CHEAPER MONEY

Hokitika Guardian, 14 May 1932, Page 5

CHEAPER MONEY

ARRANGED IN BRITAIN

PLANS FOR LOAN CONVERSION

(United Press Association—By Electric Telegraph.—Copyright.)

LONDON

, May 13

The Daily Herald interprets the reduction in the bank rate as meaning that the Government and the Bank of England have definitely decided on a cheap money drive, The paper predicts a big loan conversion scheme, probably at the end of this month. Opinion, both on the money and stock market, warmly approved the reductiou. The bank rate was lowered to 3 per cent, on April 21. The last occasion on which a per cent, bank rate was fixed was on May 14 of last year. Following to-day’s reduction, stock markets generally closed on a good tone. British funds left off firm. War loan, 5 per cent. £lOl 11-16.

C()-(>P MR ATT ON ESSENTIA I

TO REVIVAL OF TRADE

iRVGBV. May 13. The need for international co-opera-tion ns, an essentia! to a world trade revival was strongly urged today by Sir Erie Gcdibss, Chairman of the nunlop Rubber Company. He ins'Mod that the time for half measure* was past,

a: l Unit ron'-'> of til" f ''adit io"aI police's of European diplomacy must be

forgot I i'll I Td""*

til-' outstanding ii Leriia lior.ul

s' 1 1 'W" | ill the lieur

future, tlie- only result, would be the collapse of Many countries, and a p"ralvs’s of iat "r"at i:i" !| l trade, invo’ving

the whole world. He said Britain * abandonment of the gold standard might well prove a turning point in the world's reonomje history.

The post war ini «-• r11:1 1 iona I g ild .‘amlard had broken down. A task in

wi’ icli tbe llvit'sh Empire mi mb t, well take a- 'lead was a reconstruction and a reorganisation of international commerce and finance, possibly on a fresh basis.