LONDON V. NEW YORK.
FINANCIAL SUPREMACY
XEW YORK, April 12. The financial editor of the "New York Times," in commenting on .Mr. Churchill's statement in his Budget speech that Britain is still the iinancial centre of the world, said the fact that credits totalling £<io.ooo,oft<), which were obtained in New York two years ago, would not be renewed, might be accepted as a tribute to the progress made under Britain's gold standard? These credits had never been touched. They were arranged solely as a' procaution which was no longer necessary. Whether London could claim still to be in the old time sense the world's financial centre, was, perhaps, another question. London certainly had had to surrender a large palt of'her pres-tise in that regard to New York.
The recent transfer of the financing if certain of the British Dominions to the American market had emphasised that aspect of the situation.
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Auckland Star, Volume LVIII, Issue 87, 13 April 1927, Page 7
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150LONDON V. NEW YORK. Auckland Star, Volume LVIII, Issue 87, 13 April 1927, Page 7
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