GOLD SHIPMENTS

Dominion, Volume 21, Issue 193, 17 May 1928, Page 6

GOLD SHIPMENTS

FROM NEW ZEALAND TO AUSTRALIA Sydney, May 16Shipments of gold valued at £400,000 have been landed here from New Zealand since May 1. The official purpose is not clear. Exchange adjustment is possibly involved, but it is regarded as more likely to be for investment in Australian Government securities, of which New Zealand investors have been making considerable purchases lately. It is evidently considered cheaper to payfreight, insurance, and other charges for the shipment of actual specie than to transfer the funds by New Zealand drafts on Australia at current rates ot exchange.

[When the cable message was referred to Mr. G. AV. Mclntosh, general manager of the National Bank of New Zealand, and chairman of the Associated Banks, he expressed himself as having been very much surprised when he read it. He knew of no such shipments of-gold as those mentioned having been made, and he thought it veryunlikely that they had been made. The banks were holding their gold, and if any such shipments had been made he was in a position to know. His own bank had not shipped gold, and he had not heard that the others had done so.l