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VICTORY LOAN. 1 .I
VICTORY LOAN. 1 I terms of New Issue. FOUR PERCENT AT 85. All speculation as to the terms of the new Victory Loan are now get at rest by the issue of the prospectus. There are many new features in the Loan well calculated to appeal to 4nery class of in- vestor- The Loan is in two issues. Four per Cent. Funding Loan, 1960. 90. issued at £ 80 per cent., redeemable within 71 years by means of a Sinking Fond. Foflr per Cent. Victory Bonds, issued at £85 per cent., redeemable at par by means of annual drawings determined by lot, commencing September 1, 1920. The Funding Loan, if not previously redeemed, will be repaid at par in HI90, or, subject to three months' notice, it may be repaid at par at any time on or after May 1, 1960. Arrangements are made for the accept- ance of these issues as the equivalent of cash in payment of Death Duties. There are Bank of England and Poet Office" issues of the Loan and Bonds. In the case of the Bank of Eng- land issued payment may be made in ful! or by instalments; the Post Office issues must 00 paid for in full on application. The stocks and bonds of certain pre- vious issues will be accepted for conver- eion to the new issue. The list of applications will be closed on Saturday. July 12. MAIN OBJECT OF NEW ISSUE. In the first place it ought to be made quite clear that the figure of £ 250.000,000 mentioned in the Loan Resolution re- cently before the House of Commons is in no sense the measure of what is required in the national interest, or, of what it is vhoped the public will subscribe. That sum is the new borrowing calculated this year in accordance with the Budget statement to balance revenue and expen- diture. The main object of the new issue. is" not to raise the 250 millions, which could have been obtained 'in other ways, but to fund as much as possible of the immense volume of floating debt. As long as there is this vast floating debt there must be a great element of unoortainty permeating the financial situation, and therefore exercising a dis- couraging effect upon the revival of in- dustry and commerce. By the new issue it is hoped to attract all classes and place the debt in the hands of people who will hold it as an investment. With regard to the Four per Cent. Funding Loan, stock and bonds of the undermentioned issues will be accepted at par as the equivalent of cash payment in whota or in part for fully-paid allot- ments of this iesue: S4 lOa. per Cent. War Loan, 1925-1945. Z5 per Cent. Exchequer Bonds, 1919, 1920, 1921, and 1922. f6 per Cent Exchequer Bonds. 1920. S4 per Cent. Tati-or^l Wnl D-V 1st, M per Cent. National War Bonds, 1st, 2nd, and 3rd Series. DEATH DUTIES. At the close of each half-year a eum equal to 2i per cent. on the nominal amount of the loan originally created will be eet aside by the Government. After deducting the amount required for payment of interest, the balance of the um set aside will be carried to a sinking fund to bo applied during the succeeding half-year to the purchase of the loan for cancellation if the price is at or under par; when the price is above par it will h" either so applied or otherwise invested under the control of the Treasury. Any outstanding balance will be repaid at par on Mav 1, 1090, but the Government reserve the right, on giving three months' notice, to redeem at par at any time on <'?' after May 1, i%o, any outstanding palance of the Loan not previously pur- chased and cancelled by ihe operation of the Sinking Fond   of this issue ?'11 be aarccSeSpted rf by the Commissioners of Inland Revenue as the equivalent of cash on the basis of MOfor each ?M ?rrend?ed with due adjustment for inter?t. in AAtisfRdion of amounts due for D^atM Duties, provided that the stock or bonds surrendered have formed part of the estate passing on the death of the de- ceased continuously up to the death from the date of the original subscrip- tion, of for a period of not less than six months immediately preceding the death Interest payable from time to time will be exempt from taxation so long as it is phown that the stock or bonds belong to persons who are neither domiciled nor ordinarily resident in the United King- dom and Ireland. Stock will be convert- ible into bonds to bearer in denomina- tions of £ 50. £100. £200. £500, £ 1.000, and £5.000 with coupons attached for the in- terest pavabie half-yearly. ANNUAL DRAWINGS. I The other form of issue is the Four per Cent. Victory Bonds, redeemable at par, the first dividends of which will be paid on March 1. 