GOLD SHIPMENTS.

Hokitika Guardian, 20 August 1926, Page 2

GOLD SHIPMENTS.

DOAUXIOX RESOURCES. [Australia & N.Z. Cable Association.] NEW YORK, August 18. The “ New York Times’s” financial editor states: The most interesting development, and probably the most important in to-day’s financial news, was the receipt of gold from Australia. The official explanation, of course, is capable of many constructions. International bankers express the opinion that England is bolstering up her reserves in the United States against the prospective purchase of wheat and cotton and these shipments of gold will obviate the necessity lor any drain on Britain’s own gold reserves, and, in ease the future proves this theory true, this incident of the gold receipts from Australia will prove an important chapter in the year’s international financial history. Dominion resources, in other words, are being called on by England to protect the pound sterling at one cent and a half above the point at which gold shipments from London would ho expected The hankers said that a decline to gold point would not be surprising late hi September or October, when commodity bills appear in the largest volume. • Other explanations were that preparations might be under way to meet the interest on Australian bonds, sold here, or'that the gold shipment was made to rectify the- Australiau-Ameii-can trade, balance, which is against Australia. NEW YORK, August IS. • The Federal Reserve Bank has announced that six million gold sovereigns from Australia has arrived at San Francisco, where it has been deposited in the Mint, and will be transferred here for the account of the Bank of England reserve. The Bank, aside from announcing that the shipment was in settlement of international balances, would not otherwise explain its purposes.

BRITISH DIPLOAIAT-’S TRIBUTE. NEW YORK, August 18. Characterising the material development of the United States as a “ secondary matter,” Sir Esme Howard (British Ambassador), speaking to-day at Roanoke, in Virginia, at tl\e celebration on the anniversary of the baptism of Virginia Dare, the first white child born in an American colony, continued: “What I specially rejoice m here is rather the belief that this country is leading the world in a new era "a better way of life—and that, provided we can keen the ideal before our eyes as well as tlio merely practical, we will —indeed ultimately ' vc must—make for a great spiritual rebirth, which will help us to that universal peace® both at.home and abroad, for which all men iii all countries are truly longing to-day.” Sir E. Howard said: “Walter Raleitrb was the first of our great Empirebuilders. as ' Cecil Rhodes probably will prove to he the last.”