CANADIAN GOLD
SHIPPED TO ENGLAND
(Received 11 a.m.) OTTAWA, April 21
Nearly five million dollars in specie was shipped to the "old market in London to-day. For some months the embargo on gold exports has been in effect. The gold, it is understood, was produced in Canada, and shipped in the steamers Montclare and Beaverburn.
While information is meagre, reports were that the United States was going off the gold standard, and that had made it profitable to market the bullion in London and Baris,
The embargo against the export of gold from Canada, except’ under license, was still in force, the Minister, Mr. R. W. Rhodes, said. The gold shipped from Montreal was gold held by banks. From time to time the banks aro granted a license to export gold, but in the past it has gone to New York'. Most of the gold produced in Canada is shipped out almost as soon as it is refined through these licenses, care being taken that it goes to meet interest and 'other public charges.
The amount of gold-actually held in reserve in Canada changes little from month to month. It is now more profitable to ship gold to London to convert it into United States funds there, financiers suggest..
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Bibliographic details
Northern Advocate, 22 April 1933, Page 7
Word Count
209CANADIAN GOLD Northern Advocate, 22 April 1933, Page 7
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