CITY’S CREDIT

Gisborne Times, Volume LXXIII, Issue 11827, 7 January 1933, Page 5

CITY’S CREDIT

TEMPORARY RESTORATION. CALGARY’S CRISIS AVOIDED. (U.P.A. by Elec. Tel. Copyright) i Rec. Jan. 5. 7.10 p.m.) CALGARY, Jan. 5. The financial burden was lightened somewhat to-day with the announcement b v the Bank of Montreal that it would restore Calgary’s 1.300,000 dollars line of credit to help the city to carry on. The hank lias thus altered its stand of the past few days, when it steadfastly refused credit because the city persisted in meeting its obligations in New York in Canadian funds only. Temporary credit only, to maintain the city’s services, was obtained by the city from the Bank of MontrealLate on Thursday night, negotiations were still under way towards establishing a definite hank credit to aid the oiiy in the financial crisis. Statements by the Mayor. Mr. Davidson. and Air. H. C. Francis, manager of the Bank of Montreal, to-night made it clear that the bank is providing onl v sufficient funds to meet maturing obligations. The bank’s decision was made known when a message approving the granting of 100,000 dollars for the tibe being was received from eastern headquarters. The Mayer. Mr. Davidson, had requested 750,000 dollar? from the hank declaring that if it was not forthcoming schools and other departments would he forced to cease operation: