OVERSEAS LENDING

Otago Daily Times, Issue 22020, 1 August 1933, Page 7

OVERSEAS LENDING

BRITISH EMBARGO LIFTED HAPPY RESULT OF AGREEMENT (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, July 31. (Received July 31, at 8 p.m.) The Daily Mail, commenting on the Australian and Canadian loans, declares: " Sound Dominion securities are keenly sought, and the lifting of the embargo on overseas lending is the happy result of an agreement between the Empire delegates at the conference. The dominions have been given the privileged position they ought always to enjoy and another step has been taken to consolidate the Empire. Too much British money in the past has gone to foreigners, who heavily taxed British trade and have now mostly defaulted." The Daily Telegraph says: "Canada's return to the London market after 25 years, following last week's declaration of financial unity by the Empire delegations, must be regarded as a gesture of Empire solidarity. At the same time it is a warning to the United States that her new currency policy may have robbed her of the last hope of rivalling London as an international financial centre." The Telegraph forecasts that the city will "welcome the issue and find the terms attractive. ' The city editor of The Times says: " For the first time for 20 years Canada is issuing a loan in London. It will be £15,000,000 at 4 per cent.; offered at par and repayable over 20 to 25 years. It is the first fruit of the Empire declaration and will help to maintain stability of Empire exchanges as well as increase Canada's exchange resources. THE CANADIAN LOAN. WELCOMED BY PRESS. LONDON, July 31. (Received July 31, at 10 p.m.) The newspapers unanimously welcome the, Canadian loan, The Telegraph says editorially: " The response cannot be doubted and it is an event of Imperial and international significance, underlining last week's declaration dealing with Imperial solidarity in monetary matters."