EXPORT OF GOLD.
London Financiers Alarmed At Exodus. EANF RATE MAY RISE. LONDON, June 19. A conference is proceeding between officials of the Bunk of England, representatives of five other big banks, end members of important brokerage firms, in connection with the gold exodus problem, which again has become rcute.
Withdrawals of sterling continue in favour of France.
Bankers estimate that sterling holders are selling at the rate of nearly £1,000,000 a day.
The original feeling of displeasure at French gold buying has now been replaced by a conviction that if France is not taking up pound credits here, the London exchange rate will be endangered. Mr. Montagu Norman, Governor of the Bank of England, is reported as saying that the bank rate must rise at least 1 per cent, but that he forsecs a difficulty in carrying out the rise immediately in view of the opposition of industrial and commercial interests.
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Bibliographic details
Auckland Star, Volume LVIII, Issue 150, 28 June 1927, Page 7
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152EXPORT OF GOLD. Auckland Star, Volume LVIII, Issue 150, 28 June 1927, Page 7
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