AMERICA’S GOLD STOCKS
BIG DECREASE IN SEVEN WEEKS DRAIN OF 117,000,000 DOLLARS .. WASHINGTON, November 6. ♦uk 1 o? 4 has been pouring into the United States for 15 years without interruption, except in war time, is flowing out of the country. Officials said that foreign countries had bought enough from the United States great stocks in about seven weeks to cut them down by 117.000,000 aollars to a total of 24,583,000,000 dollars.
officials added that rumours that the United States would devalue the dollar, which persisted in spite of repeated and emphatic High-level Government denials, appeared to have been a big factor in the trend. There were other more-normal reasons:— (1) The improvement in the trade position of some foreign countries, as a result of which they did not have to pay the United States all the dollars they earned as soon as they earned them.
(2) The desire by some foreign countries to bolster their own currencies by having gold backing for them.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19491108.2.54.7
Bibliographic details
Press, Volume LXXXV, Issue 25955, 8 November 1949, Page 5
Word Count
164AMERICA’S GOLD STOCKS Press, Volume LXXXV, Issue 25955, 8 November 1949, Page 5
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