REFUSED.
LOAN TO SOVIET.
Request to Bank of England For £50,000,000. PROPOSAL RIDICULED. (United T.A.—Electric Telegraph-Copyright) (Received 12.30 p.m.) LONDON, October 2. The "Daily Express" says that Russia vainly approached the Bank of England for a loan of £50,000,000 at 3 per eent for a period of 50 years.
When the proposal was ridiculed a loan of £25,000,000 at 5 per cent for 10 years was proposed, but this was also refused on the ground that the Soviet had not offered security.
The Soviet claimed that its gold production last year was valued at
£20,000,000, and will be £30,000,000 this year. This, however, was not offered to the Bank of England. The loans are required to repair the railway systems which are in a bad condition, and also to meet harvest deficiencies and provide war material.
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Bibliographic details
Auckland Star, Volume LXV, Issue 234, 3 October 1934, Page 7
Word Count
136REFUSED. Auckland Star, Volume LXV, Issue 234, 3 October 1934, Page 7
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