GOLD OUTFLOW FROM U.S.
Effect Of Ford Takeover
(N.Z. Press Association-Copyright) NEW YORK, Dec. 16.
Gold outflow from the United States expanded to 204 million dollars in the week end’ed December 14, according to a Federal Reserve statement.
A large portion of the gold purchased for foreign accounts reflected payment during the week by the Ford Motor Company of approximately 358 million dollars for shares of Ford Motor Company of England. The Bank of England did not withdraw the entire payment in gold, however. « The week’s decline brought U.S. gold stocks to 17,973 million dollars—a drop of 1483 million dollars so far this year. Money in circulation rose by 221 million dollars to 33,126 million dollars—a new peak. Money in circulation normally increases in December because of Christmas shopping.
London Stock Market,—The London Stock market has taken a firmer, brighter trend. What is described as a “technical position improved by the elimination of weak speculative positions” has seen industrial equity sections improve while buying has been stimulated by news from the Board of Trade.—(N.Z.P.A.)
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Bibliographic details
Press, Volume XCIX, Issue 29390, 17 December 1960, Page 16
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174GOLD OUTFLOW FROM U.S. Press, Volume XCIX, Issue 29390, 17 December 1960, Page 16
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