INVESTMENT BY BRITAIN
Overseas Cuts Predicted (Rec. 9 p.m.) MANCHESTER, Dec. 2. The “Manchester Guardian” said today that Britain might have to cut her overseas investment so as not endanger her position of the sterling area. “We have learned that an overextended banking position may bring a crisis,” the “Manchester Guardian” said.
“This happened last September and it has left a disagreeable legacy in a 7 per cent, bank rate which may prove damaging to industry. “Also, there are reasons for believing that the British banking structure, in its overseas aspect, is becoming less and not more stable.
“Since the war, the policy of successive British Governments has been to encourage investment both at home and overseas, and at the same time to do all in their power to free the City for further extensions of.its financial activities overseas,” said the newspaper. “The result is the position of acute danger in which we find ourselves. Something must now be sacrificed for an increase in the gold reserve and for a repayment of the sterling debts, since these are the only things that can I bring safety. “It seems more than likely that the sacrifice will have to be made in overseas investment.”
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Press, Volume XCVI, Issue 28451, 4 December 1957, Page 7
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202INVESTMENT BY BRITAIN Press, Volume XCVI, Issue 28451, 4 December 1957, Page 7
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