AMERICA HARD HIT.

Taranaki Daily News, 19 August 1921, Page 8

AMERICA HARD HIT.

MR. T. M. VvILFORD INTERVIEWED. Wellington. August 1(1. Mr. T. M. Wilford, M.P., interviewed to-day on his arrival in ‘Wellington from ’Frisco, said that that, city, with the rest of America, was feeling the world condition of financial stringency and was suffering from high cost of production and of customers. Mr. Mellon, the new Secretary of the Treasury, stated th'at in the year ending Juno 30. America lost 3000 million dollars of export trade. This, Mr. Hoover ascribed to the bankrupt slate of Europe and the impossibility <•!' trading at Iho present exchange rate. Air. Mellon, also stated that on/ of every dollar taxation only seven cents were available for administration purposes after paying annual liabilities, and warned the people that unless all Department- decreased ewenditure taxation would be greater still. Owing to wage increases, high railway rates had thrown many thousand waggons and passenger ears idle. The citrus industry in California had been completely knocked out. Sevcnryciglit ships in ’Frisco harbor were idle, and 1300 were lying up in all American ports. The interest rate was away up to 8 per cent, on ordinary city bonds. The Japanese question looms very large in the States to-day, but at the same time the Disarmament Conference meets with general favor. It is estimated that there are two In three million unemployed in America. General Booth states that the outlook -for the coming winter is the worst on record. As a result the employees in some industries readily accepted ‘ cuts’* of 15 to 20 jier