GOLD RESERVES
SUPPORT FOR STERLING EXCHANGE SPECTACULAR SALE BY BANK OF ENGLAND. OVER £200,000,000 WORTH FOR EXCHANGE FUND. By Telegraph—Press Association—Copyright. (Received This Day. 1.40 p.m.) LONDON. January 6. A laconic announcement posted on the Bank of England's notice board that the bank had sold £200,001,571 worth of gold informed the public of the most spectacular transaction ever seen in the city. The transfer probably raises the Exchange Equalisation Fund's resources to 4540 millions, which is more than sufficient for any conceivable contingency and unquestionably knocks out speculators against sterling. 1 It resulted in a violent rebound of sterling from 4 631 dollars to 4.672
dollars. The transfer represents gold previously sold to the Bank by the Exchange Equalisation Fund. Therefore its retransfer means that the Bank’s own gold reserve is reduced to 127 millions—worth 209 millions at current prices.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/WAITA19390107.2.70
Bibliographic details
Ngā taipitopito pukapuka
Wairarapa Times-Age, 7 January 1939, Page 6
Word count
Tapeke kupu
140GOLD RESERVES Wairarapa Times-Age, 7 January 1939, Page 6
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Wairarapa Times-Age. 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