GOLD FROM LONDON
PURCHASED BY GERMANY EFFECT ON BRITISH CREDIT London, October 24. The “Daily News” understands that the purchaser of. £674,000 worth of bar gold withdrawn from the Bank, pf England on. October 23 was Germany, which during the last five weeks has received nearly three millions in bullion from London. This loss of gold seriously affects British credit, and means a continuance of dear money and high bank rate. It also enables Germany to foster her trade revival and build up '• enormous bank deposits. This is a one-sided arrangement. It would be better if Germany got her gold from America, which has a superfluity, instead of Britain, which has hardly a sufficiency It would be preferable for America to take Brit-, ain’s gold, because it would not employ competition against Britain.
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Dominion, Volume 20, Issue 26, 26 October 1926, Page 9
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133GOLD FROM LONDON Dominion, Volume 20, Issue 26, 26 October 1926, Page 9
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