LONDON CREDITS

Press, Volume LXXVI, Issue 22908, 3 January 1940, Page 13

LONDON CREDITS

TO THE EDITOR OR THE PRESS Sir—ln the cabled report of the French War Budget there is an item Which I would commend to the attention to those jitter-mongers who have been blaming the Government for the depletion of the London credits TJe inference has always been adroitly drawh that the funds belonged to the Government, whereas the truth is that thev belonged to the holders of deposits in our banks here. The Government could have come into possession of them only by confiscation, or taxation, which is much the same; m which case the howls that would have been raised can best be imagined. The owners of the funds were free to do as they liked Sth them until Mr Nash closed the stable door. They transferred °verseas not the money, be it noted but the claims to the money, probably for the same reason that the French financial patriots took their capatal for a flight abroad a year ago. The French Socialist Government had to be taught a We S °are now informed that social order, has been restored m France, that unemployment is the lowest for six years;- and that capital had steadily flowed back. £340,000,000* haying rethe .year, like little BO perhaps. Are the French to count the war as one Oh. yeh?-Yours. etc,, -‘ W. B. BRAY. January 2, 1940.