GOLD FROM INDIA.

Ellesmere Guardian, Volume LIII, Issue 15, 23 February 1932, Page 4

GOLD FROM INDIA.

"The total of gold in India is unrecorded, unestimated, unaccounted for, and unlocated. It may well exceed £1,000,000,000 in value," Sir Arthur Samuel wrote recently, remarking that exports from India were larger than the production in the same period from the Transvaal mines. "India evidently thinks it advisable to sell her gold while the going is good. She expects that the United States and France will suffer a further considerable shrinkage in their export trade, which will in turn increase unemployment in those countries and cause more bank failures, with a consequent moderate, if not distinct, flight from the dollar and from the franc, resulting in the eventual abandonment of the gold standard by the United States and France. 'What will gold be worth then?' the Indians are asking themselves. The gold will be sold by its owners, who not only wish to secure the favourable prices, but also wish to avoid being left with the gold when, they think, irresistible forces will compel the United States and France to leave the gold standard. The Indians, who are age-long buyers and hoarders of silver and gold, hope to be able to buy back at a price considerably below that at which they are now selling."