BRITAIN.

Taranaki Daily News, 1 February 1916, Page 5

BRITAIN.

THE EXCHANGE PROBLEM. BRITAIX'S POSITION. London. Jan. 30. Mr. Edward Hidden, of the City and Midland Bank, in a remarkable analysis of the financial situation, says tliat London is still tin. borrowing anil "old centre of tin; world. The pound sterling never had to carry such a load as at present, and has naturally declined in value, in accordance with the law of supply and demand; but, while its exchange value in Xew York lias depreciated 1.!) per cent., in Holland 10.:! per cent., in Spain .0 per cent., and in Scandinavia 3.!) per cent., it lias enormously appreciated elsewhere. The pound is above par in Paris by 10.S per cent., in Italy by 2u.4 per cent,, and in Russia by 69.7 per cent. The decline in Holland' is due to our having exported there during the year only 17',/; millions worth of goods, while we have imported 2S I /; millions worth. We could readjust the exchange by sendinj» gold to liolland, but it might find its way to Clerinaiiy. The Rank of England has SO millions of gold and the Government 28'/. millions." The joint stock banks have also large sums, while there is n continuous flow from South America.

«"'T'TTIXC, OEF IM n np/>7 I T.ondou, Jan. SO. Mr. Runeiman presided at sixteen important trade conferences within a week, deciding details of the expected proclamation regarding paper, building materials, and wood, which wilj be issued in a few days. The proclamation as to fruit and tobacco will be issued within a fortnight. The Daily Mail states that all fruit will he prohibited except bananas, and consumption restricted to home-grown fruit. The Board of Trade is determined that merchants with accumulated stocks shall not be allowed an extortionate profit. RECRUITS CALLED UP. London, Jan. .10. Groups 10 to 13, Inclusive, have been ordered to report themselves on February ill. WORKERS AND THE WAR. SCHEMES FOR SAVIXG. / MORE TAXATIOX URGEC Received Jan. 31, !) p.m. London, Jan. 30. The. committee's report on the war loan scheme for workers that e.very deposit of 15s <ld, or accumulation of savings reaching that sum, entitles the subscriber to receive a pound at the end of five years, or a pro rata amount for a lesser period. The committee reported against increasing the interest on Savings Bank deposits and against forced loans by deductions from incomes. It recommends organisations on an extensive scale for voluntary saving associations, and the adoption of an instrumental scheme, for facilitating lodgment of small amounts until xnrf it.**. (id, either through the Savings Banks or by cards with spaces for sixpenny stamps.

Tlie committee also suggest that drastic taxation is calculated to curtail unnecessary expenditure, also that a greater proportion of the cost of the war can be raised by additional taxation, particularly oT the wealthier community. They recommend the War Savings Association to devise schemes to encourage thrift. They do not recommend lottery bonds, fearing an objection by a large section of the public on the ground of the cement of chance involved

STOCK EXCHANGE RESTRICTIONS. London, Jan. 30. The Treasury declined to accede to the request of the Stock Exchange committee to remove minimum prices for all stoclc9, but agreed to remove the re striction from colonial Government securities and certain others. DEPARTMENT OF COMMERCE. London, .Tan. 30. The Glasgow Chamber of Commerce urged the Government to establish a Department of Commerce and Industry under a Minister of Cabinet rank, to consult the dominions with a. view to reciprocal trading laws dealing with enemy iirms. It also suggested reciprocal tariffs between the Empire and the Allies. ' fiT CLOSING OF MUSEUM& Loudon, Jan. 30. The agitation is increasing against the closing of museums and picture galleries. The newspapers point out that many [Australian and New Zealand soldiers are visiting London for the first and only time. As the only alternative to visiting the galleries they often spend hours gossiping in public-houses. MUNITION WORK. London, Jan. 30. In view of approaching developments, Mr. Lloyd George and his colleagues had two meetings with the General Staff's experts for the purpose, of framing a common armaments programme for the Allies. PROPOSED TAX ON AMUSEMENTS. London, Jan. 30. The Weekly Dispatch says that theatres, music halls, and kinema palaces will be a feature in the next Budget. MINERS AGAINST COMPULSION. London, .Tun, 30. The Durham miners' ballot resulted in 3475 votes in favor of compulsion and 20,810 votes against it. GIFT TO JAPANESE WARSHIP. London, Jan. 30. The King has approved of the silver model of u Maori war canoe which the New Zealand Expeditionary Force is presenting to the captain and officers of the Ibuki, the Japanese warship which escorted the main body «a far m the Red Sea.