GENERAL APPROVAL
BIG SHORT-TERM LOAN £40,000,000 FOR FRANCE [ British Official Wireless, j Received Feb. 20, 5.5 p.m. RUGBY, Feb. 19. The arrangement made by the French Government with a group of British banks for a credit of £40,000,000 for a period not exceeding nine months at a maximum interest of 3 per cent, has been received with approval in financial circles. The Daily Telegraph’s City Editor says that the desire of the monetary authorities in London and in Paris is to prevent chaotic conditions arising. Their efforts would be defeated were any such loan to be carried out without mutual understanding. The Financial News says all big London banks are participating in the credit. The City Editor of The Times says: “ Although news of the credit naturally had a strengthening effect on the franc exchange yesterday, the movement was sentimental, since the •credit will not be transferred by means of operations in the open market. We understand on high authority that the Exchange Equalisation Fund is not involved in the operation. The technical position of the French franc is very strong, the gold cover being able to provide for all likely contingencies and it may be assumed that adequate assurances have been obtained regarding repayment of tho credit at maturity.” ______
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Bibliographic details
Wanganui Chronicle, Volume 79, Issue 44, 21 February 1936, Page 7
Word Count
210GENERAL APPROVAL Wanganui Chronicle, Volume 79, Issue 44, 21 February 1936, Page 7
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