GOLD EXPORT.
AUSTRALIA'S PLIGHT.
£15,000,000 for London to Save
Default.
BILL PASSED BY TWO VOTES. (United P.A.—Electric Telegraph—Copyright) (Received 10 a.m.) CANBERRA, this day. When the Common-wealth Bank Bill was in committee in the House of Representatives Mr. Scullin said that gold must be sent away to meet Australia's commitments in London, otherwise the Commonwealth would be in serious danger of imminent default. The purpose of this bill Is to allow of the abolition of the gold reserve of £15,000,000. The second reading of the bill was carried by 19 votes to 17. The Senate deferred the second reading of the Central Reserve Bank Bill for eix months, which is tantamount to the direct rejection of the bill. It has already been before the Senate for over six months. GOLD SHIPMENT. AUSTRALIA TO ENGLAND. LONDON, April 23. Curiosity has been aroused by the unexpected arrival o. ."00,000 sovereigns from Australia, coinciding with the fact that New South Wales has to make an interest payment of about £340,000 on May 1.
It is stated that the gold is not earmarked for any specific purpose, but will go to meet Australia's obligations generally. Investors are already asking whether the interest Will be paid on May 1. City opinion is hopeful that it will.
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Bibliographic details
Auckland Star, Volume LXII, Issue 96, 24 April 1931, Page 9
Word Count
211GOLD EXPORT. Auckland Star, Volume LXII, Issue 96, 24 April 1931, Page 9
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