NEW CHAPTER OPENS

Northern Advocate, 17 December 1932, Page 9

NEW CHAPTER OPENS

CONCLUSION INDICATED

BRITISH PRESTIGE ENRICHED,

APPRECIATION OF STERLING,

(United Press Association—By Electric Telegraph.—Copyright.) (Received 9 a.m.) LONDON, December 16.

Financial critics say that the city envisages a flight to the pound on the theory that recent events tended to enhance British prestige and credit. Sterling lias continued to display firmness and would have closed substantially higher but for official intervention.

"The Times” says the payment must be regarded as ending one chapter in the long histoiy of war debts, and it marks the beginning of a second, which must bring the story to an end. The preparation of the British ease and the choice of its exponents cannot be taken in hand too soon. Meantime, there must be no bickering. Nothing ca bo gained <by harking back to the past.

DUES TO BRITAIN

EUROPEAN ACCOUNTS,

TOTAL NEARLY £30,000,000.

PRODUCTIVE PURPOSES,

(British Official Wireless.) (Received 1 p.m.) RUGBY, December 15. Answering a question in the House of Commons, Mr Neville Chamberlain, Chancellor of the Exchequer, said that the amounts now owed on account of loans made by Britain since 1918. were:— Belgian reconstruction loan, £9,000,000, other Belgian loans £3,600,000, and relief loans as follow: —Austria, £8,825,000; Poland, £4,000,000; Rumania £2,101,000; Yugoslavia, £1,955,000; Esthonia, £218,000. Ail those loans were made for productive purposes and were therefore analogous to commercial loans and not to war debts. Payments were suspended under the terms of the Hoover moratorium, and a further suspension after the end of the Hoover year had been conceded in view of the financial difficulties at present confronting these countries.

Fiduciary Issue. The London Chamber of Commerce has written Mr MacDonald urging that the fiduciary issue be raised in order to offset the payment in gold to the United States. Mr Chamberlain, dealing with suggestions on this line, explained during the House of Commons ’ debate that the fiduciary issue would only be utilised by the Treasury on representation from the Bank of England. No such representation had been made, and he considered that it was essential not to give the impression abroad that they were careless about the gold reserves or wanted to conceal anything that was taking place. ■Commenting on the debt payment the “Morning Post” says that inmaking payment in gold the British Government has behind it a nation united without distinction of party. “America has refused to make that contribution towards recovery without which it is our conviction that recovery can never begin.”