1320. Applications for these mav be either fully-paid allotments or in- stalment allotments. As in the case of the Funding Loan, Mock, and bonds otv. re. vious war issued specified above, will be accepted at par as the equivalent of cash in payment in whole or in part of fully- paid allotments." In this forru of issue the Government will set aside at the close of each half-year a sum equal to 2J per cont on the nominal amount of the bonds originaly created. After deducting the amount required for payment of interest the balance set aside will be carried to a Sinking Fund to be applied by means of annual drawings (to commence on September 1, 1920) to the redemption of the bonds at par, including those which have been surrendered to the Commissioners of Inland Revenue 'for death duties. WHEN INTEREST WI,LL CEASE. I The numbers of the bonds drawn for redemption on each occasion will be ad- vertised in the London Gazette" not less than two months prior to the date of redemption. Interest on bonds drawn for repayment will cease from the date on which the bonds became payable. The Victory bonds will be accepted at their face value as the equivalent of cash in satisfaction of amounts due on account of death duties. Unlike recent wa.r issues, the dividends on inscribed or registered •took and registered bonds will be subject to deduction at the source, except in the case of Post Office issues. Both Loans can be obtaine<l at any post-ofifce, where I they will be offered in sums from E.5 to I £50. It is estimated that in a period of 56 years the whol-e of the Loan will be re- doemcd. (Continued on Page Q.)
WOMEN AND THE CHURCH >
WOMEN AND THE CHURCH > LLANDIilNDOD RESOLU-1 TiOH LLANDEIXDOD WELLS, Friday, At the Church Governing Body confer- ence at Llandrindod Well. to-day, the Bishop of Llandaff said the motion bound them to the co-option of 12 women and six clei-gymen, four of the latter to be. liceiised as assistant curates, but he now moved that it be referred to the Con- stitutional Committee to consider and re- port on the position of women in the government of the Church in Wales when a province of Wales is formed. -Air. Wm. Yates seconded. Mr. W. S. de Winton &aid that if they admitted women at all they should be admitted on absolute equality. The Bishop of St. David's said he was most anxious that women should be ad- mitted into membership of the governing body. The motion for rescinding the resolu- tion of January, 1918, was uarried. _"A_
FUTURE OF AUSTRIA, j
FUTURE OF AUSTRIA, Rumours of a Soviet Republic. COPENHAGEN, Friday. The Vienna correspondent of the It Politiken reports that public feeling is much excited over the rapidly-spread- ing rumour that a Soviet Kepubhc will soon be proclaimed in Austria.—Ex- I change.
IAMIR AND ARMISTICE.
IAMIR AND ARMISTICE. I Viceroy's Letter Discussed With Military Chiefs. PESHA WAR", Thursday (received Friday). According to the latest advices from, across the frontier, the Amir has sum- uioued Generals Nadir Khan and Dast Hahomed to consult him regarding the best course to pursue in connection with the Viceroy's letter detailing terms upon which the 'armistice would be agreed to. Order prevails at Jalabad, where the Amir's ofheer is exhorting the people to return to the, city, promising them secu- rity against the Shinwaris and Afridfs. It is reported that fresh troops have arrived at Jalababad.
MUMBLES CURATE.
MUMBLES CURATE. Welsh International for Newton. The Vicar of Oystermouth has ap- pointed the Rev. A. M. Jenkins, curate- in-charge of St. Peter's Church, New- ton. Mr. Jenkins, who comes of a Swansea family, was ordained to a curacy at Roath, Cardiff, where he remained three years. Ho then volunteered for mis- sionary work in Africa, and went out there under the auspices of the Univer- sities Mission to Central Africa, where he rein-tncl for ten year?, doing excel- lent work on Lake Nvanza. Wb en war broke out he joined the combatant .ranks, afterwards becoming a chaplain in East Africa. Prior to re- turning to this country a few months a¡y,o he worked for a time in Johannes- burg. It is interesting to note that Mr. Jen- kins is an old Rugby footballer, having played for Swansea- and Wales.
