SURPRISE IN LONDON
METHOD OF PAYMENT
DEBENTURES FOR COLD
LONDON, October 26. The "Daily Telegraph's" financial editor says that bullion' brokers had keenly awaited the American Treasury's announcement of its intention to buy gold at 31 dollars 30 cents an ounce, or 22 cents above yesterday's London price. What created surprise and some preliminary confusion was the decision to pay for the gojd in Reconstruction Corporation debentures, which are readily cashable. The sale of gold for marketable ■ccurity is surely uniquo in the anuals of the mining industry. As the American plan will not draw gold from other markets it does not create a new free gold market and does not compote with the London price. Its practical effect is limited to the depreciation of the dollar, as a result of which it is expected that internal commodity prices will rise.
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https://paperspast.natlib.govt.nz/newspapers/EP19331027.2.66.2
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Evening Post, Volume CXVI, Issue 102, 27 October 1933, Page 7
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141SURPRISE IN LONDON Evening Post, Volume CXVI, Issue 102, 27 October 1933, Page 7
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