LOAN FOR BRITAIN.

Auckland Star, Volume L, Issue 251, 22 October 1919, Page 7

LOAN FOR BRITAIN.

GREAT AMERICAN ISSUE. TO STABILISE EXCHANGE. IFFECT OF THE HIGH RATES. \ !y Cable.—Press Association.—Copyright.) NEW YORK, October 21. The .1. P. Morgan Company has anounced that it will float in the United talcs, on hell of Britain, a bond issue f _50,000,000 dollars (about £05,1100,000) I. .11 per cent. The bonds will be of two lasses, namely, three-year and ten-year, 'art of the proceeds w ill be used to pay IT apnroximately 1.V>,000,000 dollars about "£:t2,li00,000 of 5* per cent United '.ingdom 'treasury bill.;, maturing on .'ovemlier 1. The remainder will be vailnble fir Government recruircments l the United States or for British incrhants, who will be enabled to buy at In- dollar exchange through the British loveriiment. The bonds will yield nn ttraclive return in dollars, and will nrrv the privilege of conversion into telling bond. The .New York "Times" states that at he opening of the International Trade '.inference at Atlantic City the (Ideates were informed that the topics for iscn-sioii will be credits, finance, chemials. coal, foodstuff*, metals, petroleum, extiles. shinping, and the establishment if a permanent international business lien's organisation. Mr. Alfred Bedford, pie-ident of the itanduril Oil Company, in a speech, said: We are informed that because of high prices and the high rate of exchange prcailing in the United Stnto. it may !»' lercs.-arv fir some countries to buy e'sevhere. but the i|iieilions of credits and • M-hiinge i:re essentially banker-' .;n.'<ions. We wish you to consider them vith our bankers." who earnestly doire o solve the present complicated situaion. One of'the methods whereby the iiiancial co-operation of Europe and \merica can be realised in the future i; or Americans to invest money in Kuroican enterprises. I A. anil N.Z. Cable) NOT ASKING FOR HELP. LABOUR CRISIS PAST. (Received HI 10 a in ) NEW YOLK. October 21. Sir -lames Simps.m, director of the Hank of Liverpool, in the course of a ipeccli at the Atlantic City Congress, -aid: "We do not come to ask for the iclp of any organisation. We a-k only hat no obstruction be placed in the way .f normal business transactions. Nn loveriiment in England would stand which would contemplate for a moment mv weakening in regard to the payment of our debts. The crisis in the labour situation has passed, the Labour ing classes are tired of strikes, the employers are realising thnt workers must have larger remuneration, and a greater share in the management. The producing power of tbe nation is approximately e.iTtal to that of pre-war days.—(A. am! N.Z. Cable.)