GOLD HOARDING.

Hokitika Guardian, 19 March 1932, Page 6

GOLD HOARDING.

BANK CHAIRMAN’S WARNING

LONDON, March 14

The dangers arising from the hoarding of gold by America and France were stressed by Mr F. C. Goodenough, presiding at the annual meeting of Barclay’s Bank.

The default of many debtor nations lie pointed out, was due to a considerable degree to the unwillingness of the principal creditor countries to accept payment in, goods. Unless gold circulated more freely, lie said, it would lose its value, and those countries must inevitably be faced with enormous losses.

Mr Goodcnough attributed the world financial crisis to the fall in commodity; prices, the problem of tariffs, and the payment of war debts and Reparations. If war debts and Reparations could be satisfactorily dealt with this would lead probably to a redistribution of gold and an automatic rise in the prices of commodities, which would help to return to normal conditions.

EMPIRE TRADE

If tariffs could also be reduced “l fool that the two principal causes of the present depression will have been removed, and that we may then confidently look forward to a period of increasing prosperity,” he concluded.

Lord Amulree, speaking from the body of the hall, referred to the chair-, man’s statement that the granting of some preference in certain articles would be to the great advantage of the Empire. “The time' has now ionic,’’ said Lord Amulree, “when wo should devote more attention, business and political, to the affairs of the Empire, and less to the politics of Europe. Ereo trade between the .Mother Country and the Colonies would benefit both and strengthen the ties linking up our great commonwealth.”