South Africa Asked To Explain
Reeeived Fridav, 7 p.m. WASHTNGTON, Feb. 10. The Tntemational Monetary Fund has sent South Africa a sharp "please i explain" note concerning the IJnion 's 'decision to sell semi-processed gold at
i premium price, A special meeting of the Fund's board of direetors was ealled to-day to consider the transaetion in the light ef the Fund's past efforts ro restrict the sale of gold in anv form on a free market. Although no referenee was made after to-day 's meeting which lasted severn] hours, it is learned thac the direetors expressed great concern at South Africa 's decision to sell 100,000 ounces of gold to a London broker. Tt is understood the Fund 's uote will suggest that the transaetion should be abandoned if at all possible. According to an ofiicial announce-
ment the Funa will asl whether tii.safeguards adopted by South Africa are 1 adequate to ensure that the gold will be used for legitimate purposes. Soutii Africa has sent details of the transaetion to the Fund but these have not yet been reeeived. In anv case it i.° believed the Fund considers no safeguards taken by South Africa could ensure that the gold would not eventually reach the blaekmarket.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHRONL19490212.2.31
Bibliographic details
Chronicle (Levin), 12 February 1949, Page 5
Word Count
206South Africa Asked To Explain Chronicle (Levin), 12 February 1949, Page 5
Using This Item
NZME is the copyright owner for the Chronicle (Levin). 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 NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in