YEAR’S GOLD MOVEMENTS
GREAT BANKS’ GAINS AND LOSSES IS PRESENT SYSTEM BEST? Australian and N.Z. Press Association Reed. 9 a.m. LONDON, Tuesday. The “Evening Standard” says that tile pa„. year’s golcl movements are so remarkable that if they were continued for a year or two the world could not carry on a gold standard. The central banks’ gains and losses since October, 1928, are as follow: Gains. American Federal Reserve £70,000,000 Bank of France .. .. £73,000,000 Losses, Bank of England . . .. £24,200,000 Reichsbank £13,750,000 The world’s gold production is £55,000,000 a year. A small proportion, which is used industrially, is not available to the central banks. Allowing for this, the United States and France together have double the available gold. “The central bankers aim at controlling gold movements means dear money. This upsets trade and industry. British trade has been kept down for years with the object of controlling gold movements in our favour. Is this system the best that human wisdom can devise?”
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/SUNAK19291023.2.89
Bibliographic details
Sun (Auckland), Volume III, Issue 801, 23 October 1929, Page 9
Word Count
162YEAR’S GOLD MOVEMENTS Sun (Auckland), Volume III, Issue 801, 23 October 1929, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Sun (Auckland). You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in