1940-03-06 — Page 7

THE CHINA MAIL, MARCH 6, 1940

Page

BRITAIN'S FIRST WAR LOAN TERMS ANNOUNCED Three Per Cent. For Fifteen Years At Par

COMMUNIST NEWSPAPER DISCOVERY

Paris, To-day. Twenty-one persons have been arrested following the discovery by the police of numerous bun- dies of Communist pamphlets and multigraphed coples of the banned newspaper "Humanito" in Underground rallway carriages in Paris.

The arrested include 16 em- ployees of the Underground and a former dub-editor of "Humanite" who is alleged to have acted as their leader.Reuter.

WAR LOAN APPROVED IN CITY

London, To-day.

The Chancellor of the Exchequer's war loan an-

SUBSCRIPTIONS TO BE CLOSED IN ONE DAY

London, To-day.

THE CONDITIONS OF THE new War Loan were an- nounced in the House of Commons yesterday afternoon by Sir John Simon, Chancellor of the Exchequer. The loan will be called the "Three Per Cent. War Loan" and will be limited to £300,000,000.

Subscriptions will be opened on Tuesday next and will be closed the following day. The issue will be made at par and will bear interest at 3 per cent. for a period of from 15 to 19 years.

Commenting on the issue, Sir John Simon said that the amount that the Government, would need to borrow during the next 12 months would, of course, be considerably greater than £300,000,000, but the issue for a lim- ited amount was convenient to the the

Treasury and would also be in general interests of the investor.

So far, Britain's large national ex-

nouncement was welcom-penditure had been found by addition- al taxation, the increase in the volume

ed enthusiastically in the of Treasury bills and the proceeds of City, says Reuter's city the very satisfactory Savings Cam- editor.

He was announcing the terms

paign.

of

FRENCH N.C.O. DECORATED

THE

LONDON, TO-DAY: GENERAL LORD GORT, BRITISH COMMANDER-IN-CHIEF, YESTERDAY

GERMAN

DANUBE ICE NOW BREAKING UP

Budapest, To-day.

The loo on the Danube haà be- gun to break up and If the pro- sont warm weather holds and no considerable flooding occurs ship- ping traffic will be resumed. In about a fortnight.

Since the Danube was frozen two months ago some 1,200 ships, mostly bound for Germany, in- olutting 200 tankera and 400 grain ships, have been held up along the Hungarian ·reaches of the river-Router..

CANADIAN ELECTION CAMPAIGN

Ottawa, To-day.

Dr. Manion, leader of the opposition in the Canadian Parliament, in a broadcast election address yesterday,

THE MILITARY MEDAL A FRENCH of having deceived the people DECORATED WITH accused the Liberal leaders It is expected to constitute a stable the loan a week in advance in order NON - COMMISSIONED ··OFFICER of Quebec on the conscription lising influence in the market for Gov- that the investor might have ample WHO DESTROYED. "A

time to make arrangements to sub- STRONG POINT WHEN ACTING AS issue. scribe the fullest possible amount. LIAISON OFFICER TO THE BRI.

TISH FORCES, TELEPHONES REU TER'8 CORRESPONDENT: WITH THE B.E.F.

ernment securities. Some circles even

suggest it may have a tonic effect on current prices.

Inter-office dealings after the an- nouncement were notable for the strength of gilt-edged stocks, with War Loan at 100.

are

It is generally believed that the terms and issue price

exactly right in present market conditions for this kind of loan,

Reuter.

PAST FINANCING

At the outset of his announcement Sir John Simon said our very large national expenditure had been so far financed by additional taxation im- posed last September, by an appreci- able increase in the volume of Trea- It is stressed in official circles that sury Bills and the ever mounting no further war loan will be issued on proceeds of the very successful sav- terms as favourable as those now an-ings campaign since November. nounced.

