INVESTMENTS ABROAD
UNITED STATES PROPOSAL STRONG SUPPORT FOR PLAN (Elec. Tel. Copyright—United Press Assn.) (Received Feb. 1, 10 a.m.) NEW YORK, Jan. 30. The New York World's Washington correspondent says the Federal Reserve Board is considering a plan for investing abroad at 3 to :> per cent, interest, free gold, or gold in excess of the minimum legal requirements of the currency system, nnumiiting to approximately 14,000,(100 dollars (about £2,800,000). The proponents of the plan point out that the investment of such a sum abroad would stimulate the foreign purchasing power and stimulate the recovery from the present business depression here. Such investments, it is asserted, would have special benefit, to countries such as Canada, Australia, and numerous other countries suffering a dearth of credit facilities, though their basic, economic soundness is beyond dispute. What the decision of the board will be in respect to the proposal remains to be seen. It is known that, the plan has .strong support in high quarters, but it is understood that there is also opposition.
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Bibliographic details
Poverty Bay Herald, Volume LV, Issue 17173, 1 February 1930, Page 5
Word Count
171INVESTMENTS ABROAD Poverty Bay Herald, Volume LV, Issue 17173, 1 February 1930, Page 5
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