CREDIT FOR CALGARY
Temporary Aid from Bank FINANCIAL CRISIS EASES (Received Jan. 6, 7.15 p.m.) Calgary, Jan. 5. Temporary credit only to maintain the city's services was obtained by the city from the Bank of Montreal late on Thursday night. Negotiations are still under way toward establishing a definite bank credit to aid the city iu its financial crisis. Statements made by the mayor, Mr. Davidson, and Mr. 11. C. Francis, manager of the Bank of Montreal, to-night, made it clear that the bank is providing only sufficient funds to meet maturing obligations. The bank thus has altered its stand of the past few days when it steadfastly refused credit because the city persisted in meeting its obligations in New York with Canadian .funds only. The mayor bad requested 750,000 dollars from the bank, declaring that if It was not forthcoming the schools nnd other- civic departments would be forced to cease operations. The city is now able to overcome its financial crisis. ■
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/DOM19330107.2.51
Bibliographic details
Dominion, Volume 26, Issue 88, 7 January 1933, Page 11
Word Count
163CREDIT FOR CALGARY Dominion, Volume 26, Issue 88, 7 January 1933, Page 11
Using This Item
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in