EXCHANGE RESTRICTIONS

Greymouth Evening Star, 14 September 1934, Page 7

EXCHANGE RESTRICTIONS

ANGLO-TURKISH DEAL. [BY CABLE —PRESS ASSN. —COPYRIGHT.] (Recd. September 14, 10.30 a.m.) ISTANBUL, September 13. It is understood that the Ottoman Railway, a British company, is negotiating with the Turkish Agricultural Bank to purchase large parcels of wheat, with the object of selling in Britain, using the proceeds to pay the dividends due to British shareholders. This is the only method available owing to the recent stringent Turkish currency export restrictions, other foreign concerns operating in Turkey, being obliged to adopt a similar course. CZECH EXCHANGE. LONDON, September 12. “The Times’s” Prague correspondent states that the Government has ordered all Czecho-Slovakians to tender to the National Bank their entire possessions of foreign securities, exchange and money investments in foreign concerns. The object of the order is to increase the importation of raw materials into the country, thus increasing the export of Czechoslovak manufactures, and at the same time repatriate the foreign investments into the native industries, and also to concentrate the Investments abroad in a few banks in order to cover credits for the Czechoslovak importers of raw materials. LANCASHIRE AND GERMANY RUGBY, September 14. Lancashire spinners at a meeting at Manchester passed a resolution recording they were not in favour of accepting the German proposal with regard to outstanding German debts. The meeting was advised that a special committee would be set up to consider the question. It is understood that under the terms of the offer before the meeting German cotton yarn importers offered to pay their old debts amounting to £267,000 in twelve monthly instalments, and earlier if the British Empire would increase its takings of German hosiery, and gloves. They further asked for a resumption of yarn supplies, nevr business to be done at six months’ credit instead of the usual thirty day credit.