PRINCE AND MUMBLES.
PRINCE AND MUMBLES. The Mumble residents are hoping that when the Prince of Wales visits Swansea he will make a call at Mumbles when visiting Gowerland.
DOCKS ACCIDENT.
DOCKS ACCIDENT. A man by the name of Bitten, living at 55, 1 sg-ol-street., SwanseA, and employed at the Swansea Harbour Trust, fell down at the Prince of Wales Dock on Fridny moining, sustaining rather morions in- juries. He was taken to the hospital, and untamed.
--j A NEWPORT FORWARD.
A NEWPORT FORWARD. A fight following an accusation of cheat- ing at cards had a tragic sequel at New- port, where, cn Thursday, Frederick Willis, a well-known Rugby forward and ex-policeman, was committed for triai on the coroner's warrant on a charge of man- slaughter. Arthur Richards, a demobilised soldier, and brother-in-law of Willis, was .t.aied to have'challenged him to fight.
-_.- - - -PRIMITIVE METHODISTS.
PRIMITIVE METHODISTS. The Primitive Methodist Conference at Grimsby on Thursday was occupied mainly with routine and domestic mat- ters. The Rev. W. M. Kelly was selected from 11 candirlates for the post of vice general committee secretary. The Rev. A. H. Hopkins, of Great Yarmouth, who unsuccessfully contested a spat at Bourne- month in the Lnbonr interest at the General Election, wrote resigning his ministry in order to devote himself to the work of tIw La hon r Party.
THE BEER PROBLEM.I
THE BEER PROBLEM. I A delegation of brewers was received on Thursday by members of the Government, and the whole problem of the beer supply was examined. The brewers surest that if liquor control is removed, ii,-d the trade is allowed to brew beer without restric- tion would be able to produce suf- ficient. of a hisrh quality to satisfy every demand. and that normal conditions of competition could be trusted to maintain pries** at a fair level. If one considers, however, the effect of the removal of ccn- t!'r:l on the prices of ten, margarine, ,('J said an official of the Foorl Mini«trv to a Pre?s representative, it I- reasonable tliaf a  l ro?d to more :'nd to suppo? that a rr?y. road to mon and cheaper beer ?o'?d not b(? found by th? ?botition of control. The prices of the 'commodities menti .n^d had risen since the control of maximum p!ic?s was r?- of ii,,?ixiiiiiiiii Pl"Cft r (-
A PERFECT DAY.
A PERFECT DAY.
BETHMANN'g BOOK I
BETHMANN'g BOOK I THE INVASION OF BELGIUM I "UNJUSTIFIED" BERLIN, June 12 (rec. Friday). In his book, Considerations on the World War," which was published to-day, Herr Yon Bethmann-Hollweg, replying to the criticisms of the language which he used regarding the wrong done to Bel- gium, says:— Even if the documents found in the Belgian archives were much more ccin. promising to the Entente than they actu- ally were, they would only have absolved, Germany from her obligation respecting the neutrality guarantees of 1S39. but we should still have been unjustified in in- ] vading Belgium." Herr Von Bethmann-Hollweg also re-i fers to the ineffectiveness of these docu- j ments as a weapon in Germany's pr-opa- gailda armoury, and remarks, "We pulj. lished the documents as soon as we founc ) them in BrusieU., but I hav« not notieti. that the enemy propaganda suffered ojsj that account to any extent worth n')ting,'il
BEATEN BACK. I
BEATEN BACK. I FaHure of Bolshevik Att'cUI HELSINGFORS, Thursday (received Friday). The Bolsheviks have renewed their a,t- tacks aL-aiii-, the White Guards on the Olonetz front, but were repulsed with great loss. The Finnish General Staf freports tha> since Monday last certain movements OJ. the Russian side sl11 to prove that t,he enemy is concentrating more troops or the frontier. Two attacks agginst our posts were r< pulsed, the euemy losing seven killed an.1 nine wounded.
