PRICE OF GOLD

Hokitika Guardian, 30 April 1920, Page 4

PRICE OF GOLD

RED LOTION SHOULD EASE EXCHANGE' POSITION.

The Secretary to the Treasury announced last night that the following information has ‘been received from the High Commissioner for New Zealand London/ with reference to the sale ->f gold:—“April 21st., 1920—Official price gold to-day is £5 4s 9d per ounce. Shipments principally South America, Straits Settlements, and India.” ■ Mr Harold Beauchamp, manager of the Bank of New Zealand, interviewed on the subject by a “Times” representative last night; said : “The price was £5 10s 3d -a little while ago, so- that there has been a substantial lrop ; n the price of gold through further shipments coming in from other countries. The price of gold is still abnormally high, but this fall of os 6d per ounce should ultimately have a slight reflex, action in improving the rate -f exchange.” As showing that the price has been gradually dropping, Mr Beauchamp further stated that on February 28th. the Ist it was 121/4 per ounce. On March Ist. it was 121/9, on March 2nd 'l9/6, on March 3rd 120/-, on March 9th. 119/6th 114/6. Samuel Montague and Co. writing on March 4tli. states:—“Again a handsome addition has been made to the Bank of England’s reserve against its note issue, namely £3,196,730. The total now stands at £112,910,620. The amount- of gold dealt with lately has not large. Tt was purchased on behalf of the Straits and Settlements and South America. It is reported from Now York that 250,000 dollars and 100,000 dollars in gold have been shipped to Cuba and the Argentine respectively. Tlie sum of between 12,000,000 and 15,000.000 dollars in gold is announced from tlie same quarter as engaged for shipment to South America at the end of the week. Canada’s gold production during 1919 is estimated by the High Commissioner for Canada to amount to 16,275,000 dollars.