FINANCIAL RESOURCES
MOBILISING- IN BRITAIN HUGE TRANSFER OF GOLD (Reed. Sept. 7, 11.30 a.m.) LONDON, Sent. 6. The Chancellor of the Exchequer, Sir John Simon, in the House of Commons, said that power had been taken to put private holdings of gold and foreign exchange securities under Government control. He added that the Treasury and the Bank of England had transferred .C 280.000.000 in gold to the wartime exchange account. The first measure had been’ taken to strengthen British finances abroad.
The gold transfer entailed an automatic increase of the fiduciary note issue by £280,000,000. It was done to concentrate the Government’s foreign resources into one reserve.
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Gisborne Herald, Volume LXVI, Issue 20036, 7 September 1939, Page 4
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107FINANCIAL RESOURCES Gisborne Herald, Volume LXVI, Issue 20036, 7 September 1939, Page 4
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