HEAVY PRODUCTION OF GOLD

Press, Volume LXXIII, Issue 22111, 5 June 1937, Page 25

HEAVY PRODUCTION OF GOLD

* . DANGER TO COMMERCE SEEN (BRITISH OITTCUL WIBELESSJ RUGBY, June 3. About 900 bars of gold, of an approximate value of £2,533,000, were disposed of this morning at £7 Os 9d a fine ounce. A member of the House of Commons, who averred that the increasing surfeit of gold production was causing mischief to commerce pending its absorption by the automatic expansion of international trade, asked the Chancellor of the Exchequer (Sir John Simon) whether he would confer with the Government of the United States with the object of offering jointly to help the Chinese Government to establish a gold standard and currency. The Chancellor replied that the Chinese Government had not expressed any desire to establish a gold standard, and in the circumstances the suggestion did not appear to be practicable. RECORD GOLD QUANTITY BOUGHT FOREIGN HOARDERS FEAR PRICE DECLINE (Received June 4, 5.5 p.m.) LONDON, June 3. The largest amount of gold ever offered in a single day was bought hj the Equalisation Fund, to a value of £2,565,000. It is believed that a large part came from foreign hoarders, who were alarmed at continued rumours of a decline in the price of gold.