OCEAN FLIGHTS.
OCEAN FLIGHTS. Successful Trials of Vickers Machine i ST. JOHN'S. Thursday I (received Friday). The Yickers-Yimy machine made a second trial flight this afternoon. The airmen report thnt the flight was a COm. plete success, the machine climbing f- 5,000 feet and attaining a speed of 12ii miles an hour. The trial of the Handley-Tnge machine is postponed until to-morrow.
I VALLEY MILK CASE.I I-
I VALLEY MILK CASE. I w Pontardawe Chairman ar*- < the Farmers. i At the Por.tiudawo Police Court 6a Friday Phillip Rees. milk vendor, Godrc- graig, was summoned for selling milk which contained 14 parts of added wiitei-,f and also for selling milk which contained 25 parts of added water and 6 per cent deficient in butter fat. Defendant said that he pnrchaised hi milk from throe firms, and since he had discovered that the milk from two farms was not up to the standard he gave up dealing with them. Mr. G. B. Strick (chairman) eaid that j defendant should have secured a warrant with the milk. and then he would have been on the safe side. As it was, women and children had to suffer if the milk was not up to standard. In regard to the latter case defendant would be fined and in the first case C2, making £ 10 in all. The Chairman added that ho hoped to hear very s-oii that the farmers who supplied the milk to defendant would have returned the amount of the fin" i
LADY AVIATOR'S FEAT. I
LADY AVIATOR'S FEAT. I PARIS, Frida. I The lady aviator, Baroness La Ror.h«; m&de a Hi?b\: to-d?y rMchiBg a height of I 4,800 metie-r-Router.
I SWANSEA CARGO WORKERS.'
I SWANSEA CARGO WORKERS.' The joint comm;t::it,ting da; hy rlay! h-V daq for the pa.st fortnight in c?nQ?tion with the new tariff of th? Swansea ca1'I\;)1 workers are makmg M<i?<'art.orT pr?. grs. i Several conh-Etio?s niatUrs h??-p Heon arranged, and there is every prosjHH-t of] the labours ot the committee oonciudint-I this wee4
' GOAL OUTPUT.
GOAL OUTPUT. REDUCTION HUMOURS I i LONDON, Friday. 1 Upon the Coal Commission resuming at Westminster to-day, under Mr. Jus- tice Sankey, attention was drawn to the question of the reduction of output by Mr. Balfour, one of the Commissioners. The matter, he said, seemed to be of great importance to miners and owners, and of even greater importance to con- sumers, and should be investigated. If the Commissioner was not the right body to consider this question, then perhaps the Coal Controller could set up a body to investigate. The Chairman remarked that, as Mr. Balfour said, the question was most im- portant, especially to the consumer. His attention had been drawn to a reso- lution passed by the Great Grimsjy ,11 aiber of Commerce and Shippi deploring the fact that they Trelé no': reprewnited on the Commission, and de- claring that nationalisation would be disastrous to ccmmeroe and the oon- sumfeis. "MISAPPREHENSION." mat resolution, the chairman thought, was passed under a misapprehension, as the CommissjoD had the assistance of two e-nnsid,eral)ie cell su mc-rs-M r. Balfour and t-ir Arthur Duckhani. As to the reduction of output Mr. Her- bert Smith had made inquiries in York- shire during the recess, and would indi- cate the result later. Somebody olight to make inquiry into the question, and as tuere were, two large consumers on fhe Commission, that body would be quife j able to conduct such ennuiries. I able to c-on uct r A LETTER ON HOUSING. I Evidence vvaz; then given by Mr. J. J. Pi-cat, manager of the Horden Collieries, Ltd. The Chairman remarked tllat Lord Gainford had told the Commission of witns's skill, resource and energy, especially in overcoming difficulties in the development of the Blackball Col- liery, and explained that Mr. Pre&t had been called in consequence of a letter he sent to a Mr. Thompson, who