PAYMENTS IN WEST
‘Gold System’ Not Working (NX.P Copyright) LONDON, September 9. The gold exchange standard was, in some respects, not working well, “The Times” claimed today. An immediate study of schemes for improving world reserves was needed, it said. “The payments system of the Western world is based on the gold exchange standard. It is fundamental to this that the United States shall stand ready and willing to sell on demand to other monetary authorities gold for dollars at 35 dollars an ounce,” “The Times” said. “In theory this position remains—the gold exchange standard has not broken down.
“But in practice, and for some two years now, the United States has regarded it as an unfriendly act for other countries to exercise their rights. The rest of the world is requested to hold dollars, rather than gold, to the utmost possible extent. “To this degree the standard is not working. As and when the American position improves, the standard will start to work more efficiently again; but confidence in it may be more permanently damaged,” the newspaper said.
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Bibliographic details
Press, Volume CII, Issue 30233, 11 September 1963, Page 6
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179PAYMENTS IN WEST Press, Volume CII, Issue 30233, 11 September 1963, Page 6
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