TURKEY AND COMMERCE.

Hawera Star, Volume XLVI, 10 November 1926, Page 8

TURKEY AND COMMERCE.

TRADING IN STERLING. INSFRANCE MONOPOLY. LONDON, Oct. 22. Following on the threat of the Angora Public Prosecutor to bring speculators in sterling before the Independence Tribunal, the affrighted financiers, not only of Smyrna, but of Adana and Mersiua, would appear to have dispatched large stocks of British and other high currencies to Constantinople, to be sold there. The Government Commissioner attached to the Constantinople Exchange summoned a conference of the representatives of the leading Turkish and foreign banks to discuss the formation of a special committee for the purpose of selling sterling. The banks convened to this meeting included the Ottoman Bank, the Banka Commerciale, the American Express Company, and the Deutsche Orient Bank. The insurance companies are the latest among foreign institutions to have incurred the dislike of the Angora Government. The latter, alleging that these companies had come to a secret agreement among themselves to drop competition and adopt standard rates, has decided to found a single insurance company under strigent Government control, which would leave the foreign institutions no choice except to merge into that company or go out of business a 1 together.