FOREIGN ISSUES

Otago Daily Times, Issue 23221, 19 June 1937, Page 13

FOREIGN ISSUES

THE BRITISH POLICY NO CHANGE CONTEMPLATED (British Official Wireless) RUGBY, June 17. In the House df Commons, answering a member who wanted him before relaxing restrictions on foreign issues to take certain action in respect to foreign borrowers who had defaulted in the past, Sir John Simon declined to discuss the suggestion, stating: “I do not contemplate any change in policy regarding foreign issues; therefore, the question does not arise.” In the course of another answer relating to gold, Sir John Simon remarked: “I am not disposed to accept the view implied in the question, that gold appears likely to lose its importance as a medium of international exchange.” ... The Chancellor was also asked to estimate the total of British shortterm obligations to overseas creditors in relation to the gold available as a reserve against them, He replied that he was not in a position to give any formal estimate. From the evidence available, however. I am satisfied that rny increase in our liabilities in the last six years which includes an increase in our liabilities to other parts of the Empire has been far more than covered by the growth of our reserves.”