GOLD’S HIGH LEVEL.

Manawatu Standard, Volume LVI, Issue 258, 29 September 1936, Page 7

GOLD’S HIGH LEVEL.

LATVIA JOINS STERLING BLOC

GREECE ALSO ACTS

Received September 29, 10.15 a.m. LONDON, Sept. 28. The price of gold is now £7 0s lOd per fine ounce. The dollar rate of exchange (Lon-don-New York) is now 4.94; the lrano rate (London-Paris) is not quoted. To-day’s price of gold is the highest since May 2, when it was £7 0s lOd.

Messrs Samuel Montagu, bullion dealers, explain that both on Friday and to-day tho price of sterling and the price of gold were fixed on the basis of the American exchange. As the value of the pound to-day had fallen 12 cents, gold expressed in terms of sterling had risen to a corresponding extent.

Riga reports that Latvia has decided to abandon gold and to join the sterling bloc on September 29.

Rome reports that the authorities have ordered the Italian Bourses to close until Thursday. Berne reports that the Swiss Government is inaugurating a stabilisation fund from tho profits of 650,000,000 francs due to the depreciation.

It is reported from Athens that the Greek Government has decided to align the drachma with sterling instead of the franc.

Amsterdam reports that, owing to the satisfactory reaction to the monetary measures, the Stock Exchanges are reopening to-morrow. A Johannesburg cable says there were animated scenes on the Stock Exchange, with heavy buying of gold shares, even non-producers . advancing.