IN NEWFOUNDLAND
FINANCIAL' THOUBLE [United Press Association. —By Electric Telegraph.—Copyright. ] NEW YOltK, May 21. The “New York Herald-Tribunes’ St. John’s, .Newfoundland correspondent has telegraphed that, following on the refusal on Saturday of the Bank of Montreal to pay a. cheque issued by the Newfoundland government Bail way, as part payment of coal purchased from the Oassin C'itvy ret tain unidentified political circles started a rumour that Newfoundland was lacing bankruptcy, which, moreover, the same circles allege, had been brought about deliberately in order to force the people to agree to the sale of Labrador, for which unidentified European circles are alleged to be willing to offer one hundred million dollars. The “Herald-Tribune’s” correspondent adds that after the Bank refused to pay the cheque, the Newfoundland Government instructed , all Departments to issue no further cheques, and the week fcloscd with a State Bankruptcy feared. Furthermore, the newspapers report that no loan bids have been received and the Finance Minister. Mr Casein's budget which was presented before tbe Legislature closed last week, indicated a deficit of three million dollars.
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Hokitika Guardian, 26 May 1931, Page 5
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177IN NEWFOUNDLAND Hokitika Guardian, 26 May 1931, Page 5
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