GOLD STANDARD

Nelson Evening Mail, Volume LVI, 2 May 1925, Page 5

GOLD STANDARD

NEW EXCHANGE RATE

(By Electric Telegraph.—Copyright.) (Australian A N.Z. Gable Association.)

SYDNEY, May 1

The Australian bankers conferring with the object of fixing new exchange rate, owing to the altered conditions caused by the return to the gold standard, failed to reach an agreement. It is understood the chief difficulty is to airivc at a margin of buying and sellii g satisfactory to all parties. It is believed an agreement will shortly be reached.

FIRST MOVEMENTS

.LONDON, .May 1

Great interest was aroused in the first gold movements recorded by tlie Bank of England since 1916. Bullion purchased amounted to £297,000, plus sovereigns 100,000. Destinations were Switzerland, Holland, India, Egypt. The first- mentioned took £291,000 m bars and coins for the purpose of strengthen ing the gold reserve of the Swiss National Bank. India took 87,000 sovereigns.

TESTIMONY, TO EMPIRE’S FIN A NCTAL STRENGTH

SYDNEY, This Day

Dr. Earle Page, interviewed, said the return to the gold basis is another testimony to the financial strength and resources of the Empire. The return to free gold export must have great influence in establishing exchange. It will be interesting to see its effect on prices, especially in view of the fact that during the last few months the Australian pound has been at a premium in America; consequently the return to the gold basis should not cause much fluctuation in price levels. ‘