asked him to receive a deputation concerning hous- I ing. In that letter Mr. Preet stated that there was no intention on the part of the company to build any more houses at any of the collieries, adding, And for jhi-s -decision you can thank Mr. Smillie and his íriends." He asked Mr. Prest whet her he had anything to say regarding it. Witness: I don't think the letter is ambiguous, sir. It is perfectly frank. What explanation do you require? The Chairman: I don't require any. [ thought perhaps you would like to clear (he matter up. BUILDING SCHEME SHELVED. I Witness said he wished to state fmnkly I that prior to the Commission being ap- pointed he had in his mind the building I if 2,300 houses, of which 600 were actually ••'Jilt. The particular colliery Wernetf bo i cost a great doti of I money, and if that colliery were to be nationalised on the terms set forth by Mr. Straker, they would receive com- pensation for a now and one of the best equipped collieries, £ 165,000. Was it I thinkable that a commcrcial man would dream of building additional houses for II a place like that if tliit-was all the com- pensation he would get ? "MR. SMILLIE'S FRIENDS." I During the last 19 years they had spent ou their collieries over two million ster- ling, and of the houses they had built many ranged from four to seven rooms. Itanv hnd bath-rooms, and seme had elec- tric light. If he was to be bought out on I Mr. Smillie's and Mr. Ilodges's term?, he W.1$ going to keep his money in hi" pocket, but if he got fair and square terme I he would go ahead. jfr. Smillie p.sked witness what be meant by Mr. Smillie's friends." and Mr. Prest explained that he meant the Executive of the Miners' Federation and those in favour of nationalisation. Further questioned, v.-itnesp .aid he had li ed in a three-roomed house, but had worked hard enough during the p.-?t 4s years to ju"tify him lidD in a better bouse. He had nothing whatever to say I about the coal-getters. He had been asso- c.sted with. miners for -S ;-t-ars, and had their best interests at heart. He explained he did not inert to build I i,iii.sing until he knew what the Govern- I rr.i-,nt decision was with regard to rationalisation. He had got up to Pitting electric light in the rooms, build- inz a laundry for every colliery, and a central hospital. He could not go on I doing that when it .¡)S proposed to j nationalise collieriea.
KRONSTADT. ! i
KRONSTADT. i BOMBARDED BY BRITISH 1 WARSHIPS. I STOCKHOLM, Thursday I (Received Friday). The Aftenbland," in its noon edition j of to-day publishes a report which it I states it has received from a reliable! source to the effect that Kronstadt is I being bombarded by a British naval squadron with heavy guns, but the bat- teries in the town are not returning thel fire. ¡ Bolshevik shi?, the report adds, have pif'c?d fixating mines in the waters arolllld Krons<adt, evidently w?th the object of preventing a landing by the British. t It would appear that the Bolsifeviks are trying to evacuate Kronstadt. Helsingfors (received Friday).—Two ) Eussian torpedo boats, of the Xovik type, j left Kronstadt and proceeded along the Informaland coast. They opened lire 011 the Styrsudos Lighthouse, and bombarded the surrounding coast line. j British ships went out and a.nswered j the fire, whereupon the Russians fled. ( t 111 — )
A MUMMY'S HAND. ! i
A MUMMY'S HAND. i U_- j Lady Lyons' Gift to the Roya? j !nstttuttc?. I Lady Lyons has sent a Mummy's hand < to the Royal Institution, Swansea. It is 'I from the arm 01 an Egyptian Princess. and Wä06 brought home by her late bOli, í who was in the diplomatic sen-ice. ) It is said that the hand carries with it., bad luck, but there is no confirmatory j history of-the hand to thi- < iiVct. j
LIFEBOATS OUT. ; .
