GOLD STANDARD

Hokitika Guardian, 16 December 1931, Page 5

GOLD STANDARD

POSITION IN CANADA

OTTAWA, December 14

•Expressing annoyance at the persistent rumours that Canada was to abandon the gold standard, Premier Bennett declares that .the subject has never been even tmsidnmi by Cabinet,

NEW YORK OPINION,

NE\V YORK, December 44

The New' York bankers regard Canada as being off the gold standard, “whether Premier Bennett admits it or not.” The New York bankers declare that this will cut the value of the Canadian dollar to eight cents in American funds.

JAPAN STOPS GOLD EXPORTS. - TOKYO, December 15.

The export of gold -from Japan has been prohibited, and note conversion has been suspended. This is the first official action of the new Soiyukai .Cabinet, and it is necessitated by extensive outpouring of goTd from Japan since the embargo was removed last January. The emergency decree becomes immediately effective, pending Imperial sanction.

A BRITISH VIEW. LONDON, December 14

Ml’ J. H. Gray, chairman of the Cotton Committee, says he is not surprised at Japan’s abandonment of the gold standard. 'He adds: “It should not affect the Japanese quotations for textiles to the full extent of the fall in the value of the yen. ’Had .Britain exported her textiles at prices that are regulated like the Japanese prices, without reference to costs, such dumping would be resented, Japan’s selling policy is a menace to all of the competing textile industries. The British Empire, particularly, should take notice of it.