STIMULUS FOR TRADE
PLAN TO RELEASE MILLIONS CHEAPER MONEY IN LONDON BILLS REPLACE OVERDRAFTS (By Telegraph—l'ress Association—Copyright! Received May 19, J 1.20 p.m. LONDON, May 19. A plan to release millions sterling for trade, is revealed by the Daily Herald’s city editor. It is proposed that industrial firms needing funds for the development or financing of contracts should issue tine or six-month bills at about 3 per cent, instead of paying 5 per cent, fur bank overdrafts. The bills wculd be issued under the auspices of the Bank of England and discounted by the joint stock banks. I'hc money market, it is hoped, would thus release part of the £150,(100,000 normally employed in discounting foreign bills. The trade is more acceptable to the banks than overdrafts because of the due repayment at a definite date. Negotiations are continuing between the banks, the money market and trade organisations.
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Bibliographic details
Wanganui Chronicle, Volume 75, Issue 117, 20 May 1932, Page 7
Word Count
147STIMULUS FOR TRADE Wanganui Chronicle, Volume 75, Issue 117, 20 May 1932, Page 7
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