GERMANY'S GOLD
(Press Assn.-
HEAVY WITHDRAWALS TO AMERICA AND HOLLAND CURRENCY COVERAGE REDUCED
— By Telegraph — Copyright).
Rec. Oct. 4, 5.5 p.m. BERLIN, Sunday. There has been a sharp shrinkage in the gold holdings, withdrawals of gold currency to America and Holland together amounting to 11,750,000,000 reischmarks for the week. This has reduced the gold coverage for the currency from 40 per cent to 31 per cent and has caused the Government to decree that all holdings of foreign currencies, and claims thereto above £10, must be placed at the disposal of the Reichsbank as a means of stemming the outfiow, failing which the discount rates will be raised. Meanwhile industrial economies are being extended, including a cut of 13£ per cent for the Hamburg watersiders, while two Ruhr coal mines have discharged 2,200 men owing to inability to compete with the cheaper British coal.
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Bibliographic details
Rotorua Morning Post, Volume 1, Issue 36, 5 October 1931, Page 3
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144GERMANY'S GOLD Rotorua Morning Post, Volume 1, Issue 36, 5 October 1931, Page 3
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