BRITISH GOLD RESERVES
Big Improvement In Position
(Rec. 7 p.m.) LONDON, July 3.
The “Financial Times” today argued that the rise in Britain's gold reserves underestimated the improvement in her position during the last few months. “Whatever effect the fall in commodity prices may hayc had on the balance of payments of the sterling area as a whole with the rest of the world, the improvement in Britain’s balance with other sterling countries has enabled her to finance a massive reduction in their London reserves of sterling,’’ said the newspaper.
“The position of several Commonwealth countries, particularly India, is still serious and the drain on the sterling balances may not yet have come to an end,” said the “Financial Times.”
“But it is now quite impossible for sterling area countries io run down their balances this autumn on a scale sufficient to impose on sterling the sort of strain which it has sometimes had to bear in the past,” said the newspaper.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19580705.2.149
Bibliographic details
Press, Volume XCVII, Issue 28630, 5 July 1958, Page 13
Word Count
162BRITISH GOLD RESERVES Press, Volume XCVII, Issue 28630, 5 July 1958, Page 13
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