BANKS TO RESCUE.
NEWFOUNDLAND CREDIT. DEFAULT NOT LIKELY. MONTREAL, Dec. 29. "Newfoundland will not default in respect of her obligations in January. Britain's oldest colony will not be the first to refuse to make payments on its debt," said Sir Percy Thompson, a financial expert of the British Treasury, whose services have been loaned to the Newfoundland Government. Sir Percy stated that negotiations for the placing of credits at the disposal of Newfoundland by Canadian banks had proceeded so far that he considered the situation saved. The Bank of Montreal, the Canadian Bank of Commerce, the Bank of Nova Scotia and the Royal Bank of Canada had taken part in credit for Newfoundland. He refused to state the exact amount involved.
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Bibliographic details
New Zealand Herald, Volume LXVIII, Issue 21069, 31 December 1931, Page 7
Word Count
121BANKS TO RESCUE. New Zealand Herald, Volume LXVIII, Issue 21069, 31 December 1931, Page 7
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