NINE TONS OF GOLD.
FEDERAL NOTE RESERVE. No sooner had the Commonwealth Treasury opened on December 29 tlian further additions were received to the gold reserve which is being built up against the Commonwealth note issue. When the holidays commenced the Commonwealth had issued £3.500.000 in notes to the banks, and was holding £1,100,000 in sovereigns as a reserve. Tlie next afternoon Mr Frazer, who has been acting as Treasurer during Mr Fisher’s absence in South Africa, announced that notes of an approxdmate value of £4,000,0QP had been issued. The reserve during the day increased to £1,132,000. 'These reserve the Treasury officials state, weigh over nine tons. That portion of the reserve stored in the Treasury strong-room is guarded night and day by a detachment of soldiers from the Royal Australian Artillery, and behind the bars protecting the entrance can be caught glimpses of service bayonets. For the notes that have been issued. the Commonwealth has this reserve fund, and also current accounts in the banks throughout the States (reports the Argus). The u.oney on current account amounts to £2.264.000. which can be used for Federal mvments as required.
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Bibliographic details
Hawke's Bay Tribune, Volume I, Issue 25, 12 January 1911, Page 7
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189NINE TONS OF GOLD. Hawke's Bay Tribune, Volume I, Issue 25, 12 January 1911, Page 7
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