GOLD TO STABILISE STERLING.
PURCHASES EXPLAINED. FLOW OF FOREIGN CAPITAL. (BBITIS'I OFFICIAL WIRELESS.) RUGBY, February 23. Replying in the House of Commons to a question regarding the recent gold purchases by the Bank of England Issuo Department, Mr Neville Cham-, borlain (Chancellor of tho Exchequer) said for various reasons large amounts of foreign money had been coming to London recently, which was "bad money" in tho senso that . England could not ?ely on retaining them, If no precautions were taken these capital payments would result in a sharp rise in sterling, to be followed later on by a sharp fall. Everyone would agree that such fluctuations, which were very harmful to trade, must be limited aa far as possible, but it was „not in the general interest to state what particular methods might be adopted to check them. He agreed with tho quostioner that these purchases of gold should bo regarded as flexible additions to the bank's gold holding, and that it would be improper to regard them as permanent additions to the gold reserves, which may 'be used in future for restoring credit.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19330225.2.101
Bibliographic details
Press, Volume LXIX, Issue 20790, 25 February 1933, Page 15
Word Count
184GOLD TO STABILISE STERLING. Press, Volume LXIX, Issue 20790, 25 February 1933, Page 15
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. 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.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in