DISTURBING EXCHANGE
(Press Assn.-
british treasury forbids deal in american shares
-By Telegraph— Copyrlght)
London, Jan. 13. The British Treasury has intervened and forbidden the repurchase by a British syndicate from American interests of the control of Boots Pure Drug Company on the ground that It is impossible for Britain to find a sum equivalent to 23,000,000 dollars to pay American holders of shares without seriously disturbing sterling exchange. A previous message stated that a British syndicate has repurehased from American interests the control of Boots Pure Drug Company. This concern owns £8,500,000 worth of crdinary shares in Boots Cash Chemists, which has 900 branches in Britain. It was believed that the syndicate had undertaken to -pay almost £8,000,000 for the American shares. The "Financial News" stated that the Treasury and the Bank of England disapproved of the purchase, as it involved the remittance of money to America.
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19330116.2.27
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Rotorua Morning Post, Volume 2, Issue 431, 16 January 1933, Page 5
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148DISTURBING EXCHANGE Rotorua Morning Post, Volume 2, Issue 431, 16 January 1933, Page 5
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