TRADE ON A BARTER BASIS.

Manawatu Standard, Volume LIII, Issue 25, 27 December 1932, Page 8

TRADE ON A BARTER BASIS.

LONDON CHAMBER’S PLAN. Proposals for a revision to a temporary form of barter with the 35 foreign countries which have imposed severe restrictions on their currency exchanges with Great Britain were made in a scheme outlined by the London Chamber of Commerce to a conference with Press representatives on November 11. By this system, the chamber claims, the existing frozen credits could be released at once, if foreign Governments undertook to issue “Bartex” (barter unit) 10-year guarantee bonds —i.e., payable by one-tenth each year, covered by an agreed excess of exports over imj>orts to such value. Sir Edward Crowe, Comptroller-Gen-eral of the Department of Overseas Trade, has informed the London Chamber of. Commerce that the British Minister in Athens has induced the Greek Government to adopt the plan for using frozen British credits in Greece in payment of British imports of this year’s currant crop from that country. It is understood, says the London Times, that British firms who had blocked drachma accounts in Greece before April 26 will shortly be informed that, if they wish, they may arrange to transfer them to the Bank of Greece, and then make application to the Foreign Branch of the Westminster Bank, 41 Lothbury, E.C.2, for the sterling equivalent of tlieir drachmas. The Bank of Greece has asked banks in that country to inform British firms of tho procedure agreed upon.