AMERICA’S GOLD.

Hawera Star, Volume XLVII, 26 July 1928, Page 9

AMERICA’S GOLD.

MONOPOLY NO LONGER

FINANCIAL PORTENTS.

NEW YORK, June 13

The vaimraunceanJonit that a million people wore present at the English Her by', that £3,000,000 i,n hots wais inl- - amd ’ that the Calcutta Swoop first prize was £300,000 arc. -among the portents noted no longer hats a monopoly of the world's gold and “spending isdlver. “ Last year the United States exported two billions sterling in gold, goods; amd services-. But Britain and Europe sent Ixvclc almost nts much, in goods, services, investment and payment on private capital account. The nett export of capital to Europe is eslfrimlalted att £150,000,000, while a Slightly smaller nimonint Horn AmeriKai went in ifouriisits’ expend ituro abroad. Taking inito account. £200,000,000 -estimated to ac-oruo from, bootflioggiing aind -illicit traffic®, Europe is seen .to ibe gaining crediilts in the Umiilted P-tatefe as fast as the United States is gaiiming tihom abroad. A report of ith-o United States Department of Commerce, disclosing these faic-to officially, says that thei finanednl balance is now swinging pretty -evenly. It does not necessarily mean that America is much the poorer, although there is van army of 5,000,000 unemployed, but that America must now bid for its 'owni money a® -much as the rest of the world is ready to- pay. An- English financier has -expressed the opinion that it is wrong to assume that English capital is not being invested in Canada in as great a volume as before the war. England’s War debt is providing funds fo-r America to invest in Canada; were those payments cut off, American investments in Canada would fall .off a/1 most in. the Sarnie volume.