Progress is long in being reported with reference to the international credits scheme put forward to the League of Nations by Mr. Ter Meulen, the Amsterdam banker. The idea of the scheme is for the governments of each country whose credit has broken down to submit a list of realizable assets to the League, which upon examination will place a gold value upon them. Bonds of five, ten or 15 years' will then be issued, and these will be lent to merchants and constitute for them the security on which they can order goods. No statement has been issued as to how far the League has gone with the scheme, and it is important that we should know as early as possible whether it has been found practicable. In the meantime, however, it is important to note faq that at the annual meeting of Lloyds Bank, the chairman, Sir Richard Vassar-Smith, gave it his approval, and provided that a fair *This note is included as dealing with a later situation than the earlier one.
Text read from the printed page and cleaned; old type leaves the occasional error.