U.S. GOLD POLICY

Hokitika Guardian, 30 October 1933, Page 6

U.S. GOLD POLICY

OUTSIDE PURCHASE POSSIBLE. iUnitedi.P r <?6s Association—By Electric Telegraph—Copyright.) WASHINGTON, October 28. The purchase of gold has been continued to-day, wi-h the price set at 31.83 dollars -per ounce, as compared to a London price that is variously computed ?s from 31.02 to 31.10, the figures for London depending on the hour and the source of the quotation rciceivpd Here. Sterling to-day declined in exchange value by three cents to 470 c to £l. ■ ; The markets in the United States, however, were up, wheat gaining three cents per bushel’ from ea-r-ly low levels, -and the American stock exchange market, after drifting in some extremely dull -trading' started to make an advance early in the -afternoon. Leading -shares were up from one to six points. Cotton, rubber and other staples -also reflected stock maikets improvement. , At the epd of the first week President Roosevelt’s gold policy more than ever convinced the local financial Community that the mere an n oun, c ement Of the newly-mined, gold-buying „policy will, -r.-ot -serve to co.nircl the .‘course of the’doUrir in foreign exchange, nor affect materially domestic prices. : Pending, g further gold step, such as President Roosevelt , has . outlined in a it as feltr here that- the United States may soon be compelled to undertake the purchase of gold abroad, but this iSkl-egarded as dangerous;. and as likely to cause foreign retaliation.