EXPORT OF GOLD COIN.

Hauraki Plains Gazette, Volume XXXX, Issue 5490, 21 October 1929, Page 2

EXPORT OF GOLD COIN.

SHIPMENT FOR LONDON.

BALANCE OF £500,000 GOES.

Consigned to the Bank of England, 25 boxes of gold coin to the value of £125,000 have been shipped by the Bank of New Zealand for London. This represents the balance of the original shipment of 100 boxes of sovereigns and half-sovereigns, of a total value of £500,000, which was to have been sent to London last month. A direct steamer which sailed from Wellington for Southampton and London actually took 75 boxes, valued at £375,000, her strong-room not being sufficiently large to stow the whole consignment of gold coin, the remainder of which has now been shipped. The gold coin is packed in small ■ boxes, each containing £5OOO. The £500,000 worth of gold now on its way to Übnddn is additional to £lOO,OOO sent to the United States in August. Recently two shipments of gold totalling £2,000,000 were sent from Australia to London by the Commonwealth Bank. As was stated in the House of Representatives on Thursday by the Minister of Finance (the Rt. Hon. Sir Joseph Ward), the shipment of gold from New Zealand will have “no effect whatever on the local bank rate,” but is made in support of New Zealand’s exchanges.