PANIC ON GOLD MARKET

Hawke's Bay Herald-Tribune, Issue 120, 7 June 1937, Page 7

PANIC ON GOLD MARKET

— Press Assn.-

Fearful Hoarders Rush To M Lack of Confidence

(By Telegraph

-Copyright.)

(Rebbivbd 7, 8.45 a^hi.) LONDON, Jtine 6. Pahie ii hbt too strbilg h Word— ihadhess inight be bveh ihbre applibablb— to desCribe the state of thb gbld ih&fket durifig tlie past week. A f©w yeafs ago it Wolild haVS seeirifed f&fatastie that the .shiiib people, Whb Wbfe jealously hbardifig gold, shbuld 1'eVferishly sebh t6„6xfihahge it fbr printed paper. Yet that is what they arb dbing. Pauic-stricken lest the greht PbWefi shbuld withdraw their support, gold ho&fders flung £7,000,000 Worth b± gold oh the Lohdon market on Friday alonbi FoUf million pounds worth wai takbh iip aflii thb remaihder was held dVbn Ufitil Satufd&y. MbanWhile, Preiidbnt Robsevelt's statement that the Uriitbd States gbld pblicy Will not bb ehanged, has calmed their nerves and a numbers of offers to sell have been withdrawn. . . Gity businessmen, who . are moit ftritical of the British ofhcial pblicy, poihf out that.if a clear statement had bbeh made a iittie while ago, it wolild have pfevented the pahic developiiig. The political writer in thb hewspaper People says that Mr. Meville Ghamberlain, Sir John Simon, Mr. Montagu Normab; bthbr members bf the Gabinet and governors of the Bank of England will meet to-morrow with a view to endittg the gold pahic. It is expected that a statement will follow to the effect that the Government intends to keep up the price of gold, and that &rrangetttents have beeh hahde fbr President Rbbievelt tb db the sahie. The Government believes that suCh a statement will restore confidence.