GOLD RESERVES.
Must Be Protected Against Depletion. AMERICAN POLICY. (Australian and N.Z. Press Association.) (Received li a.m.) MONTREAL, October ( 3. At Philadelphia, Mr. Roy Young, Governor of the Federal Reserve Board of Washington, addressed the American Bankers' Association, and said that in order "to maintain sound banking conditions the Federal reserve system must shape its policy in such a manner as to protect the gold reserves against a too rapid depletion. "During the past year," he said, "we lost £100,000,000 worth of gold and nobody knows whether redistribution has been completed or whether the United States will lose additional gold to the rest of the world. Our gold reserve is now £200,000,000 in excess of legal requirements. It is fortunate that they are, because it puts the bankers in ■ a position to handle the growing credit for the needs of the country."
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/AS19281004.2.36
Bibliographic details
Ngā taipitopito pukapuka
Auckland Star, Volume LIX, Issue 235, 4 October 1928, Page 7
Word count
Tapeke kupu
142GOLD RESERVES. Auckland Star, Volume LIX, Issue 235, 4 October 1928, Page 7
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Auckland Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
Ngā mihi
This newspaper was digitised in partnership with Auckland Libraries.
Log in