PRICE OF GOLD

Evening Star, Issue 23354, 25 August 1939, Page 6

PRICE OF GOLD

Press Association—By Telegraph—Copyright LONDON, August 24, (Received August 25, at 11 a.m.) Fine gold is quoted at £7 8s 5d an ounce.

During the European crisis at the end of September, 1938, the price reached £7 7s (September 28). On January 4, 1939, a record price of £7 10s 5d was made. During February the price varied from £7 8s 7jd (February 1) tp £7 8s 2d (February 27). Highest price in 1939, January 4, £7 10s 5d (record). Highest price in 1938, November 26, £7 10s; lowest price in 1938, January 3, £6 19s sd. Highest price in 1937, March 6, £7 2s 7£d ; average price in 1930, £4 5s an ounce.

FRENCH FRANC Press Association—By Telegraph—Copyright LONDON. August 24. (Received August 25, at 11 a.,m.) Sterling exchange on Paris, 176 3-4 francs to £l. ; , ~ . .

DOLLAR AND STERLING Press Association—By Telegraph—Copyright LONDON. August 24. (Received August 25, at 11 a.m.) Sterling exchange, London on New

ijondon on New York during 1937 averaged 4.95d0l to £1 sterling; on August 2, 1938, 4.99|; on September 8, 4.63; and during October varied between 4.78* and 4.75 g. During November, 1938, the variation was between 4.76*d01 (November 8), and 4.63*. PROSPERITY WHERE YOU MAKE IT When the London factory for the manufacture of Gillette razors and blades was planned the output was about 700.000 blades a day. The average output now is about 1,700,000, and there have been days when 2,000,000 blades have flipped lightly from the ends of the cutting machines. Last year, at this factory alone—there are other factories in France, Poland, and Germany—the production figures were 292,485 } 853 blades and 3 054,878 razors to hold them. Those figures tell better than any description can do the story of the factory that has seen markets closed to it in Japan, as well as in Italy land several other European countries, that has faced- the European crises in common with everybody else, that has nevertheless found expanding markets in the Empire—the factory that believes prosperity is where you make it.

ANGLO-SOVIET TRADE

USE. OF £10,004,M0 CREDIT Reviewing the course of,Anglo-Soviet trade at the annual meeting of the Russo-British Chamber of Commerce, held in London recently, the president (Mr G. S. Maginness, managing director of thj Churchill Machine Tool Company), said that, according to the latest Soviet returns, Great Britain took 29.6 per cent, of total Soviet exports in a period of,lo .months. The figures, he said, indicated considerable scope for ah improvement'in the trading position. -• Mr Maginness stated that about £4.000,000 of the 1938 shipments from Britain tp the U.S.S.R. was accounted for by goods ordered under ' the £lO,000.000 credit of July, 1936, leaving nearly £5,000,000 worth.to be shipped this year arid in the early part of 1940. The final orders under the credit were placed in October, .1937, since when nothing had been heard of any largo volume of business being placed m Britain. . * He had no statistical information regarding the amount paid by the Soviet Union to British shipowners in 1933 for the of British vessels, but had little doubt that there was an appreciable decrease. At the end of the financial .year there were 430 British members of the chamber. ECONOMIC TEST LABOUR IK DEPRESSION It is a false picture of a country’s economic situation that is gained by concentration solely on unemployment figures, remarks the_‘ Economist. In 1938 Britain was in depression and, as the annual report of the Minister of Labour shows, the average level of unemployment was some Xbo,uuu higher than in 1937. Employment, too, revealed the recession—it was on the average 120,000 lower than in the previous year. But closer study of the employment figures gives remarkable results. Despite the depression, employment, which is a better index of economic activity than unemployment is of economic decline, was higher in 1938 than in any other recorded year except 1937. It was 2,130,000, or 20 per cent., higher than in 1924. and 2.000,000 higher than in-1932. _ ‘.The ground gained in the astonishingly steep recovery between 1933 and 1937 was not lost in the setback which followed, and the capacity of onr economy to provide an increasing amount of work for its members, which pro-, mises now to raise employment to new record levels, was a conspicuous feature of the depression we have now left.”

Aug. 23 ... £7 8 61 Aug, 22 ... 7 8 61 Aug. 21 ... 7 8 6 Aug. 18 ... 7 8 7 Aug. 17 ... ,.. ... 7 8 7 Aug 16 .., ... ... 7 8 7 Aug 15 ... 7 8 7 Aug. 14 ... ... 7 8 61 Aug. 8 ... ... ... 7 8 61 Aug. . 1 ... 7 8 61 July 31 ... 7 8 61 July 3 ... ... ... 7 8 61 June 30 ... 7 8 6 June 1 ... ... ... 7 8 5 May 31 ... ... ... 7 8 51 May 1 ... 7 8 6 April 21 ... 7 8 6 April 4 ... ... ... 7 8 51 Mar. 81 ... ... ... 7 8 61 Feb. 28 ... 7 8 3 Feb 2 ... 7 8 71 Jan. 31 ... 7 8 6 Jan 4 ... 7 10 5

Au K . 23 — . 176 3-4 Aug. 22 . , 176 3-4 Aug. 21 ... . . 176 3-4 Aug. 17 .... . . 176 3-4 Aug. 16 ... . . 176 3-4 Aug. 15 ... . . 176 3-4 Aug. 14 ... . . 176 3-4 Aug. 8 ... . . 176 3-4 Aug 1 ... . . 176 3-4 . July 31 .. 176 3-4 July 3 .. 176 3-4 June 30 .. 176 3-4 June 1 . .. 176 3-4 May 31 .. 176 3-4 May 1 .. 176 3-4 April 28 ... . . 176 3-4 April 3 ... . . 176 3-4 March 31 , ... . .. 176 3-4 March 1 ... . .. 177 February 27 ... . .. 177 February 1 ... .. 177 January 31 ... . .. 177 January 5 ... . .. 177 11-16

York. 4.68 1-8. Aug. 23 ... 4.68 1-8 Aug. 22 ... 4.68 1-8 Aug. 21 ... 4.68 1-8 Aug. 18 ... 4.68 1-8 Aug. 17 .... 4.68 1-8 Aug. 16 ... 4.68 1-8 Aug. 15 ... ... 4.68 1-8 Aug. 14 ... 4.68 1-8 Aug. 8 ... 4.68 1-8 Aug. 1 ... 4.68 1-8 July 31 ... 4.68 1-8 July 3 ... 4.68 1-8 June 30 ... 4.68 1-8 June 1 ... 4.68 1-8 May 31 ... ... ... 4.63 -1-4 May 1 ... ... ... 4.68 1-8 April 3 ... 4.63 7-16 March 31 ... 4.68 1-4 March 1 ... 4.68 3-4 February 28 ... ... 4.68 1-8 February 1 .;. 4.68 3r4 January 31 ... ... 4.68 J-2 January 2 ... 4.68 7-8