BRITISH FINANCE.
STRENGTHENING POSITION. MONEY DEARER. By Telegraph.—Press Assn.—Copyright, Received April IS, 5.5 p.m. London, April IG. In connection with the advance in the Bank rate the policy of dearer money was adopted in co-operation with the Treasury, which raised the rates on Treasury Bills. It is thus hoped to curtail credit, the expansion of speculation, and encourage holders of Treasury Bills to renew them as they fall due, thus generally strengthening the country's financial position. Opinion in the City is divided as to the wisdom of the policy, but it is agreed that the rise emphasises the necessity for dealing with the enormous floating debt in such a way as to remove its disturbing influence on the money market.
The rise in the Bank rate is also connected with exports of gold to America for the purpose of repaying the British share of the Anglo-French loan maturing in the United States in October. The stoppage of the export of specie is not contemplated, but it is hoped the rise will prevent other. Inroads on bank reserves.—lmperial Service.
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Taranaki Daily News, 19 April 1920, Page 5
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178BRITISH FINANCE. Taranaki Daily News, 19 April 1920, Page 5
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