CHEAP MONEY
. FROM U.S.A. lUnited Press Association. —By ElectricTelegraph.—Copyright.) NEW YOKE, Jan. 30. The New York World’s Washington correspondent says: The Federal Reserve Board is considering a plan for investing abroad at 3]% interest the free gold which is being held idle and unproductive in the currency system banks. 'Phis free gold—or gold in excess of the minimum legal requirements of the currency system—amounts to approximately 14,000,000 dollars.
The proponents of the plan lor investing the gold abroad point out that the investment of such a sum abroad would stimulate foreign purchasing power and would stimulate also a recovery of the present business depression here in America. Such investments, it is asserted, would have a special benefit to countries such as 'Canada, Australia and numerous other countries suffering from a' dearth of credit facilities though their basic economic soundness is beyond dispute. Yvhat the decision of the Board will be in respect to the proposal remains to be seen. It is known that the plan has strong support in high quarters, but it is understood that there is also opposition.
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Hokitika Guardian, 1 February 1930, Page 6
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180CHEAP MONEY Hokitika Guardian, 1 February 1930, Page 6
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