BANK CREDITS

was

The Government's appeal for sub- scriptions to a large loan had neces- It is hoped that the banks will give sarily to be delayed until it reasonable assistance in the shape of felt the market was ripe for its issue. temporary credit arrangements for The time for this had now arrived. smaller investors anxious to subscribe Borrowing since the outbreak of but who are not in a position to com- war had all been for short periods. plète payment on April 15 of the 90 The new loan, however, for a period per cent. remaining due after meet-of 15 to 9 years, carrying interest at ing, the 10 per cent. application money. 3 per cent, and issued at par, accord- was weled with the Government's avowed

policy of borrowing as cheaply possible, and at the same time a reasonable one from the investor's viewpoint.

The loan announcement comed by the Opposition, who put a few questions on the subject in the House, to which the Chancellor, in reply to the suggested issue of a short term loan at a lower rate of interest, particularly suitable for a large fin- ancial house, made by Mr. Pethick Lawrence, would be borne in mind in respect to possible future occasions.

FUTURE - 18SUES

There would certainly have to be future issues so that it would not be wise or prudent for him to make any statement now.

'

He appreciated the point made by Mr. Leach about preventing would- be lenders this side entering Into collusion with some. friend' abroad, to get better terms.

The Government would take good caro to see that it was no resident's. money which was lent on the free- of-tax terms he suggested. People in Britain must pay their taxes-Reu- ter.

Mr. Davenport, of the s.s. Kurah, has reported that money and a certi- ficate were stolen from his cabin yes- terday, while the ship was lying at

Holt's wharf.

as

was

The loan would be repayable partly on October 15, 1959, but the Trea- sury reserved the right of redemption partly or wholly any time after October 14, 1955, on three months' notice.

NON-RESIDENT SUBSCRIBERS

Ten per cent. of all subscriptions the balance on April 15; would be payable on application and

Subject to certain safeguards he proposed offering non-resident subsoribers exemptions from taxa- tion somewhat similar to......-those attaching to some of our loans In the fast, war

General Voruz, head of the French mission at General Headquarters, then decorated with the Croix de Guerre another French llalson officer who, while accompanying a party of the Norfolk Regiment, took over after the British officer was killed and led the Norfolks back safely to the British line. Reuter.

DEMOCRATIC BANQUET

(SPECIAL TO “CHINA MAIL")

Dr. Manion declared: "Their whole object is to divide Quebec from the rest of Canada for political purposes."

Expressing himself as absolutely opposed to conscription Dr. Manion ter of Canada there will be no con- said: "If I am elected Prime Minis-

scription put into effect by the Gov-

ernment I lead.

"Conscription to my mind was failure in the last war as it raised only about 10,000 men from more than 600,000 and stirred up much misun- derstanding in our country, -Reuter.

SLEEP DISTURBED RESTLESS NIGHTS:

are the natural consequences of a disordered nervous system. Fortify your nerves with

GOLDEN GRIFFIN

NERVE TEA

WASHINGTON, TO-DAY. THE SEVENTH ANNIVERSARY | nature's own nerve food as provided in the OF PRESIDENT ROOSEVELT'S AC-herbs which compose- CESSION TO THE PRESIDENCY OF THE UNITED STATES WAS MARK- ED BY A DEMOCRATIC PARTY BANQUET ** HELD ANATA THE WASHINGTON HOTEL YESTER- and restful, healthy sleep will return, Nerve DAY WHERE MR. ROOSEVELT. Boothing and nerve strengthening, Golden WAS THE GUEST OF HONOUR.

Although some had hoped that the President would make a statement on term, he remained utterly silent on the momentous question of a third the subject, merely pointing out in his speech, the progress realised by the New Dest since the economic crisis of 1933 Havas.

NAVAL ENGAGEMENT

DENIED

(SPECIAL “CHINA MAILU

Rear Admiral:

There would be Post Office and National Savings Bank issues to which a minimum subscription of £10 would be accepted, although no such opplication must exceed £1,000. This would afford such subscribers the arrived here in opportunity of lending savings for denled longer than provided by savings cer- battle had taken ticates and defence bonds.Reuter. American waters

Griffin Nerve Tea is recommended for the treatment of nervous headaches, nervous dyspepsia, depressim, irritability, neuralgia, neuritis, sciatica,

ally

chemists

GOLDEN EDICINAL

troublea genter-

ckages,

from

FFINI

CANADA)