He estimated that the 1937 adverse balance of payments were at least £50,000,000, but he did not support the conclusion of Sir Robert Kinder-sley, a director of the Bank of England, that Britain had drawn on her long-term capital abroad He pointed out that the country had spent during the last si: approximately £600,000,000 purchase of gold. There was evidence that sales of British securities to foreign interests had been on such a scale, or that a vast increase of short-term liabilities had occurred.
It appeared, consequently, Mr. McKenna declared, very doubtful "whether our capital position has moved against us to any degree comparable to the addition to the gold reserve."
"On the evidence of the gold and capital movement," he added, "the contention that over the past six years we have been living upon capital does not appear to me to be well-founded."—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.