CREDITS REPAID
HELP FROM INDIA.
GOLD WORTH THIRTY MILLION.
[United PreßS Association —By Eleotrh
Telegraph—Copyright. ]
LONDON, January 26
“The best news that the market lias had for months,” says a “Times” loading article, referring to the Bank of England’s repayments of the credits it obtained from the Bank of France and U.S.A. Reserve Bank. “It is a notable sign of the Bank of England’s strength, demonstrating its confidence in its resources, especially when many banks throughout the world are gravely embarrassed. It will increase British financial prestige, and will prove the pound’s ability to maintain its position.” The “Times” adds: The gold arrivals in England from India have now reached a total of thirty millions sterling, and they have been indirectly helpful.
UGANDA LOAN UNDERWRITTEN
LONDON, January 26
The Uganda Government loan of £2,000,000, at five per cent., at 96 has been underwritten.
RECORD OF SINCERITY.
TRIBUTE FROM THE PRESS
LONDON, January 26
The “Morning Post's" financial editor says: “The Bank of England's announcement yesterday marks the completion of a transaction which, togethei with credit obtained by the Government, will always stand as a record of the sincerity of Britain’s attempt to maintain the gold standard against overwhelming odds."
Repayment- without resort to gold ■shipments shows the skill with which the exchange operations were conducted, anti the fact that no renewals of loans were sought indicates her strong position. There still remains outstanding, forty millions which the Government obtained from France and the United States last August for a.year.
DEBT CONVERSION SCHEME. NOW UNDER CONSIDERATION. LONDON, January 26. The “Daily Express” understands that gigantic conversion scheme for the whole national debt is under consideration. The greater part of lire saving will be that interest payments, the equivalent to eighteen pence in incometax, would be passed to the tuxpay-i. A similar plan was carried out in Australia where the Government stocks stand at a higher level to-day than before the conversion,
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Hokitika Guardian, 27 January 1932, Page 5
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320CREDITS REPAID Hokitika Guardian, 27 January 1932, Page 5
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