BRITISH CRISIS

Hokitika Guardian, 29 August 1931, Page 5

BRITISH CRISIS

U S.A. CAPITALISTS.

(United Prose Aesomation—By Electru Telegraph—Copyright.

NEW YORK, August 27. The 'New ‘York ' “Evening Rost 7 said,to-day that the bankers have upon the terms of the mw ■, cerdit to Great Britain, which will

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probably total three hundred mill.ol dollars.

Confirmation of the report is . not available in High banking circles, but one of Wall Street’s leading bankers said that talk,of such a loan• was in thair, and it was confidently expected that such credit would be ar/mged shortly. There was a feeling, however, that it might not be arranged until the new British economy programme was •inaugurated and the Budget finally balanced.

The loan is expected 'to be underwritten by a group of private bankers, probably J. P. Morgan and C 0.,, and to, run for a comparatively short time. •It is understood that negotiations hate been carried on with London- by the trans-Atlantic telephone during the past few, clays.

U.S.A. PREMIER VISITS PREMIER. , • RtTGßY,' August 27. Mr StlmsoH,. (U.S.A. Secretary of State), tvho returned to London from Scotland, proceeded, to Downing Street to make a personal call on the Prime 'Minister. The two statesmen breakfasted together. Their conversation, it is understood, turned naturally to maintenance of-the present excellent relations between' Britain and the United 'States. Owing to the pressure of. work confronting members of‘the new Cabinet, important decisions will be taken- during the next few weeks. Lord Reading will be prevented from proceeding to Geneva for the League of Nations' meetings. The British delegation has not yet been finally completed, but it is probable Lord Cecil will be at its head. LABOUR’S ATTITUDE: : ’ • . ' LONDON, August 28. The “Times” fin .a leading article on the Trades Union Congress- manifesto, says : “It ' shows how grotesque ideas, which are dismissable as party claptrap, .have obtained a hold of Labour leaders. -It is scarcely, worth wh’le refuting categorically, its tissue of m/s----statements, including the fantastic notion that the crisis is merely a bankers’ ramp fihat is being used as a “smoke screen” <to conceal a sinister attack on the standard of living. Unfortunately the trade union leaders 1 have so little understood the facts that their ludicrous concentration of , exponents would only 'irreparably harm the national credit ail'd further undermine foreign cOnfldeiice.’ 1 The Daily . the Labour (Party's manifesto as '.'flhe most-uvs-and’-most irresponsible declaration ever made jn British politics, i L WHAT WILL 'LLOYD GEORGE DO? LONDON, August 28. The Daily Herald, in big type, asks “Will Mr Lloyd George oppose the Government?” 7 . . , The paper recalls that, in February in the 'House of .Commons, Mr, ifloyd ■George declared that a large, part of the depression has,,been , due to the mishandling of the monetary questions on the advice of the money barons.