OCCASIONAL NOTE

At a moment when the bears seem likely to have matters too much their own way on the local Stock Exchange, it is worth while to draw attention to the current Dundee view of the future of the Calcutta jute industry. In his speech delivered to the Dundee Chamber of Commerce on June 27, Mr. Bonar, the President, pointed out that, while all the factors appeared to suggest difficult times ahead for the Dundee jute trade after the war, everything appeared to point to abounding prosperity in Calcutta.

In India handsome dividends had been paid during the war, block and plant accounts had been drastically written down, gigantic reserves had been accumulated, and, in contrast with the rest of the world, the cost of labour had remained almost stationary. They now had in India all the primal conditions necessary for extension of the jute manufacturing trade – the desire, the financial ability and the conditions which justified outlay.

Mr. Bonar estimated that if, in pre-war days, Dundee’s cost of producing a ton of 40- inch 10 and half oz. Hessian was 2 and half times that of Calcutta, today the Dundee costs were at least four times Calcutta’s. Moreover, not merely was the relative cost of production now more to Calcutta’s advantage than in 1914 but Calcutta was already making Dundee’s finer class goods and Dundee’s old export markets were fast acquiring a definite preference for Calcutta goods which it would be almost impossible to break down.

SCARCITY OF SILVER COIN

In view of the difficulty now being experienced by the public owing to the scarcity of silver coins, the Hon. Babu A.C. Majumdar, president of the District Association, has addressed a letter to the Collector, Faridpur, requesting him to take steps for relieving the present situation.

The letter says that the rupee has practically vanished from the market and small coins such as pice, one anna, two anna and four anna pieces are not to be had except at an exhorbitant batta of one anna in the rupee. The situation has become so serious here that sometimes people are unable to make their purchases for want of change.

The letter suggests that a sufficient supply of small coins should always be available in the Government treasury and in adequate number should be given to the control Co-operative Society, the Faridpur Bank, Ltd., the Faridpur Loan Office, Ltd., and other centres of public business.

ALL QUIET ON KOLAR GOLD FIELDS

As a result of the timely precautions taken by the mining and civil authorities, the food riots which were apprehended at the weekly markets yesterday and today have been averted. The mining authorities advanced their contractors, who are also grain and provision merchants, large sums which enabled them to obtain sufficient stocks and sell at reasonable prices.

All coolies were warned when being paid their wages yesterday that if they created any trouble or disturbance they and their families and relatives would be summarily ejected from the mines, forfeiting all wages due for this month. The District Magistrate issued a notice to the public warning them against false rumours about the looting of bazars, and intimating that any lawlessness would be dealt with severely.

The police force on the field, augmented by an armed detachment from Bangalore, patrolled the markets and bazar streets and saw that the prices fixed by the authorities for food grains and other commodities were not raised.

METZ UNDER ALLIES’ GUN-FIRE

Reuter learns that the news today from the American front is highly satisfactory. Since yesterday the American have advanced two or three miles. Patrols have penetrated two miles further. It appears that the Germans are retreating to a line protecting the railways to Beenore and Metz. Metz is under long range gun-fire.

There were six enemy divisions operating in the St. Mihiel salient, the total strength being 60,000, with a reflex strength of 36,000. The booty includes masses of material, over a hundred guns of all calibres, hundreds of machine-guns and trench mortars. The bridges in the reconquered territory are undamaged.

ITALIAN SUCCESS

An Italian official communiqué says: Yesterday morning in the Brenta valley, after a short but effective artillery preparation and with the co-operation of aeroplanes bombing and shooting from low heights, we attacked the enemy barrage at Grovella, south of Corte. After crushing the fierce resistance of the garrison we conquered the whole defensive system consisting of an entrenchment at the bottom of the valley and strong defensive works astride it. We took 343 prisoners, including twelve officers.