GOLD CURRENCY?
Visitor's Prediction for South Africa South Africa 's early return to a gold currency was forecast by a visitor from .Tohannesburg, Mr J. Harold Glover, in sn interview at Auckland. He said it was fairly generally expected in South Africa that the Qovj einment would soon resume the mintihg of gold, and that the new sovereigns would be based on a gold -value rf £7 an ounce, as compared with the x'ormer value of £4 4/- an ounce. Tho Tccent changes by whieh' the British Chancellor of the Exchequer, Sir Jolm Simon, had built up the Exchango Equalisation Fund in June by £200,000,000, he stated, had praetically stabilised the value of gold at the present level. The action of the British Governicent, following a period of instability in which the prices of gold sliares had slumped heavily, had established a new basis of coniidence, continued Mr GJover, -and the future of the Rand ,sc.--mod assured. Ile meutioned that ia 50 years the value of gold vvon froui the Kand .mines was £1,330,000,000. A l'ew months ago there had been a feeling ,of general apprehension in JoHanuesburg, added Mr Glover, as tluctaatiooH in the price of gold were seriously disturbing to the industry in the Band.
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Hawke's Bay Herald-Tribune, Issue 176, 12 August 1937, Page 3
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207GOLD CURRENCY? Hawke's Bay Herald-Tribune, Issue 176, 12 August 1937, Page 3
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