PAYMENT TO U.S.A.
MEANS NO SHORTAGE OF CREDIT
(United ’Press ’Association—By Electric
Telegraph—Copyright;
(Received 11.45 a.in.) LuiNUON, December 22
Replying to tne Cinambcr of Commerce 1 representations, Mr Chamberlain emphasised the misconception that payment to America correspondingly contracted currency. He saw no reason to anticipate a snortage of credit, or the necessity of increasing the fiduciary issue.
Mr Hcre-Belisha, in the Commons, debate, mentioned that between May 11 and December 14, the banks’ gold bolding increased to an amqunt almost equal to the payment to America. The notes in circulation bad increased in the same period from 358 to 872 millions, the cash at the Clearing House from 179 to 193 millions. Credit was notoriously abundant, and furthermore, instead of foreigners selling sterling in consequence, there was a reduction of twenty millions in notes in the Ranking Department. They were actually buying, so that tlfft worst anticipated had not happened.
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Hokitika Guardian, 23 December 1932, Page 6
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150PAYMENT TO U.S.A. Hokitika Guardian, 23 December 1932, Page 6
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