LIFEBOATS OUT. Large Vessel Stranded on the 1 Goodwins. I At 3 o'clock on Friday morning the Deal and Ranisgate fifeboats wer- launched in response to urgent distress rockets and guns fired by the Gull Light- ship. A large vessel, believed to be either American or Portuguese, aws sub- sequently ashore on the northern part oi the Goodwins. Heavy breakers swept over her, anc the lifeboats were standing by in case of emergency. During the night a south-westerly gale prevailed in the Channel, and when the weather moderates an attempt to refloat the vessel will be made.
MORE BEER.
MORE BEER. Thirty 1F.0r Cent. Increase in gie Brewings. Although something like 30 fer cent. increase has been allowed by the Liquor Control Board, little effect of the con- eession has so far b&en felt in Swa -a' acc?untpd ffr chieRy by rp?scu oi the large influx of visit<?'& during the "Whit- suntide holidays. I THE QUALITY. r With regard to the quality of beer, it i is admitted in the trade that a palatable mild beer can be brewed at a gravjty ci j l1HO. Most brewers, however, prefer to j produce a considerable quantity of bet- ter quality liquor at 1042 to 1055, a.nd | in consequence re compelled to balance their output with a cc-rrcsponding quan- j tit-y of their beer. Firms which speciili?e in good bottled beer ob?Mn their average by Lrewmg or j allowing soniebodv els& to brew on tneir j behalf beer at as lew a gravity as 1010. j
.i HAVOC OF THE STORM j
i HAVOC OF THE STORM j Telephone and Telegraph Wires Down. J Thursday's storm wrought more havoc j in a few hours than it would he possible I to replace in as many weeks. Some of it I indeed is beyond repair. ) In the category of da.mage that can be ) remedied ooinos that which has been done to telegraph and telephone wires throughout Wales and the West of Eng- j land. 'I The telephone line from Swansea to I' Bristol became unusable the result of storm damage on Friday afternoon, and tlephon communication to London is subject to long delay, which was dedared by the Post Ofiice on Friday afternoon to be indefinite. The fruit tr" were badly battered and j s haken, and although not a great deal ol viv i>u,' fruit was blown off, that, which rtrnwiiied on the trees rcas badly bru;sed. J
——I "JUST MARRIED." i - -u…
—— I "JUST MARRIED." i -u i Amusement was caused at London Bridge Station on Thursday morning by I a couple who sat in a nrst-elaes compart- ment wreathed in smiles, while on card- board outside the carriage vere the words, Just married."
===== I THE DANCING BEAR.…
===== I THE DANCING BEAR. l The sum of about C24 was collected by Mr. George Harry, as the dancing bear, and his troupe for the fuuds ct t,he Swansea D.D.S. and S. in the streets, the sands and Victoria Park on Whit-Monday and Tuesday. He was I assisted by Messrs. I. Lawrence I (Loughor). E. Ashburv, and Misses j Dulcie Spring and Vera Felix. j
TO-NICHT S EVENTS.1
TO-NICHT S EVENTS. 1 Sailor Lad at the Grand. Cari Hertz at the Empiro "Abide With Me" at Elysium. Kuier of The Boad at Royal. Tb- bravest, Way" at Picture Houe. I r. Fixit" at Carlton. I "The Wcman Winp," at the CastJe. I itorriston Ward Meetine at Bsthania, 80. THE WEATHER. f (From the Meteorological O&re.) I General Inference.—An int?CEp depression ]| c&tip-i over he of En?bmd is gtowine ( and moving ??ow?.v N.E. ?-tron? wind? are jJ likely to be experienced penerally. To-day's Forecaft.—Fout'i Wales: n_ or j W. cat?-; mod?ratinsr craduaHy; fiir or I cloudy. bo? e e u\\c?. ruo-l*ra-i* <-etoi>ora-i 1
DROWNED WHILE 3ATHING.
DROWNED WHILE 3ATHING. "William llciiiV on. was drowned bvday whilst bathinc' in t"he River Don, near Doncaster. V ( I ¡ < (For To-day's Cricket and Racing, see Page 5.)