CONTINENTAL Acrivrrms With all deference both to the power and
the willingness of Mr. Loewenstein to make large loans to Belgium and to France, the City is not disposed to give too much heed to the descriptive and rather sensational cables from the Continent indicating the munificent offers which have been made by that well-known financier. This is partly due to the fact that far more concern is felt with regard to the two countries con- cerned formulating sound schemes for balancing budgets and stabilizing their currencies than in learning of any increase in their external obligations. Undoubtedly Belgium has made good progress in recent months through the manner in which she has curtailed and funded short-term obligations, and if it can be shown that the road is clear for a thoroughly sound scheme for stabilizing the franc, there would doubtless then be considerable interest in any aid required in the shape of external credits. On the other hand, considerable interest is being taken • in the reports emanating from Belgium of the formation of a large Canadian Electrical Trust to consolidate and expand the operations of the Societe Internationale D'Energie Hydro-Electric, commonly known on the London Stock Exchange as Sitiros, which has large, interests in companies concerned with the development of electrical energy and traction in many parts of the world.
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