U.S.A. GOLD HOARD

Grey River Argus, 5 December 1940, Page 6

U.S.A. GOLD HOARD

FEAR OF INFLATION LOAN TO BRITAIN SUGGESTED (Received September 4, 7.50 p.m.) NEW YORK, September 3. The New York “Herald-Tribune” states: Mr Mariner Stoddard Eccles, who is a prominent financier and banker, at a meeting of bankers industrialists and economists, proposed that a loan be made to Britain of twenty-five hundred million dollars, against which the security should be a lien on. the British Empire’s gold production for five years. Thus, he said, they would be sterilising such gold, and preventing it from inflating the United States bank reserves.