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Northern Advocate, 5 February 1934, Page 9

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' TWO STRONG MOVEMENTS CONFLICT WITH EACH OTHER. STERLING REGAINS STRENGTH. ) (United Press Association —By Electric Telegraph.—Copyright.) Received Noon.) RUGBY, February 4. : -Commenting’ on the situation caused, by the United States’ return to the -gold bullion standard, the city editor of “The Times” says that its action '•has caused' two strongly opposed movements, ’ namely, a rush to buy gold in the cheaper markets of Europe and. to sell it in’the dearer markets of America, and on the other hand a rush : to buy dollars and dollar securities. The second movement has been more powerful-in its influence than the first, despite plans for, very large .shipments of gold to America, The writer mentions that there is no sigp of , the American exchange stabilisation fund being brought into office; for the purchase of francs and pounds to eliminate the premium of the dollar over the gold franc, which, so long as it remains, will induce gold shipments to America.. These are being made by private institu- j tions, not by the United States Gov- j ernment. | The foreign exchanges market was i again busy on Saturday. An outstand- i ing feature was the recovery of sterling compared with leading gold currencies. The American dollar depreciated from an over-night rate of 4.90 S to 4.93 k Interest on the Stock Exchange remained centred in the gold'mining section to the exclusion of other departments which remained quiet. I Mining shares continue to move up- j wards, although the gold quotation j was 1/3 down to £6/18/3. Much gold is flowing to the United States. MORE BIG SHIPMENTS. INDIVIDUAL FORTUNES. ] ' • i SPEEDILY ACQUIRED. | | (Received 11.30 a.m.) , | LONDON, February 4. j The Berengaria and the Bremen j from Southampton for New York, j took £5,500,000 worth of gold. The | former shipped a further £1,500,000 at Cherbourg from the Bank of , France. Amsterdam sent £1,800,000 -worth from the Netherlands Bank. The city is full of stories of fortunes ! made and in the making in the gold) shares boom- . i 1 The “Sunday Express” calculated | that there had been an appreciation j of £5,000,000 in the value of the lead- j ing shares in the past week. i Mr. H. ,G. Latilla, one of the pio- j peers of the West African goldfields, | . has, seen his holdings appreciate by j pearly £1,000,000. | J. Mr. Geoffry Hart, a partner of aj ■firm of stockbrokers that has been 12 j years buying gold shares, says has) firm made approximately £2,000,000.1 The Marquis of Queenshury and j •others have done well. j —■ l J