European War.

Taranaki Daily News, Volume LVII, Issue 63, 3 August 1914, Page 8

European War.

(Continued from page 6). ALMOST A FINANCIAL PANIC. STOCK EXCHANGES CLQSED. • BRITISH PRECAUTIONARY t MEASURES. London, July 81. Pressure for war insurance practically amounted to panic. Inquiries poured in from all parts of Great Britain. The rates paid against Great Britain being involved with any Continental Power are 25 per cent., against hostilities between Germany and another European Power 30 per cent., against war between any of the six Powers 75 per cent., and between Germany and, Russia 50 per cent.

The Metal Exchange has closed until further notice, also the Stock Exchanges at Liverpool, Manchester, Glasgow, Edinburgh and Dublin. Lloyds are overwhelmed with war insurance. Tlit; risk of war between Britain, Germany, France and Russia is underwritten at seventy guineas per cent., between Austria and Italv seven-ty-five per cent., between Britain and Germany only fifty per cent. British steamers to and from Britain sixty shillings, for the Continent a hundred shillings, French or Russian steamers trading to the Continent a hundred shillings, German or Italian ten pounds. Five guineas premium was paid on the P. and 0. steamers out and hom<\

The bank rate is tight. Tho Stock Exchange is closed till further notice. This is reported to be duo to fifty members intimating that they would hammer themselves owing to the postponement of the Paris settlement. The eommitteo postponed the August settlement of Consols till September 1 and the ordinary mid-August account till August '27.

A battalion of Grenadier Guards at war strength has been drafted from London to Newcastle to guard bridges and railway sidings. The coast defences, docks and piers at Dover are patrolled, and troops liy day and night are watching the whole coast.' Similar precautions have been taken in the Isle of Wight and at South Wales ports. A royal proclamation is necessary before the reservists can lie called out and the third fleet supplied with full crews, ft Ls estimated that if the reserves and territorials are called out 74 Unionists and 30 Liberals will be withdrawn from the House of Commons. The Times, in a lender, says the age of splendid isolation has gone. We cannot stand alone in a Europe dominated hv anv single Power or group of Powers. We must make instant preparations to back our friends. Were we to show weakness or pusillanimity now none would trust us again. VARIOUS CONTINENTAL CABLED ITEMS. Bucharest, duly 31. General Putnik has arrived at Serciorova on the Hungarian border: tie is suffering severelv from asthma. The Hague, July 31. A decree 'lias been signed ordering urgent general mobilisation. Barcelona. .Tuly 31. Demonstrators marched through tl'e principal' streets cheering Servia. The police dispersed the crowd. Durazzo, July 31. All British, French and Russian ships sailed to-day. St. Petersburg. July 31. Striking scenes are occurring in conno tion with the mobilisation. Officers and ail cbsses are (locking together to register themselves. Tn manv demonstrations pro-English feelings are great"!' than pro-Erench. London, July 31.

Renter r.'jicvf.s tlhit the Austro-Rus-sian coiivcrsfitions li.ivi' been raiuiicd. A 'Berlin message states that the iniperator's vtnagc to America has been cancelled, and that the Vaterlaml, at present at Xcw York, ha-- lieen ordered to remain there. The Government has prohibited the export of all foodstuffs and materials m-fnl i» the t . vn ,t 0 f war. The Vonvacrts, in a leading' article, says: "Though we are always undisguised opponents to the principle of monarchy and have frequently wasted an embittered fight against the impetuous wearer of the crown, we unreservedly admit that the Kaiser of late years lias been tilt, linn friend of peace." The Berne Federal Council has authorised the National Rank to issue twenty-franc notes as legal eiirroncv. Rerlin. .Tulv 31.

The Berlin hank rate is ."> ]ht cent. Martial law has been proclaimed 1 in Germany. The financial crisis -resulted in the suicide of a number of leading financiers. There have been a dozen minor failures on the Bourse. The Financial Press states that it is evident that foreign countries, notably France, are withdrawing capital from Herman.v. A bank of some importance in Southern Germany is in difficulties, owing to 'the manager's speculations. The latter is missing. The liabilities are eight millon marks. Official quarters deny that Orcnanv ilemamlcil an explanation of the Russian mobilisation. The police suspended four newspapers for stating that mobilisation lias been ordered.

ACSTRAI.IAX NEWS AND VIEWS. Sydney. August 1. As a result (if the crisis the metal market is affected, tin l>i>in<; down 220s and copper 70s on tin- week. Tile German Consul repudiates tile report of tlie armiiig of (Jrrman liners as a pun- fabrication. The manager of the North (ierinan Lloyd Company states that none of tlieir steamers carry arms, not oven as ballast. Marine underwriters announce further increases in insurance rates on all steamers, except Austrian, of 1 to 4 per cent. ' Mr. Ilolman. speaking on the possibility of a luiropean war. savs: "In Australia we cannot be plunged j n t 0 calamities of that kind merely at Hie.

bidding of some irresponsible ruler, because we have won the right of selfgovernment Europe to-day presents a spectacle that should arouse every democrat to continue the fight for the supremacy over their own affairs." Austrians working at Broken Hill mines are preparing to obey the call to arms. Mr. Cook, referring to the European crisis, says that twhatever happens, Australia is part of the Empire right to the full. When the Empire is at war so is Australia, All our resources in Australia are in the Empire for the preservation of the security of the Empire. All naval leave has been stopped. Officers and men on shore duty are instructed to remain in touchy with headquarters. Mr. Fislier sincerely hoped international arbitration would avail before Europe was convulsed in the greatest war in any time. Should the worst I happen after everything had been done that honor would permit we Australians would help to defend Great Britain to the last man and the last shilling. '•'DOW\ r WITH AUSTRIA!" SLAV DEMONSTRATION IN AUCKLAND. BURNING AUSTRIAN FLAG.

Auckland, August 1. A large and enthusiastic meeting of Croatians was 'held last night, at which a proposal was made to burn the Austrian and German flag's to-day in front of the Austrian Consulate. The idea appeared, to meet with general approval, and despite wiser counsels an arrangement was made to carry out this programme and further to parade the Servian and British flags." Information reached the police, who intimated that !no such demonstration would he per mitted. It was understood, 'however, that an attempt would be made this afternoon to carry out the programme in some form. A two o'clock this afternoon about a hundred Croatians assembled before the Austrian Consul's oflVe in Customs street, and produced an Austrian field-marshal's flag, which thev hud had specially made. They poured kerosene on it and attempted to set it ablaze. The participants were too excited to carry out tho plan effectively before the police, attracted by cries of "Down with Austria!" quickly appeared. The demonstrators; thereupon wrestled for pieces of the (lag a.s trophies, and tore it into shreds. They then formed a procession and walked bare-headed through the main streets singing the Servian national anthem. The "police watdhod the proceedings, but did not consider it necessary to make any arrests.