PRICE OF GOLD.

Taihape Daily Times, Volume XI, Issue 3472, 28 April 1920, Page 7

PRICE OF GOLD.

REDUCTION SHOULD EASE EXCHANGE POSITION.

The Secretary in the 'l‘re'.lsllr_v 3.111nouncecl last night that the following‘ ififormaticn has been received from ithe High Commissioner for New Zen» a gland, London‘, with reference to the ‘sale of gold:—“.~\pl'il 2151, ,1920.——0f~ ificial price gold to--clay is £5 4/9 per *ounce. .Shipmentg principally South "2\lll€l‘iC-81. Straits Set‘tle:n<‘nts, and‘ f India." ‘ Mr l-larolxl. Beauchamp, l112:11lag‘.?‘1‘ of ithe Bank of New Zealand. il)t€‘X‘Vi(_‘\VC(J. ‘on the subject by a “Time.~y” represengtative last night, said: “The price ‘iwas £5 10/3 3. little while ago, so ‘that there -has been a substantial drop ‘in the price of gold through further shipments coming in from other counlltries. The price of gold is still abtnormally high, but. this fall of 5/6 per ?aounce“sllould should ultimately ll:l‘\'e a slight reflex action in iniproving the [rate of exchange.”

As showing that the price has been gradually ‘dropping, Mr‘ Beauchamp further stated that on February 28th the price was 122/4 per ounce. ‘ . On Mai-‘ch Ist it was 121/-1.. on March 2nd l 119/6, on March 3rd 120/, on March 4th 119/, and 0s March 6th 114/6. Salnuel Montague and CO,. Writing on March 4th, scays:~—“Again a handsome addition has been made to the Bank of Engla.nd’s reserve agains-t its note issue, namely £3,196,730, The total now stands at £112,910,6§0. The amount of gold dealt with lately has not been large. It was purchased on behalf of the Strait Settlements and South America. It is reported from ‘New York that 250,000 ‘dollars and ; 100,000‘ dollars in gold have been shipgped to Cuba and the Argentine resdpectively. The '-slllll of between 12.’OOO,OOO. and 15,000,00 dollars in gold is ‘announced from the same quarter as iengaged for shipment to South Amegrica at the end of the week. Canada's {gold production during 1919 is estimat<~rl by the High Cmmnissioner fcr gcanada to amount to 16.‘27Z5.()00 doli lots.”