FLOOD OF SOVEREIGNS.

Shannon News, 21 July 1925, Page 2

FLOOD OF SOVEREIGNS.

WHiAT U.S, FLEET WILL SPEND IN SYDNEY. HONOLULU, June 23. Considerable amusement has been caused in the American Fleet by the wild guesses that have been published in Sydney stating that tlie men will, spend £400,000 there. “We wish we could,” say the sailors, grinning. Officially it is stated that the whole fleet will carry 2,000,000 dollars (£400,000) in gold to Australia. Of this amount 1,200,000 dollars will be on the California, lor Sydney, and only 800,000 dollars on the Omaha, for Melbourne.

“BEST OF THE DEAL.’ This amount, it is calculated, will cover New Zealand also, and then leave a balance; but in an emergency they can draw on bills of exchange though it as extremely improbable that such a course will he necessary. The fleet will exchange gold dollars at the Mint for sovereigns, paying mintage fees only. Notes will not he accepted from the Treasury, the unbendable determination being to secure gold for gold, and there is a feeling that even then Australia will bave the best of .the deal.

The greatest secrecy wih be observed regarding the details of the landing of the American gold, the visitors fearing daylight hold-ups. It is in vain that one tries to assure them that Sydney is not like that. They say they will take no chances. Sydney will get the lion’s share of the'gold, all calculations being worked out on the basis of Sydney being visited by ' 12,000 and Melbourne by 8000. Ten thousand men will have shore leave in Sydney on the first day, with probahiy £5 each. They intend to return “broke” by night. They expect to buy a good time with the £50,000, but on the following days thev will not be so flush. The officers want to know how Sydney will feel with the sudden flooding of sovereigns, but they have been told that she will bear up bravely.