GOLD HOLDINGS
LONDON PRESS COMMENT;
(United Press Association— By Y ectrin Telegraph—Copyright)
LONJ?ONj November 20,
The “Morning Post’s” city editor says: ‘‘The provisions regarding the New Zealand banks’ gold holdings have created an unfavourable impression in London where it is considered that they conflict with the sanctity of the ownership of gold by banks. When the Bank of England acquired gold holdings, the banks were paid the full value of their gold. Nothing dn the nature of a writing down of assets was required of the banks. There would have, been a considerable outcry if such a procedure were necessary, inasmuch as the gold was entered on the books of the New Zealand banks' at sterling. We believe that the final form will provide for the payment of the banks on a. sterling basis.. ■ The New Zealand Government would thus maintain a reputation for fair dealing.
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Hokitika Guardian, 21 November 1933, Page 5
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146GOLD HOLDINGS Hokitika Guardian, 21 November 1933, Page 5
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