THE BANKS' GOLD
"PROTESTS OF NO AVAIL"
(From "The Post's' Representative.)
LONDON, August' 4.
The Hon. Edmund Parker., chairman of the "Union Bank of Australia, in referring to the New Zealand Government's compulsory acquisition of the bank's gold holding, said that protests by the banks were of no avail, "and the Government, most unfairly, 1 consider, insisted upon acquiring our gold on wholly'Mnadequate terms. This gold was held by us as a backing to the notes that we had issued or had the power to issue in New Zealand, but we were holding a considerable amount more than the minimum required by law as cover for our note issue. ,
"The whole stock was carried in our books as sterling, and not at its real present value as gold, this constituting, as we had hoped, a considerable future profit for the bank.
"The Government, however, resolved to ignore both these facts and decided to take the whole of our gold at its par value in N"^y Zealand currency, thereby causing us an immediate capital loss, in addition to the loss of our potential profit."
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Bibliographic details
Evening Post, Volume CXVIII, Issue 56, 4 September 1934, Page 12
Word Count
183THE BANKS' GOLD Evening Post, Volume CXVIII, Issue 56, 4 September 1934, Page 12
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