BRITISH TRADE

Hokitika Guardian, 7 August 1934, Page 6

BRITISH TRADE

'■2 j Vi. 7 J G"- it if 1 G’tJjf. Q? 'LiJ ! ISK' The Stopk Excb'angf in t , the ~past : Week-lend tindei'.went k rapid transformation. Early in the. week thei)e was, a, tone of extreme nervousness owing to disturbing developments on the Continent, ibui. trie end brought a .J Mjm n «i.w Af*.* X fIL iwas the ■ -Waif Street ~ market, ; jfurtliesto fyembfcd Kifciwji '(&& lot wKich:/ displayed'- fye j greatest perturbation over 'European affairs, a,nd;|OV.en had ing ..due, perhaps, as much to internal difficulties tor : “’European factors. ./ft * ' frk .. . TKCHXICAIL 'POSITION SOUND. The... “Financial , .Times” . r/ says the technical .-position.' here I ’didst, b4' sound', indeed, for the influence'of the Doll fuss tragedy to be thrown off in such » short ' time. So. far no. confirmation is available of rumours that the Yorkshire delegation in Berlin reached an agreement enabling Germany again to ibuy raw wool and' fops yarns which her manufacturers badly need. Referring to the new selling season in . Australia, the Yorkshire “Post” says: “Though noibody wishes to see world values < unduly depressed by substantial unloadings'«h iy- market which 1 is temporarily unable to labsorb them, if would not' help to withhold all offerings by concerted movement. . . situation could best be met by smaller offerings and a longer selling season in Alustralia.’Y

.. ; PROSIT FROM GOLD. An article in Hie Midland Bank Review on gold says f “Gold in these times is simply ia commodity produced mainly within the Empire from mines owned largely in this country. It is sold to foreigners at very favourable prices, so we make a handsome profit by our activities. The foreigner, indeed,- acting through his Government and central banks, guarantees a highly favourable' price .for. every ounce we care to produce. . W-hat other producers are in this happy position of possessing ail almost unlimited capacity to produce, and a guaranteed market for their products? Qwing to the manner in which Britain went off the gold standard iii 1951 absolute freedom of movement of gold igto and out .-■of tile country has been maintained, consequently preserving London’s own position as the'world’s principal gold market.”

, >T-he writer estimates private holdings of gold now in London at between £100,000,000. and £150,000,000-