On August 19 the fixer, issue of Treasury Bills for. £15,000,000 (qix months), was made at an average rate of £3 138. 1d. per. cent. There were applications for £4°,900,000, tenders at £08 Is, 8d. receiving 48 per-cent, and above that in full. On August 21, the Bank of France re-duoed the rate of discount from 6 to 5 per cent.; Germany. proclaimed a moratorium on foreign debts. On August 23, France and England agreed jointly to lend Belgium £20,000,000. On August 25 che Chancellor of the Exchequer offered banks State credits at the Bank of England.
On August 26 a second issue of Treasury Bills for £15,000,000 was made at an average of £3. 158.; the applications again exceeded £40,000,000. On August 97 the Paris Bourse moratorium was. extended to September 30. On August 31, the Courts (Emergency Powers) Bill to relieve smal] debtors in tar United Kingdom was passed. A fourth moratorium proclamation was issued on September 1; but was revoked by the fifth moratorium proclamation on September 3. The Government rate for insuring cargoes against war risks was reduced from.3 to 2 per cent. On the following day the Btock Exchange Committee announced s further postponement of settlements..On. September 4, the Chancellor of the Exobequer perfected the. arrangements with. the YE
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