GOLD PURCHASE.

Auckland Star, Volume LXIV, Issue 253, 26 October 1933, Page 7

GOLD PURCHASE.

IN THE OPEN MARKET.

American Price Rises 22 Cents

Above London.

MR. ROOSEVELT HEDGES,

(United P.A.—Electric Telegraph—Copyright)

(Received 1 p.m.) WASHINGTON, October 25. Open market purchases of American gold begun to-day at 31.36 dollars per 'ounce, which is 22 cents above the London price, which rose live cents from its own opening price, to 31.14. The value of the dollar here thus became 65.91 cents in gold, or half a cent less than its value in French gold francs. The procedure of the gold purchases was to offer for subscriptions, in unlimited amounts to 00 flays, debentures of the Reconstruction Finance Corporation, subscription to be payable in newly-mined gold. The amount of gold mined in the United States, averages approximately 1,000,000 dollars weekly. President Roosevelt, who was inI disposed to-day, joked with the Political Correspondents' Committee, whom he received in his bedroom, and discussed the Mnfra-red ray lamp which he is using to end his cold, but he declined to discuss the financial plans, although journalists pointed out that everybody in Wall Street would like to have from him the schedule of his monetary plans in the next GO "days. He pointed out that nobody knows what the Bank of England will do tomorrow or what the Bank of France will do to-day. Machinery for the control of imports that might be endangering codified United States industries was given to the N.R.A. yesterday by Px-esident Roosevelt in an executive order. This formally authorised the recovery units to investigate complaints against cheap foreign imports. Embargoes, quotas and higher tariffs, all are at the command of the administration if its investigations reveal that the pleas of American producers are justified.