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BRITAIN'S WONDERFUL GOLD-POWER

A BANK CHAIRMAN'S REVIEW (Eec. January 28, 5.5 p.m.)',- . London, January 26. Sir Edward Holden, Chairnian„of the London City ind Midland Bank, speaking at a meeting of shareholders, said that the country was overflowing, with money. The Bank-of England Before the war was forty millions in credit. This had increased to 145 millions by the end of 1916'. . It was essential that all holders of Treasury bills should fconvert at least half, of their, holdings into War Loan stock. This would mean that five hundred millions/sterling would not become payable, and ■would bo equivalent to subscribing five hundred millions of new money. Largo profits were being mado in consequence of the high prioe' of. commodities. ' Much-of these profits should '■ be used •to purchase Treasury biSs._ These large sums would not bo required after the war, and it would be impossible to find remunerative employment, _ as the banks' would have large holdings in deposits then. Money would flow out of the banks and go into securities', which would rise in price."' The Gernian note issues, .he added, totalled £801,000,000, while the British banks had issued' £165,000,000. Ger- ' many's percentage of gold was 15.7, while ours was 22. During tho war we" sent" to 'America ■ £215.000,000 .in gold.; The American banking system required a fixed reserve of 15 per. cent, to cover loans, so on that basis we were entitled to a loan of £1,400,000,000. of which the Allies had received £430,000,000. — Aus.-N.Z. Cable Assn. ACTION OF THE IMPERIAL' TREASURY. London, January 26. The Treasury will shortly issue orders requisitioning certain foreign securities. ' The requisitioning may be entire, at the market price, or only tern- ' porary. The Treasury in the latter case will pay interest ptus one-half per cent. It is understood that the voluntary response to previous requests / by the Treasury were inadequate, and •that further measures are necessary in the interests of .the exchanges. '■ Bankers predict an amazing total for the AVar Loan. Tho Carnegie Trust has invested 6J- millions.—Aus.-N.Z. Cable Assn.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19170129.2.23

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 10, Issue 2989, 29 January 1917, Page 5

Word count
Tapeke kupu
335

BRITAIN'S WONDERFUL GOLD-POWER Dominion, Volume 10, Issue 2989, 29 January 1917, Page 5

BRITAIN'S WONDERFUL GOLD-POWER Dominion, Volume 10, Issue 2989, 29 January 1917, Page 5

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