GOLD PRICE ISSUE: MR CHIFLEY’S VIEW
PERTH, This Day (Rec. 1 p.m.).— Asked whether Australia would support an application by South Africa to the International Monetary Fund at its meeting next month for an increase in the price of gold, the Prime Minister, Mr Chifley, said an increase depended on whether the United States, which was the only unlimited buyer of ’gold, was prepared to pay more. . ’ ! If America agreed to an increase m the price of gold, he added, this would mean a revaluation of the American dollar against gold, which might tend to weaken confidence in the dollar. | Another aspect was that, by agreeing to an increase in the price of gold, America would, in effect, be giving a subsidy in dollars to the countries concerned. An increase in the price of gold was not going to be of advantage to France or the United Kingdom. Before there was an increase in the price of gold the United States would ; have to be convinced that such an increase would be good for the world. It would not be much use for the International Monetary Fund . to increase the price, if nobody was prepared to pay the higher price.
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Greymouth Evening Star, 25 August 1949, Page 5
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200GOLD PRICE ISSUE: MR CHIFLEY’S VIEW Greymouth Evening Star, 25 August 1949, Page 5
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