NEWFOUNDLAND: Strange Saviour

Two months ago the British Empire was jolted by a rumor: because the Government of Newfoundland was unable to find buyers for a mere $8,000,000 bond issue, worried Premier Sir Richard Squires was preparing to raise the money by selling Labrador to "foreign interests" (TIME, June 8).

Sir Richard, rushing from St. John's to Montreal to New York and back, trying to borrow money, insisted that the Colony was not bankrupt, that Newfoundland's financial difficulties were a political plot. Asked pointblank about the Labrador rumor, he said:

"The subject has not been considered by the Cabinet. We have not talked about it...

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