"BAD MONEY"
NECESSITY FOR CARE IN MAKING GOLD PURCHASES. FLUCTUATIONS AND TRADE. Rugby, Feb. 23. Replying in the House of Commons to a question regarding the recent gold purchase by the Bank of England issue department, the Chancellor of the Exchequer, Mr. Neville Chamberlain, said for various reasons large amounts of foreign money had been coming to London xecently, which was "bad money" in the sense that they could not rely on retaining it if no precautions were taken. These capital payments might xesult in a sharp rise in sterling to be followed later on hy a sharp fall. Everyone wonld agree that snch fluctuations. which were very harmful to trade, should he limited as far as possible, but it was not In the general interest to state what particular methods might be adopted to check them. He agreed with' the questioner that these purchases_ of gold shonld be regarded as flexible additions to the bank's gold holding and that it would he improper to regard them as permanent additions to the gold reserves which might he used-in future for restoring credit.
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Rotorua Morning Post, Volume 2, Issue 466, 25 February 1933, Page 5
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182"BAD MONEY" Rotorua Morning Post, Volume 2, Issue 466, 25 February 1933, Page 5
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