ADJUSTING THE EXCHANGES.
SHIPMENT OF COLD TO LONDON. BY CABLE—PRESS ASSOCIATION-COPYRIGHT NEW YORK, Dec. 13. The announcement that the National City Bank will ship between 7,00 and 10,(XX),000 dollars of gold to London to-morrow caused the sterling exchange to drop to 487 J cents from 488 1-16 cents, representing 3-16 of a tent less since yesterday. A tost foreign exchanges have been moving up sympathetically. Recently there lias been a steady flow of gold from the United States, totalling 25,060,000 dollars since December 1 and 12-5,000,000 dollars since December 9. Dr. Burgess, assistant Federal re-, serve agent here, stated that the United States was prepared for a considerable gold export movement, and has made provision against such seriously disturbing credit conditions. He described the method by which the Federal reserve guarded against gold inflation and the methods whereby it guarded against any ill effects from a considerable movement of gold abroad.
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Bibliographic details
Hawera Star, Volume XLVII, 15 December 1927, Page 5
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151ADJUSTING THE EXCHANGES. Hawera Star, Volume XLVII, 15 December 1927, Page 5
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