CAPITAL’S FLIGHT

Hokitika Guardian, 23 November 1933, Page 5

CAPITAL’S FLIGHT

London’s Purchase of cold FRANCE AND COLD STANDARD (United Press Association —By Electrii Telegraph—Copyright.) LONDON, November 22.

The “Drtilv Express” says:* A tremendous “bear” account has been created in francs during the last few days. The city is so certain that France will abandon the geld standard that a prominent banker 3aid yesterday : '“The amount of francs you sell depends upon the amount of money you want to make,”

Jt was reported in the city that t:h,< Wench Government is (negotiating for another London loan to bolster up the French financial position. This is a further evidence of weakness and the loan should be definitely discouraged.”

The “Daily Herald” says that it is estimated that during the last few weeks, one hundred million sterling’s worth of gold has been brought to London for minting or 'for payment of debts, or for safe custody. Nearly ninety millions worth of this gold cam e from France. LONDON AND GOLD IN PARIS PARIS, November 22. The Socialist Leader, M. Blum, states that in the past few days Britain has bought hundreds of millions of francs to keep the pound at a low level, as American refugee capital floods into London. Mr Blum adds: “Britain, at any time can change these great franc holdings into gold which would be drawn from the-Bank of France.” AUSTRALIA BUYS CHEAP BONDS LONDON, November 22.

The “Daily Express” says: As the result of the fall of the dollar, the Australian Government- is now buying its dollar bonds in New York cheaply. A sterling issue, probably at 31- per cent., may me made in London for the purpose of converting the whole Australia’s American issues. .