GOLD RUSH TO LONDON

Press, Volume LXX, Issue 21084, 8 February 1934, Page 9

GOLD RUSH TO LONDON

♦ Millions of Pounds by Air SPECULATORS BUSY 'vI'KITKD PEERS ASSOCIATION—BV ELCCTXIC TBLKGBAPH—COPYRIGHT.) (Received February 7, 9.3 p.m.) LONDON, February 7. A dozen air liners, carrying £5.000,000 worth of gold, were guided to Croydon by rockets, because the pilots had difficulty in finding the aerodrome in a fog. Aeroplanes arrived every 10 minutes, their aggregate cargoes weighing 20 tons. The "Daily Telegraph" says the cause of the gold rush to London is that the metal is 5s 6d an ounce dearer in London than in Paris. Ten shillings per cent, insurance is being paid instead of the normal one shilling. London is still confident U.at there is no immediate danger of France leaving gold, but the rioting in Paris increased the nervousness of speculators. Sir Robert Johnson, DeputyMaster and Comptroller of the Royal Mint, says that gold is entirely misused, being used as a commodity instead of for currency purposes. There is, he says, not enough gold in the world to pay 10,000,000 people £5 a week for a year. When the world returns to sanity the price of gold will come rattling down.