DROP IN GOLD VALUE
IN STEP WITH DOLLAR'
REPORTED BRITISH POLICY,
WORLD MARKETS AT STAKE
United Press Association—By Electrio Tel»-
era iih—Copyright (Received August 27, 11 a.m.)
LONDON, August 2(5. The "People's" lobbyist report* that last week's drop in the gold value of sterling resulted from the Government's decision to devalue the pound side by side with the dol« lar to prevent America from cap« luring Britain's foreign markets. The Exchange Equalisation Fund will be used to prevent an overrapid fall, but the Government intends that the pound shall .gradu* ally drop further to give exporters a chance of undercutting rivals in world markets. Large quantities of gold are being exported to France. The French banks' total holdings now reach the record figure of £1,070,000,000 sterling.
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Bibliographic details
Evening Post, Volume CXVIII, Issue 49, 27 August 1934, Page 9
Word Count
126DROP IN GOLD VALUE Evening Post, Volume CXVIII, Issue 49, 27 August 1934, Page 9
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