TURKEY AND COMMERCE

Taranaki Daily News, 15 November 1926, Page 10

TURKEY AND COMMERCE

TRADING IN STERLING. London, Oct. 22. Following on the threat of the Angora Public Prosecutor to bring speculators in sterling before the Independence Tribunal, the affrighted financiers, not only of Smyrna but of Adana and Mersina, would appear to have dispatched large stocks of British' and other high currencies to Constantinople, to be sold there. The Government Commissioner attached to tho Constantinople Exchange summoned a conference of the representatives of the leading Turkish and foreign banks, to discuss the formation of a special committee for the purpose of selling sterling. The banks convened to this meeting included the Ottoman Bank, the Banca Cominerciale, tlie American Express Company, and the Deutsche Orient Bank. The insurance companies, are the fatest. among foreign instituitions to have incurred the dislike of the Angora Government. The later, alleging that these companies had come to a secret agreement among themselves to drop competition and adopt standard .rates, lias decided to found a single insurance company under stringent Government contiol, which would leave the foreign institutions no choice except to mer <v e into that company or go out of business altogether.