GOLD STANDARD

Hokitika Guardian, 5 October 1931, Page 5

GOLD STANDARD

FURTHER LOSSES. ; 1 ■ Vvlf (United Press Association.—By Electric Telegraph.—Copyright.) . * ?t BERLIN, October 3. There lias been a sharp shrinkage'in the gold holding of Germany. . -’The I withdrawal of , foreign currency.;-to ; America and to Holland, together • amounting to eleven and three-quarter mlilions sterling for the week, 1138 reduced the German currency gold coverage from forty. per cent to thirtyone per cent., and has caused, the Government to decree' that all holdings of foreign currencieFiicr 'claims thereto above ten pounds' "sterling ’ mast bo placed at .'the-disposal of the Reichs- # bank, as a means pf stemming tile outflow, failing which /the .discount rate will be raised. _ . _ — — _ INDIA LOSINC GOLD. CALCUTTA, October 4. Gold is being exported from India to England, America arid Holland on an abnormal settle. To-day’s steamer is carrying gold to the value of a million and a-half sterling. This has caused alarm in mercantile circles. 'lndian, merchants are calling on the Governmet to levy an embargo on the export of gold. : ' •:»> CANADA'S DECISION. TO STAY ON GOLD STANDARD. ' •'* ‘V’ l : ' ’ OTTAWA, October. 3, ; ' Following on a five hofir session of the Canadian Cabinet,. Mr Bennett, Prime Minister, announced that Canada will remain on the gold standard. Canada has not altered the position taken up by her when the announcement was made that England, had departed from -the -gold standard. Tire Prime Minister added: “Nor do we contemplate departing from the gold standard. We have.applied, and not in, vain, to Canadians to conserve our gold Supply to meet whatever strain may be placed; upon our resources -by reason of our foreign committments which are payable in gold, iand will-be honoured according I}’. 1 }’. ’ •’ ' . The drop in the Canadian dollar in the United States is ’ injuring business so drastically in ' the United Statea ’ ;*. ’ border citiek that: the deadihg land hotels are advertising, in Canadian <• papers that; they, will accept Canadian, money at par. •• >' : • ; - : - : . >• ■

GERMAN:WAGE CUTS. BRITISH COAL CHEAPER NOW - / ; ' ‘ BERLIN, October 3." Industrial economies gre extended in Germany. These include ‘ a. cut of 13J per. cent, in pay for the Hamburg Avatersidefs, while two of-the Ruhr coal ipen owing ,to an < inability "Ato. compete with the now cheaper British coal.