TO STABILISE GOLD

Sun (Auckland), Volume IV, Issue 1034, 26 July 1930, Page 9

TO STABILISE GOLD

INTERNATIONAL AGREEMENT SUGGESTED AT HOME QUESTIONS TO SNOWDEN British Official Wireless RUGBY, Thursday. In the House of Commons the Chancellor of the Exchequer. Mr. Philip Snowden, was asked what steps U:e proposed to take to arrive at an international agreement for rationing and economising the use of gold, in order to stabilise its value in relation to commodity prices. Mr. Snowden replied that the causes of the fluctuation in the value of gold were under consideration by a delegation from the Financial Committee of the League of Nations, which was expected to report to the League. This report would also, he had no doubt, be considered by the Committee on Finance and Industry, which had been set up by the Government. Mr. Snowden was also asked if he would make representations at the forthcoming Imperial Conference, with a view to rationing and economising the gold supply. Mr. Snowden said he did not think it fell within the province of the Imperial Conference. It was wholly an international question.

The world production of gold last year was estimated by Messrs. Samuel Montagu and Company at £83,500,000. of which the British Empire produced £ 59,600,000. The Transvaal produced 53 per cent, of the whole supply. The firm expects the present production to be maintained for about five years, and then a decline, with gathering force.