AMERICAN AFFAIRS.

Taranaki Daily News, 19 July 1921, Page 5

AMERICAN AFFAIRS.

AERIAL FATALITIES. By Telegraph.—Press Assn.—Copyright. New York, July 15. At Moundsville, Virginia, a bombing plane fell during manoeuvres, killing six and injuring 50 spectators. Explosions from the bombs destroyed 16 automobiles. At Modesta, California, four aeroplanes belonging to the Commercial Flying Co., collided, when practising at a height of 1500 feet, caught fire and fell together into the street, along with I the charred remains of the four aviators. GERMAN CREDITS WANTED. New York, July 14. The New York Times’ financial expert states that German agents are negotiating with four groups of American bankers for short rime cihdits, totalling 59 million dollars, to purchase grain products. London bankers will also float 10 million dollars credit for German interests. One group of bankers has already completed, arrangements for nine millions credit.—Aus.-N.Z. Cable Assn. WAR DEBTS CANCELLATION. Washington, July 14. The first conclusive evidence of the I proposal for a general cancellation of; the Allied war debts was obtained when | a letter from Mr. Lloyd George to ex- I President Wilson, dated August 5, 1920, | was read to the Senate finance commitj tee. The letter stated England’s willingness to consider tb.e cancellation of i all debts owed her if America would consider wiping out the British indebt-edness.—Aus.-N.Z. Cable Assn. PETROLEUM. CHEAPER. New York, July 12 (delayed). As the result of a in the price of crude oil petroleupi has dropped an average of 28 per cent, since January 1. The lowest wholesale quotation Is 15 cents a gallon at Kansas City and 26 cents at Seattle. The price mainly current is 21 cents. TRADE SLUMP. Washington, July 11 (delayed). The Department of Commerce announces that American foreign trade for th“ fiscal year ended June 30 v/as 3600 million dollars less than in 1920. Exports totalled 6’519 million dollars, and imports 3666 millions. Geld- imports totalled 646 millions compared with 150 millions during 1920. SOLDIERS’ BONUS. Washington, July 12 (delayed). President Harding, addressing the Senate, said the proposed soldier bonus legislation, contemplating a national obligation of 5000 million dollars, would greatly imperil the financial stability of Amarica. 1

“Our land,” he said, has its share of the financial chaos and the industrial depression and three things are,essential to the restoration of peace time conditions —the reduction of internal taxation, the refunding of the "war debt, and the adjustment of foreign loans. It is unthinkable to expect a business revival while maintaining excessive taxes, and it is impossible to reduce the tax burdens while committing , the Treasury to additional obligations.” The ’president added that the first duty which the country was fulfilling was toward her disabled soldiers. ~~ Aus.-N.Z. Cable Assn.