PREMIUM FOR GOLD.

Ashburton Guardian, Volume 53, Issue 273, 30 August 1933, Page 5

PREMIUM FOR GOLD.

PAYMENT BY BOOTLEGGERS.

FIFTY PER CENT. ABOVE MINT.

(United Presjs Association—Copyright)

(Received This Day, 8.35' a.m.) ." rj.. ■ "NEW- I YORK, August . 29.

A . Philadelphia message states that ■bootleggers achieved what the Federal Government failed to do in establishing a free market for gold by paying a premium for .refined gold, a price which is nearly 50 per cent, higher than the American Government's price. This astonishing disclosure came from Mr Ross Barrett (head of the Gold Crucible Service) in a complaint to the National Metals Committee, which transmitted it to President Roosevelt. Mr Barrett stated that one bootlegging syndicate had been handling gold valued at 1,000,000 dollars a month, purchased at prices higher than the Federal Mint paid.

PRESIDENT LIFTS EMBARGO,

ACTION AGAINST 1 HOARDING

(Received This Day, 10.30 a.m.) NEW YORK, August 29

A message from Hyde Park (New Jersey) states that President Roosevelt to-day authorised the Secretary of the Treasury to .receive on consignment for sale, subject to such rules as he may subscribe, gold recovered from natural deposits in the United States.

At the same time the President tightened the regulations against hoarding to safeguard the new gold •order. By lifting the embargo to permit the sale of new mined gold, Mr Roosevelt gives United States miners the opportunity for higher prices prevailing abroad. News of Mr Roosevelt's lifting of the gold embargo to permit sales of newly-mined metal at the higher world market prices was followed by a swift rally in gold-mining .shares on the Stock Exchange.