DRAIN OF GOLD

Hokitika Guardian, 28 July 1931, Page 3

DRAIN OF GOLD

OUT OF ENGLAND. UinuHi Preoß Association.-—By iUectrio Telegraph.—Copyright, j PARIS/ July 27. • Britain’s success: in stemming the flow of . gold from the Bank of England, has excited the admiration of French financiers, who admit that the recent alarmist reports regarding the financial conditions of Britain are. groundless. In order to assist in stemming the flow of gold to France, agents of the Bank of England brought up French credits to the extent of six millions sterling. This, combined with the rise of one per cent, in the b-nk rate, had the desired effect, though Saturday’s outflow of gold to France would have been larger than ever, hut for an ehverth-hour cane llation by the B;jnk of France. ENGLAND’S ECONOMIC II UR PILES WELLINGTON, J ly 27. Some surprise was occasioned in the House of Representatives win n Mr Vincent. Ward, speaking in the debate on the Imperial Confemice _ put forward Ul9' suggestion that tne present economic depresion might last for another 10 years. Mr Ward had been speaking of the tremendous burden of war debts and remarked that an authority he had .been reading had claimed that the present depression must last for another 70 years. Mr T. D. Burnett (Reform, Temuka) —Seventy. Mr Ward: Yes, until the war debts are paid off. Very few people realised just how immense the war debts really were, he said. He quoted figures showing that the balance of the funded indebtedness of Europe to the United States amounted' on November 30, 1930, t £2,256,000,000. Britain was not only

weighed down by war debts and beset with a tremendous unemployment problem, but was ; meeting with competition in the manufacturing world 'from countries which previously bought her manufactured goods. Mr Ward said the people of England were undergoing a change of opinion. He believed they wanted protection.