Governor Discusses Ca-operation with New York: Credits in U. S. Not Used New York, Jan, 1.
Important international _develop~ ments are believed to be foreshadowed by the arrival of Mr. Montag Norman, Governor of the Bank of England, and Mr. Parker Gilbert, Axent-General for Reparations, who conferred yesterday at Washington with the Secretary of ths Treasury, Mr. Mellon and Mr. Strong, Governor of the Federal Rezerve Bank, The nature of their discussions has not been divulged, San, 6.
Mr. Montagu Norman, Governor of the Bank of England,' the object of whose visit to the United States was to promote closer ce-operation between the Bank of England and the Federal Reserve Banks, has concluded his mission, Whilst Mr. Norman persistently refused to give any interviews to the press, it is learned that the principal subject of his discussion with Mr, Benjamin. Strong, Governor of the New York Federal Reserve Bank, and other financiers was the ques tion of further extending the policy of ce-operation between the Central United States Banks and. those of Europe. Their joint assistance in the rehabilitation of Germany, Belgium and Poland, ete., had encouraged plans for carrying: on the same policy through the careful use of, credits and other means.
Consideration was given to the possibility that London might be lending more money abroad than she could afford, heavy demands from the Dominions for now financing: having considerably burdened the exchange, although it was expected that this would weighed by the resultant stimu to Great Britain's foreign trade, Wall Street learns unofficially that Great Britain has never drawn upon the $00,000,000 Federal Reserve and private credits established Inst spring to assist the restoration of the gold standard. Although the British Treasury was prepared for great drain on gold, and an abnormally high bank rate, its fears failed 10 materialize. On the other the bankers learn that Great actually suffered from im= ports of gold after the return to the gold basis, Some concern was aroused recently by heavy demands for gold from the Dutch Enst Indies, but this was considered a seasonal development which would soon correct itself.—Reuter's American Ser view.
Text read from the printed page and cleaned; old type leaves the occasional error.