TRANSFER OF GOLD
BRITISH RESERVE EXCHANGE ACCOUNT (British Official Wireless.) Reed. 9 a.m. RUGBY, Nov. 26. In the Bank of England return on Wednesday, gold coin and bullion in the issue department was valued at £8 Es a fine ounce at £219,561. As a result of the policy of massing gold reserve behind exchange control, this was a decrease of £326,000,000 compared with a year ago.
This drop in gold held by the Bank of England is capable of misrepresentation and Nazi propagandists have not failed to exploit the opportunity. It. is suggested by the Nazis that the £220,000 in the issue department constitutes the entire British gold reserve.
The gold reserve is now held, however, in the exchange equalisation account, which, in addition to the large amount of gold already in its possession, received £260,000,000 at the outbreak of the war transferred from the bank.
The gold masses in the exchange account, moreover, are only part of the financial reserves of Britain, which has foreign investments to an estimated value of more than £1,000,000.000.
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Gisborne Herald, Volume LXVI, Issue 20106, 28 November 1939, Page 7
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175TRANSFER OF GOLD Gisborne Herald, Volume LXVI, Issue 20106, 28 November 1939, Page 7
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