TO AID BRITISH CREDIT.

Waikato Times, Volume 110, Issue 18394, 30 July 1931, Page 8

TO AID BRITISH CREDIT.

£20,000,000 FROM FRANCE. DISCREDITED REPORT. ALLEGED MISCHIEVOUS CAMPAIGN United Press Assn. —Elec. Tel. Copyright. LONDON, July 29. Reports which emanate from Paris state that a credit of £20,000,000 is being arranged from the Bank of France to the Bank of England to support the sterling exchange. The Morning Post's City editor and other financial authorities discredit the reports. The Daily Herald says: “We regard the reports as a deliberate and considered attempt on the part of certain French interests to break down British credit and persuade Europe that France is the only stable country, to which all must come for aid, upon whatever terms may be imposed. This campaign is as futile as It is mischievous.” The Paris correspondent of the British United Press says negotiations ■for the credit to support the British exchange have been suspended, owing to the British Treasury's refusal to consent, on the ground that the exchange will he revived by protective measures taken in London. The Daily Telegraph says it understands that tiie hitch in arranging trie credit of £20,000,000' is due to a difference of opinion between the Chancellor of the Exchequer, Mr Snowden, and the Governor of tiie Bank of England, Mr Montagu Norman. Mr Snowden thinks it is unnecessary.

Who arrived by the Monowai and sailed for Southampton.