NATIONAL FINANCE

Hokitika Guardian, 16 May 1932, Page 5

NATIONAL FINANCE

GREECE’S POLICY

BRITAIN TAKES GRAVE VIEW

(British Official Wireless.)

RUGBY, May 14

Replying in the House of Commons to a question regarding the Greek Government’s proposal to use amounts due for sinking fund on speeifical.ysecured foreign 'loans of Greece for

public works, the Chancellor of the Exchequer stated he understood that a statement in that sense had been made by members of the Greek Government. A formal protest had been made by the 'lnternational Financial Commission at Athens against the failure of tie Greek Government to carry out its (legal ob'igat’ons. This protest had been supported by-British,. French and [ltalian representative®. Instructions had recently been sent to the British Minister at Athens to address a further representation to the Greek Government,

The Chancellor added : “His Majesty's Government take the gravest view of the Greek Government’s action, and will Hot fail to take any steps open to them to protect the legal rights of their bondholders,”

IRAQ’S NEW CURRENCY.

MANAGED ,BY BOARD

RUGBY, May 14

The conversion of the currency in Iraq from rupees to a new currency based on the dinar, which is equivalent to the pound sterling, is proceeding smoothly and .satisfactorily. The supply and . control of new currency are under the management of an Iraq currency board, appointed by the Government of Iraq. The members of the Board are Mr Amery '(chairman), Viscount. Goschen, Mr Haskell, Hussein Bey tAfnan, and Sir Basil Blackett.

AUSTRIAN COLLAPSE FEARED

GENEVA, May 14

Austria ihas addressed a virtual “5.0.5.” to the League of Nations, appealing for immediate assistance, because she is at the end of her resource®. She asks that the League Financial Committee be convened at once to consider means of preventing a financial catastrophe. It is possible the Committee may meet at Vienna, on Monday next, May 16.

MONEY CONFERENCE.

■RUGBY, May 14

. Sir J. Simon (Foreign luUiister) in formed Mr Churchill that he has not 'received any official communication in •reference t-o the United attL tude to a money conference with the Object of arresting the fall in world price®.

PERU OFF GOLD STANDRAD

■LIMA (Peru), May 14,

Peru to-day abandoned the gold standard for what is described as a temporary period.

LONDON STOCK EXCHANGE

•RUGBY, May 14

On closing for the Whitsuntide holidays, the Stock Market ended with business buoyant. Leading British funds 'left off with appreciable gains. Leading issues among investments securities were mostly one-sixteenth to a-quarter higher, while recent scrips also maintained a firm front.. Owing to Whitsuntide, no British offic'al press news will be sent on Saturday or Monday.