BRITISH BANK’S WINDFALL
A sum of oyer .<£70,000 was at stako in a caso decided by the House of Lords in July, as to whether a pre-war loan should be repaid in sterling or rouble. In June, 1914, the British Bank of Foreign Trade, Ltd., borrowed from the Russian Commercial and Industrial Bank a sum which, if expressed in English currency, was between .£75,000 and .£BO,OOO, and if expressed in Russian currency was three-quarters of a million roubles. The British Bank contended that it was a rouble loan. In the course of the arguments it was said that if the contention was affirmed the British Bank would redeem the debt by the payment of about J!,5000. The Russian Bank contended that the loan was in English sterling. The Law Lords decided in favour of the British Bank.
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Bibliographic details
Dominion, Volume 14, Issue 300, 13 September 1921, Page 7
Word Count
137BRITISH BANK’S WINDFALL Dominion, Volume 14, Issue 300, 13 September 1921, Page 7
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