WAR DEBT.

A BOARD FORMED. Received 9.45. LONDON, Jan 28. Reuter learns that an Empire Resources Development Committee, under the chairmanship of Sir Starr Jamieson, has been formed to promote the development by the State of th Empire’s resources ivith a view to assisting the payment of the war debt. The Committee includes Lord Selborne, Earl Grey, Lord Islington, Kipling, Morton, Frewen, Hodge (Labour Minister), Horace Plunket, Arthur Hawley, Wilson, Fox, and Henry Birch enough. The committee advocates: Firstly, the conservation for the benefit of the Empire of such national resources as are or may come under the ownership or control of the Imperial authorities or the Indian Governmen; secondly, the development of selected resources of the Empire under conditions giving the State an adequate share of the proceeds; thirdly, the subsequent appointment of a board to carry cut these objects.

BRITAIN’S ECONOMIC WEALTH.

LONDON, Jan 27. Sir E. H. Holden, at a meeting of the London City and Midland Bank, said the country was overflowing with money. The credit at the Bank of Eng3and before the war was forty millions. This had increased 145 millions at the end of 191(3. It was essential that all holders of Treasury hills should convert at least half of them to the War Loan. This would mean that five hundred millions sterling would not become payable which would be equivalent to subscribing five hundred millions now money. Large profits were being made in consequence of the high price of commodities. Much of the profit should be used to purchase Treasury Bills. These large sums would not be required after the war. It would be impossible to find remunerative employment fon the banks ’ large holdings of deposits. Then money would flow out of the banks and go in securities, which would rise in price. The speaker, continuing, said German notes totalled SOI millions, while British notes issued totalled 165 millions. Germany 's percentage of gold was 15.7, and ours was 22. During the war we had sent to America 215 millions in gold. The American banking system was required to fix a reserve of 15 per cent, to cover loans. On that basis we were entitled to a loan of 1,400,000,000, of which the Allies have received 430 millions.

CUR MINISTERS AT HOMS

MASSEY AND WILSON. Received 9.20. LONDON. Jan 28. Mr. Massey, speaking at Petersborougb, declared he was delighted with the magnificent solidarity of the Manchester Labour Conference in favour of carrying on the war. lie thought too much notice was taken of President Wilson, and said if the latter used a more effective weapon than the typewriter in defence of American interests when American citizens were being drowned and property destroyed, we would have more respect for his opinions now. Mr. Massey speaks at Batley on Monday.