GENERAL CABLE NEWS.

Taihape Daily Times, Volume XII, Issue 3650, 11 December 1920, Page 5

GENERAL CABLE NEWS.

BANK AMALGAMATION. Received 9.50 a.m. DELHI, Dec. 10. A banking amalgamation is foreshadowed, by the offer 'of the Peninsular and Oriental Banking Corporation to purchase the ordinary shares of the Allahabad Bank conditionally upon acceptance of the offer by the holders of not less than 75 per cent. of the share®. The holders are also given the option to" receive shares in the Peninsular and Oriental Banking Corporation.

REDUCTION OF WAGES. Received 9.20 a.m. v NE WYORK, Dec. 10. The great New "England textile firms, employing hundreds of thousands of hands, have reduced wages by 22 per cent. COMPANY PROMOTION. Received 9.50 a,m. LONDON Dec. 10. In -the past eleven months, capitalised to £575,000,000, were registered in the United Kingdom' exceeding the total of 1919, which figures were hitherto unprecedented. PROFITS IN COTTON. —, o —. Received 9.20 a.m. LONDON, Dec. 10. J. P. Coates and Co. 's annual report recommends a dividend of I'7£ per cent, and stages that the profits were over fgur millions. The report does not indicate any immediate reduction in cotton prices.

AUSTRIA'S PLIGHT. Received 9.20 a.m. LONDON, Dee. 10. The Times' Vienna' correspondent states if the Powers ' refuse further assistance Austria will dissolve and die, the effect of which will cause repercussion in Central and Eastern Europe. The Daily Express' Vienna correspondent says the resignation of the Government may occur at any moment. As an instance of distress, General Dohmer Molli, who was an Army Group Commander in thr> war, daily attends a food kitchen The Chancellor has conferred the Allied representatives, stating*" farat the situation is almost hopeless.

.STATE ECONOMY. CUTTING DOWN THE BILLS. LONDON, Dei. 9. During a discussion in the House of Commons to-day upon the excessive cost of Government -Mr Austen Chamberlain, Chancellor of the Exchequer, said that Cabinet was of opinion that the only method of effecting savings was through the War Departments. (Cheers). The Ministries of Shipping, Food and Munitions would be wound up this financial year. The question, of economising expenditure in the Middle East would be thoroughly explored with a view to drastic reduc-* tions. He hope that Mesopotamia would be self-supporting in a short *sme.

In regard to naval construction there would be no programme of new construction until the lessons of the war had been definitely ascertained. ' The Committee on Imperial Defence was proceeding immediately to make an exhaustive investigation, and no programme of capital ships would be presented until, this committee reported.

GERMAN BEET CROP. Received 12.10 p.m. BERLIN, Dec. 10: Germany's beet, harvest for 1920 will be 23,000,000 centners, obviating the necessity or any imports. Hereafter Germany will be a sugar exporting country. o— — BOMB IN ROUMANIAN SENATE. Received 12.20 p.m. BUCHAREST, Dec. 10. A bomb thrown in the Roumanian Senate killed M. Greceavu, Minister Of Public Works and Bishop Radiea. Several were dangerously injured an<? many slightly.