ITINERANT GOLD

Hokitika Guardian, 3 December 1930, Page 5

ITINERANT GOLD

A COMPLICATED POSITION

BERLIN, Oct. 10.

Europe’s financial tangle has been increased to-day by the dispatch fiom Berlin to Paris of an oilier waggonload of gold, amounting to £1,750,000 and to Amsterdam of a waggon-load-of the value of £875,000. “ > *“'• This double gold transfer, it i r hoped here, will relieve the strain which has been placed on the German Exchange bv the calling-in of French and Dutch, short term credits. France’s gold reserve has now attained the record total of nearh £400.000,000. Geniian financiers- maintain that its lucrative employment ir France itself is not possible and .that there is not likely to he use for it in other European countries. Money, as the financial editor of tin- “ Berliner Tagehlatt” to-day point* out, is on the wing al over Europe and nowhere, doen it seem aible to find a remunerative resting place. The withdrawal of French balances from Germany during the past fortnight has meant the return to France of "the sum of about £30.000.000, bn' most of this repatriated money, not finding ail opening for profitable investment there, lias been transfer re' to England, Holland and Switzerland, and since it sought in vain a lucrative asylum, is now trickling Rack from those countries into Germany, from which it originally fled. Swi,s S and Dutch hanks are over whelmed with capital which" has “fled ’ from Germany. Tn Germany the situation is complicated by the present panic-like run or foreign currencies In* small investors who fear the advent of a Fascist Government. • Something like a “war” between the Berlin and Paris Bourses is another disturbing asneefc of Eurone’s topsv- + iii-vv financial situation. Paris was a big seller of Rhineland'' steel share* hero to-day. with the result that all values’ in this category fell a wav flharolv. wheroqp a dwrecintt-ion in French electricity shares occurred on fto French Bourses yesterday, through t.lieir large-scale realisation for German accounts.