GOLD SHIPMENT

Hokitika Guardian, 8 February 1930, Page 5

GOLD SHIPMENT

SEVEN MILLIONS FOR 'ENGLAND

(Australian Press Association).

(Received this day at 8 a.in.) SYDNEY, Feb. 7

Robert Gibson (Chairman of the Commonwealth Rank) announced that the Bank is shipping seven millions pounds of gold to London immediately. for the purpose of building Uip reserves to meet overseas obligations. This amount together with ten millions of gold shipped overseas since last July totalled seventeen millions. He pointed out these shipments had in no way impaired the gold reserves held against the note issue, which to-day stood at forty-three per cent. The Bank Board was carefully watching the position and if the national needs demanded, further shipments of gold could Ire .provided still leaving the gold reserve against the note issue unimpaired. The whole movement wn)s directed to meeting! or accruing obligations. Mr Gibson emphasised that Australia was sound and would overcome her present difficulties. Australia’s abnormal prosoerity bad led to extravagance, but those responsible for the country’s stability were co-operat-ing in this direction a,nd he had every confidence that the (position would right itself. The great disparity on the London stock market between Australian securities and those of other Dominions was not justified, and those who had courage to purchase Australian securities at {the market values of to-day would probably have reason to congratulate themselves later. Meantime it was necessary that imports should be kept down to a minimum, until the position was completely adjusted.