Secretary in the late Government, and Mr. William Graham, Labour ALP, for Central Edinburgh and ut of the Board of Trade in ithe late Government, were elected deputy leaders of the Opposition Party.
'The presence of Lord Sankey, the Lord Chancellor in the old Labour ind the new National Emergency' caused prise. the views he expressed did not convince audience, his speech was listen-Jed, to with respect.
The attitude of some of the [Labour members of the House of Commons towards the new Govern iment is still in doubt.
The Socialists who separated from the Labour Party when Mr. Ramsay MacDonald was Leader} also called a meeting to consider their future policy.
The decision of the Chancellor]
the Exchequer, Mr, Snowden, to retire from iment at' the next. gener: is. regretted on person by members of all political He notified the Prime four months ago of his intention to seek re-election and his fission is in no way connected. with recent. political events.
For years past parliamentarians have admired the extraor courage and determination with fehich Btr. Snowden both in office land in Opposition, has devoted Fimslf tole duties, fu ole of Tines: It had constantly. seemed wnysical disability and. requ
that he had kept himself going by the exercise of immense will power find the strain upon him has been marked since his recent severe operation.
'Str. Snowden would have asked leave to retire earlier, but waen the international' financial crisis arose he felt it his duty to remain through, ju office to see these difficulties Statements to the effect that the Prime Minister had decided not] seek re-election at the end of the present Parliament ate authorita ively described.as_ unreliable Naturally Mr. MacDonald's tention is, at present, wholly taken' lup with the immediate task Government, and he is unlikely to take any decision regarding his own political future in the meantime, As far as Seaham Harbour, the vision which he now represents is cerned, it is understood that he
candidature in wands of the il eae th, queso of his fate Iceal Labour leaders.
Sir William Jowiit has written his constituency, Preston, tol d say that he has agreed to return to his position as Attorney-General jand placing" himself in. the hands! lof the local Labour party as re Jgards the next election It is understood that Mr. J.
meeting the executive of tke Derby Labour party at the end Fi next week to explain his decision to Join the new Government, Tt is officially announced by the Treasury that negotiations with financial authorities in New York Jand Paris for the purpose of still further strengthening the exchange been arranged that a financial group there shall undertake, if called on, to take up British' Govermnent Dollar Treasury Bills to a total not. exceeding $200,000,000, the ease of France, an agreement has been reached in. pri ciple with a view to making available a sum not exceeding five milliards of franes, partly in.the form. of a Jeredit from French banks and par ly by the is die of British bank' lls to the French public.
The sum to be borrowed in each centre is to be for a term of one year.—Renter.
Now York, Aug. 28
Simultaneously with the st ment issued by the British Treasury London the famous banking firm of J. P. Morgan & Ca., announced here' that they had arranged with. group of American banks for a zed "of $200,000,000 to Great tain 'This credit. becomes effective immediately. 'One hundred and fifteen 'American' banking- houses participating in it, As the Britis Government draws on the credit will deposit Treasury. bills with Messrs. J, P. Morgan & Ca.
Te is believed in financial circles hhere that $26,000,000 dotiars'out recent credit of $125,000,000 dollars made to the Bank of England was used daring the past week to support Sterling as the weekly statement of the Federal Reserve Bank shows an expansion of that amount in the seceptances held by the bank.—Reuter.
Geneva, Aug. 28.
Fear that the new British Ca-tinct would not support the League. to the same extent' as its preaccesser were allayed here to-day when it was pointed out in British quarters that the London decision not to send the new Foreign Seerctary, Lord Reading, was not to be construed as an indication that the Government failed to. realise the importance of the forthcoming session. ing is one of the leading. financial was declared that Lord Read. experts in the British Isles and that his presence in London now and during the next Tew' weeks cannot be dispensed with. over, it was emphasise would not be the first: time that British delegation was headed Lord. Cecil. whose activ the last years have been in Jy" connected with those of the League and who is therefore all League members—Trans-Ocean enjoying great, popularity, amongst Kuo Min."
Paris, Aug. 29.
1 points of detail left over from yesterday be. the French and British negotiators of a credit of five milliards of francs Britain were discussed at 8 forther matt us decided that the interest, fecting this morning,
which is at the rate of 42 per cent, per annum, on the issue Bro and a half milliards of franes of two-year Treasury Bonds on the French market aboli be payable in advance as in the care of French National Defence Bonds. The Bonds issued in frane™ denomina-Hons. and. will be Tepayable to the Bank of France.
"Thanks to a contrivance by which the Bonds Will be treated az dratts on France, the British Treasury Sin be exempted from paying. the aval stamp fax of one "percent. Soe on scrip issued" by a foreign Sate in. France Through Beuter-
London, Aug. 29.
The successful conclusion of the negotiations in Paris and" New un prohibited without permission.
Text read from the printed page and cleaned; old type leaves the occasional error.