FIVE MILLION IN GOLD
LONDON TO NEW YORK FIRST SHIPMENT OF £502,000 LONDON, Saturday. The discount market is not greatly perturbed by news of a shipment of £502,000 worth of gold bars to New York, as such exports have been long expected. It is rumoured from America that this is only the first of a series of shipments which are likely to aggregate £5,000,000. However, the position of the Bank of England is very strong. Its gold stock is £25,500,000 higher than it was a year ago, so the loss of £5,000,000 can be borne with equanimity, though it must necessarily keep the bill rates firm and possibly entail an increase in the bank rate.
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Bibliographic details
Sun (Auckland), Volume II, Issue 461, 17 September 1928, Page 9
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115FIVE MILLION IN GOLD Sun (Auckland), Volume II, Issue 461, 17 September 1928, Page 9
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