BRITAIN'S FINANCE.

Auckland Star, Volume XLV, Issue 187, 7 August 1914, Page 5

BRITAIN'S FINANCE.

NO FAILURE OF CREDIT. ECONOMISING GOLD. LONDON, August 0. Mr. Lloyd George, speaking in the House of Commons, said the issue of small notes was purely temporary. There was no failure of credit, but it was desirable to economise the gold supply. All notes would be convertible Into gold at the Bunk of England. - •A general moratorium .had been proclaimed for a month, in. order to leave an ample margin to enable trade to adapt itself to the present conditions. The bankers considered themselves in a position to resume normal business, and were arranging ,to furnish" money for salaries.' '... ' ' .-: ' ■-•'-..• ; The. Government was coining additional silver. . •'-,'. -I '..'■■ It was hoped to reduce the bank rate to 6 per cent. The Home and - Foreign - Produce Exchange is fixing -prices- every two days. All butter is quoted at from 136/ to 140/, except Danish, which is quoted at uv ~.. .1 - - AH ContiiMi.tal supplies are expected to cease at the end of the week. iMr.' Walter Runchnan, President of the Board of Agriculture, Jiae assured the fanners tlmt iliere 'is- no reason to slaughter young etbek. ■ : There is an improved feeling in the city in view of the issue of small -notes.. -. ' '_. '..,-.." •' ■ ';' - •' ' ' - ■' - ._• '