GOLD BOOM

Hokitika Guardian, 17 January 1931, Page 5

GOLD BOOM

BRITAIN’S SPARE CASH.

(.United Press Association—By Electric Telegraph.—Copyright.]

LONDON, Januarv 16

The “Daily Express’s” City Edit r supplies a remarkable summary of the money at call available in Britain at the end of 193(1. The amount is 2786 millions sterling, practically cash in the pocket, which is the saving that the British public does not use fullyT It includes 1839 millions of bank deposits. two hundred and ninety millions of post office savings, and four hundred and eighty millions in saving certificates. All can Ip drawn out on demand, or at short notice. It is therefore liquid money. The “Daily Express” goes on to say:—“The city is asking whether a boom in gold mining shares is (joining. When commodity prices remain low for a long period the profits of gold mines must increase, as gold is always saleable at a fixed prim, It is believed that South Africa, which obtains a big revenue from its min s, will he compelled to encourage the gold industry. Recent rises in the principal shares suggest that an ear] v gold boom is probable. Past exnerii nee has shown that activity in gold shares follows intense industrial depression, and that a general revival of confidence then ensues.”