SHIPMENT OF GOLD

Hokitika Guardian, 29 April 1931, Page 6

SHIPMENT OF GOLD

TO SAVE INTEREST EXCHANGE. (Australian Press Association.) CANBERRA, April 28. In the House of Representatives, during the ’debate in the committee stages of the Commonwealth Bank Bill, which authorised the shipment of gold to London to meet urgent obligations, the Prime Minister, Air Seullin, appealed to the Opposition for its co-operation in surmounting the present crisis. He said that the Government would be prepared to aabndon the Fidicuary Issue, or any other plank of its policy, if the Opposition could show any better way out of the national difficulties. He claimed that the gold in the bank here was earning nothing. It would save interest and also heavy exchange if Parliament would agree to the shipment of five millions worth.

Mr Latham (Leader of the Opposition), replied that the removal of the gold reserve would inflict permanent financial disabilities. The remedy was a radical reconstruction of the

Prime Minister)

| national economic and financial hd>ric. Semi-official sources explain that > a further five millions world of "old is shipped, the reserve would lie ieduced to ten millions, which would he sufficient, under the existing legislation. to bank a note issue ol not- morthan forty millions. The present note issue is about forty-seven millions.