SOUTH AFRICAN FINANCE
DIFFICULTY OF GOLD STANDARD. (United Press Association.—By Electric Telegraph.—Copyright.) <s, (Received this day at 10.30 a.m.) CAPETOWN, December 23. A financial stringency due to the maintenance of the gold standard, is hastening to a crisis. An exchange house for ten millions established in London has been reduced by threequarters. When it lias exhausted res reserve, the bank hopes to maintain exchange by a premium on the gold output purchased at Pretoria. Farmers, irrespective of party, are holding meetings throughout the country demanding the abandonment of the gold standard, otherwise it is rumoured they will refuse to pay theii; taxes.
Wool farmers have lost two millions. Many, previously substantial men, have been reduced to bartering sheep for necessities. Fruit farmers fear a similar fate.
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Hokitika Guardian, 24 December 1931, Page 6
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126SOUTH AFRICAN FINANCE Hokitika Guardian, 24 December 1931, Page 6
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