S. AFRICAN POUND VALUE
DEPRECIATION OF CUBBENCY. SELLING OF .GOLD FROM MINES. London, Dec. 29. The “Daily Express’ ” City editor says that the buying and selling of gold mining shares between London and Johannesburg is paralysed. There has been a boom in shares at Johannesburg, but a temporary setback in London, nh.re the banks are unable to estimate the value of the South African pounu. The decision of the mining companies not to sell gold to the Reserve Bank is natural, as tho producers cannot be expected to accept currency which is likely to depreciate. The South African mines may insist on being paid the present price of gold In sterling, which will bring the South African pound down to the level of sterling. The mines are not obliged to sell to tho Reserve Bank, and can sell to tho Bank of England or to any other bank. This will decide the valu# ot the South African pound.
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https://paperspast.natlib.govt.nz/newspapers/HBTRIB19321230.2.93
Bibliographic details
Hawke's Bay Tribune, Volume XXIII, Issue 16, 30 December 1932, Page 8
Word Count
158S. AFRICAN POUND VALUE Hawke's Bay Tribune, Volume XXIII, Issue 16, 30 December 1932, Page 8
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