BRITISH CREDIT

Hokitika Guardian, 30 July 1931, Page 3

BRITISH CREDIT

£20,000,000 SOUGHT. I United Press Asoociatiun. — U 3 J’Jeetrn Telegraph.—Copyright. ] LONDON, July 29. The British United Press’s Paris correspondent says:—• ‘‘‘Negotiations for twenty millions sterling of credit, in support of the British exchange, have been suspended. This is owing to the British Treasury’s refusal to consent, on the ground that tile British exchange will be revived upon the use of London’s protective measures.” REPORTS DISCREDITED. .. *4' LONDON. July 29. The “Morning Post’s” city editor and other financial authorities discredit reports emanating from Paris that a credit of twenty millions is being arranged from the Bank of France to the Bank of England. The “Daily Herald’s” editorial says:—“We regard these reports as a deliberate and' considered attempt on the part of certain French interests to break down British credit, and to persuade Europe that France is the only stable country, to which all must come to aid, upon whatever terms are imposed. 'This campaign is as futile as it' is mischevious. NORMAN AND SNOWDEN AT VARIANCE. LONDON, July 29. The “Daily Telegraph” understands that there is a'hitch in negotiations for the twenty millions credit and that it is due to a difference of opinion as between the Rt. Hon. Philip Snowden (Chancellor of tlie Exchequer), and the Right Hon. Montagu Norman, the Governor of tlie Bank of England, the former declaring that the credit is not necessary.