AID FOR INDUSTRY
PLAN TO RELEASE FINANCE NEGOTIATIONS IN PROGRESS LONDON, May 19. (Received May 19, at 10.40 p.m.) A plan to release millions of pounds for trade is revealed by the Daily Herald’s city editor. It is proposed that industrial firms needing funds for development or the financing of contracts should Issue three or six month bills at about. 3 per cent, instead of paying 5 per cent, for bank overdrafts. The bills would be issued under the auspices of the Bank of England, and would be discounted by the joint stock banks and the money market. It is hoped thus to release part of the sum of £150,000,000' normally employed in discounting foreign trade bills, whiofi are more acceptable to the banks than overdrafts, because they are due for repayment on . a definite'date. Negotiations are continuing between the banks, the money market, and trade organisations.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ODT19320520.2.75
Bibliographic details
Otago Daily Times, Issue 21649, 20 May 1932, Page 7
Word Count
147AID FOR INDUSTRY Otago Daily Times, Issue 21649, 20 May 1932, Page 7
Using This Item
Allied Press Ltd is the copyright owner for the Otago Daily Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in