Bank of England Hangs Grimly to Gold

Horowhenua Chronicle, 12 July 1933, Page 8

Bank of England Hangs Grimly to Gold

BLOC'S TIGHT AGAINST DOLLAR SLUMf Received Tuesday, 9.50 p.m. LONDON, July 11. The Daily Herald's financial editor says despite Britain's refusal to cooperate with the gold countries *n stabilisation the Bank of England is hanging grimly on to the franc and at the moment there is a transfer of international funds from the pound to the franc, but a much larger transfer out .of dollars. Mr. Montagu Norman has been working too long and earnestly for an alliance between the. pound and the gold standard currencies" as a prelude to a British return to the gold standard that he is not prepared to let the pound get out of pace with the franc. It is a tribute to the Bank of England's ability and determination that throughout the changing fortunes of the Economic Conference it has kept the pound-franc exchange almost unchanged. PARIS, July 10. It is claimed that the gold bloc's campaign against speculation operated successfully to-day, the gold currencies being resilient regardless of the slump of the dollar.