FINANCE FOR BRITAIN

Manawatu Standard, Volume LI, Issue 204, 30 July 1931, Page 7

FINANCE FOR BRITAIN

TWENTY MILLION CREDIT. FRANCE AS BANKER HITCH IN NEGOTIATIONS. (United Press Association —By Electric Telegraph.—Copyright.) LONDON, July 29. According to the Brtiish United Press in Paris, negotiations for.. a £20,000,000 credit in support of British exchange have been suspended owing to the British Treasury’s refusal to consent on the ground that the exchange will be revived following upon London’s protective measures.

The Morning Post’s City Editor and other financial authorities discredit the reports emanating from Paris that a credit of £20,000,000 is being arranged from the Bank of France, to the Bank of England. Tlie Daily Herald, editorially, says: “We regard the reports as a deliberate and considered attempt on the part of certain French interests to break down British credit and persuade Europe that France is the only stable country to which all must come for aid upon whatever terms are imposed. This campaign is as futile as it is mischievous.” The Daily Telegraph understands that the hitch in the £20,000,000 credit is due to a difference of opinion between Mr Philip Snowden and Mr Montagu Norman, Governor of the Bank of England, the Chancellor of the Exchequer declaring that it is unnecessary.