WRITING DOWN

Hokitika Guardian, 16 December 1931, Page 6

WRITING DOWN

TO MEET BRITAIN’S PROBLEM

(British Official Wireless.)

RUGBY, December 14

Sterling closed to-night at 3.43j| dollars, compared with dollars at Saturday’close, and 3.25£ a week ago. The upward movement is largely attributable to the situation regarding war debts, as America proposes an extension of the moratorium.

The British Treasury announce that on the application of the Bank of Eng land, a Treasury minute was signed today, maintaining the amount of fiducary’issue at the existing figure of 275 millions lor a further period until January 31 next. Although ratification of Mr Hoover’s moratorium scheme, by the United States Congress, will not be completed by to-morrow, which is the date on which the half-yearly war debt payments have hitherto been made, Mr Ogden Mills, Under Secretary to' the American Treasury, announced that a majority for ratification at a later date is assured. Meanwhile, adds MiMills, non-payment of instalments pending action by Congress will not he a subject for criticism.” It is possible that the House of Representatives will complete the discussions of the Ratifications Bill, and take action by Saturday. The British Government has not requested any plain assurance on the point, but in the special circumstances, there is no question of Britain being considered in default.