"DO NOT SELL"

Evening Post, Volume CXVIII, Issue 96, 20 October 1934, Page 8

"DO NOT SELL"

DOMINION GOLD RESERVES

COMMERCIAL MEN'S VIEW

A resolution expressing alarm at the depletion of the gold reserves in New Zealand was passed at a meeting of the Auckland Chamber of Commerce yesterday morning, states tho "Auckland Star." . .■

A lengthy review of the gold question was made by the chairman of the importers' section of tho chamber, Mr. J. Hislop, and the following resolution was passed: "That this committee views with considerable alarm the depletion of the gold reserves in New Zealand, though no objection can be taken to its transfer to London, and also lodges its protest against the proceeds of the sale of gold being used for any other purpose than that for which the reserves were originally intended, namely, the maintenance of sound national credit."

"It would be very unwise indeed to sell gold and put the profits into tho Consolidated Fund," said Mr. Hislbp. "Gold is the sheet anchor for the wholo of our national credit."

"As the Reserve Bank already has a largo amount of sterling in London, it is evident that the gold is not being sent to London at tho dictation of tho Reserve Bank, but at the direction of tho Government," said Mr. Gainor Jackson. The profit which was going to the Consolidated Fund would probably be used as a sop in tho,way of reduced taxation in view of the coming elections. Thoro was no harm in selling the gold at the present high prico and buying it back later at a lower price.

Mr. Hislop's report was iw.'nvcd,