MONEY FOR INDUSTRIES
RELEASE OF MILLIONS. NEGOTIATIONS IN PROGRESS. United Press Assn.—Elec. Tel. Copyright. ■LONDON, May 19. A plan to release millions of pounds for industries-is revealed by the city editor of the Daily Herald. It is proposed that industrial firms needing funds for development or l'or financing contracts should issue three or six months’ bills at about 3 per cent., instead of paying 5 per cent, for bank overdrafts. The bills would be issued under Die auspices of the Bank of England and discounted by the joint slock banks and the moneymarket. The writer says it is hoped thus to release part of the £150,000,000 normally employed in foreign trade. The bills would be more acceptable to the banks than overdrafts, because they would be due for repayment on a definite date. Negotiations are being continued between the banks, the money market and trade organisations.
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Waikato Times, Volume 111, Issue 18641, 20 May 1932, Page 7
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146MONEY FOR INDUSTRIES Waikato Times, Volume 111, Issue 18641, 20 May 1932, Page 7
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