EXCHANGE.

Taranaki Daily News, 6 February 1920, Page 5

EXCHANGE.

A CRISIS IN TRADE. THE DANGER OF BANKRUPTCY. By Telegraph,—Press Asjn.—Copyright Received Feb. 5, 5.3 pjn. London, Feb. 4. At yesterday's Finance Conference the exploratory character of the attempts at a solution of the exchange crisis by legislation were deprecated. The possibilities of controlling imports by licenses were suggested. Sir Vassar Smith, chairman of Lloyds Bank, who was present at the Conference, in a speech at the annual meeting of the bank yesterday, said that unless remedies were promptly applied he feared a gradual and persistent spreading of bankruptcy and anarchy must ensue. It is anticipated that the Cabinet will come to a decision quickly, but the question will be raised at the meeting of Parliament in Tuesday's debate. Meanwhile, the effects upon the cotton industry illustrate the likelihood of all sections of the community suffering most severely. Yesterday's dollar quotation brought the cotton import business at Liverpool to a complete standstill. Importers have begun toVre-ship cotton to America. The matter is most serious for the operatives, because the present stocks will be exhausted in ten weeks, although there are considerable quantities at sea. —Aus.-NZ. Cable Assn.

Received Feb. 5, 10.55 p.m.

London, Feb. 4.

The exchange position has caused a stoppage of cotton imports in Lancashire. Supplies landed suffice for nine -weeks only. A small quantity is afloat.—Aus.N.Z. Cable Assn. THE AMERICAN EXCHANGE. A RECOVERY MADE. Received Feb. 5, 5.5 p.m. New York, Feb. 4. The sterling exchange has recovered to 3 dollars 25 cents.—Aus.-N.Z. Cable Assn.