THE FINANCIAL DEPRESSION.
>UOLD IMPORTATION CONTRACTS APPROXIMATE £8,000,000. Received November 8, 9.20 p.m. NEW YORK, November 8. Contracts have been entered into jfor the importation of gold to New York. With what has already arrived the total amounts to £7,820,000. INCREASE IN BANK RATES. DEPRESSION ON THE EUROPEAN BOURSES. PRESS COMMENTS. Received November 8, 9.34 p.m. LONDON, November 8. The advance in the English bank rate to 7 per cent, has caused depression on the European Bourses. The French bank rate has been fixed at 4d per cent. The Belgian and Indian bank rates have been also advanced. The Financial News says that it is too much to hope that the high bank rate will entirely stop the drain on gold. The Financial Times declares that it is unwise to assume that the zenith in the matter of bank rates has yet been reached. Neither 7 per cent, nor perhaps 10 per cent, can prevent the drain of gold to New York. The .check imust come either by the Americans abandoning the policy of hoarding-or heroic measures on the part of the American Government.
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Wairarapa Age, Volume XXX, Issue 8876, 9 November 1907, Page 5
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184THE FINANCIAL DEPRESSION. Wairarapa Age, Volume XXX, Issue 8876, 9 November 1907, Page 5
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