PRICE OF GOLD

Dominion, Volume 27, Issue 74, 20 December 1933, Page 11

PRICE OF GOLD

Again Increased by U.S. MARKET OPERATIONS Washington, December 18, The United States Government increased the gold price by 5 cents on Monday to 34 dollars 6 cents. Bar gold in London was bringing only 32 dollars 48 cents on the basis of sterling’s opening price of 5 dollars 121 cents to the fl. The dollar dropped in foreign exchange trading in New York, sterling and francs leading an advance of all foreign currencies. The stock market steadied after an early decline, limiting the day’s losses to modest proportions. Bonds lost fractionally, while commodity markets, principally cotton and wheat, after making early gains, sold down, the inflationary influences of the increase in the gold price being alt but ignored. The dollar closed at a value of 63.39 cents, after opening at 63.80. Sterling advanced to 5 dollars 14} cents, a rise of 2J cents. The franc was 6.18 i cents, up 4 points. LIQUOR PROBLEMS

Prospect for Australian Wines

Now York, December 18.

It is understood that a well-known California wine concern has contracted for the supply of Australian wine for the purpose of blending with the domestic product. An Australian wine salesman travelling west reports that the domestic wine supply is considerably more limited than had been indicated, and that an appreciable part of the vintages since prohibition had turned to vinegar and that the producers were faced wlfh the problem of meeting a demand for which they were not prepared, due to the speed 0? repeal. It is believed that the quota for Australian wines will probably be fixed in the near future by Washington, when probably a trade agreement will be framed. . It is announced that the international wine show will now devote the third floor to whisky exhibits. Wines and liquors continue at an exceptionally high price retail throughout the country, while the health authorities in several cities Ivve analysed many whiskies for sale, revealing that the worst kind of fraud is bein" perpetrated, raw alcohol coloured with' a caramel selling at a high price as pure tyhisky blends. The authorities promise action under the pure food laws. The post-repeal era has apparently opened not too auspiciously as concerns the consumer, nor is regulation keeping’ pace with the need for a system that will encourage temperance and obviate the bootlegger.