HOARDED GOLD.

New Zealand Herald, Volume LXIX, Issue 21146, 1 April 1932, Page 5

HOARDED GOLD.

SHIPMENTS TO FRANCE, ACTIVITIES OF DEALERS. BRITISH CREDIT ASSISTED. "Hoarded gold to the amount of many millions of pounds which has been unearthed and put into circulation during the past six months has enabled England to repay part of her debt to Franco without having to ship too much gold to that country," stated Mr. E. Fletcher, director of E. E. Fletcher, Limited, bullion dealers and refiners, of Birmingham, recently. Mr. Fletcher claims that be and four other men, by means of a widespread collecting organisation, have brought into circulation at least 7,000.000 gold sovereigns which were lying idle buried in gardens, hothouse chimneys, in mattresses, and other strange hiding places. "Sumo peoplo still believ j that it is an offence to sell sovereigns," ho said. "But this is not so. We have been purchasing sovereigns ever since the suspension of the gold standard, and there seems to be little or no diminution in the supply. Last week, for instance, I myself bought and exported 80,000 sovereigns." Mr. Fletcher every week—sometimes two or three times a week —charters an aeroplane and flies to France wijh the collected sovereigns, which weigh many hundredweight. "These sovereigns," he said, "I exchange for francs. The sovereigns are not sold to any French bank, but go to u distributing agent, who resells them to the French peasants for francs. The francs I bring back to England, and 1 exchange them for sterling. The net result is that the .Government has been able to obtain sufficient French currency to enable them to pay back tho French debt in francs, and at the same time the money which has been paid to the English gold hoarders for their sovereigns is put into English banks, which reduces the required currency note issue. "The French are prepared to pay almost any price for gold sovereigns, because they have profited by Ihe experience in the past E0 years, during which time French currency has three times failed and wiped out their savings. They are now determined to see that their money is safe by transferring it to gold. This release of the hoarded gold and the consequent importation of I'rench 'Uirrency was undoubtedly one of the primary factors which enabled the Bank of England to repay in franrs the outstanding balance of £15,000,000 due to the Bank of Franca, using comparatively a small amount of gold."

THE MARKET BASKET. GUIDE TO HOUSEWIVES. FRUIT AND VEGETABLES CHEAPER Cheaper prices for many lines of fruit and vegetables have operated during the week. There are plentiful supplies of most commodities and since the last report an increase in hen and duck egg prices to Is lOd a dozen has been the only important rise in retail values. Following are yesterday's prices : FRUIT. Apples. Gravenslein. -2d and 3d a lb: Cox's Orange, 4d; Mobb's .Royal, 3d; Scarlet. Peurinain, 2d; cookingr, 2d to 3d; pears. Bon Chretien, Qd to 3d; Louis Bon Jersey, 3d to 4d; tomatoes, to 4d; peaches. Golden Queen, 6 to 12 tor Is; Lippiatt, 8 to It; stewing, 12 to 18; grapes. Gross Coleman. Is 3d to 2s a lb; Black Hamburg, lOd *>o lB 3d; Te Kauwhata, 5d to 7d; bananas. Id to 3d; oranges, Californian Sunkist. 3 for Is; Californian grapefruit, Cd each; lemons, Is to Is Gd a dozen; watermelons, Id to 2d a lb; rockmelons, 3d to Gd each; mushrooms, Is to Is Gd a lb; quinces, sd; passions, 3d to Gd a dozen; tigs, 8d to lOd a dozen. VEGETABLES Potatoes, 3Oib for Is; pumpkin. 3lb to 4lb for 6d; kumaras, local, 31 b to 4lb for Gd; marrows. 3d ami 4d each: cucumbers. Id to 2d; apple cucumbers. G to 12 for Is; onions, 2d a lb; liottuce. 2d and 3d; cabbage, 3d to Gd each; cauliflower, 4d to 9<l: carrot, parsnip, turnip, radish, spinach, beet, leeks, spring: onions, fd' a bunch; peas, 2d. to 3d a lb; beans. Id to 2d a lb; rhubarb, 2d a bunch; celery, 2d to Gd a head; citron melons. Id a lb; sweet coin. 2d to 3d a cob. IJ EAT. Beef.—Rump steak, ltd a lb; undercut. Is 2d: all beef steaks, skirt steak. Gd; sirloin, 7d; sirloin (rolled), lOd: prime ri l >s. 5d ; prime ribs (boned and rolled), 7d; wing ribs (three chine bones), (id; topside (4ll> and over), thick flank, bolars. double top rib, fid; chuck lib, 3d; rolled back rib. 4id; corned round, 7d; corned brisket (boned). sd; brisket and flat rib. 3d; thin flank. 2d: gravy beef or shin meat, 3d; minced beef, 4d; tripe, Gd; dripping. sd; suet, 4d; sausages, sd; sausage meat, 4d ; whole shins or legs. Id; half shins or legs (thick end). 2d; half shins or legs (knuckle end), Id: ox kidneys. Is; ox tongues, 8d; ox tails, Gd: whole loins. Gd; whole rumps. 9d. Mutton.—Whole leg. Gd a lb; leg. shank end (Gllv and under). 7d; hindquarter, s]d: forequarter, 3d; shoulder, 4Jd; shank end of forequarter, 4d: necks, 4!d: loin, (id; neck and breast, 3d: leg and loin chops. 7d; neck chops. sd: flaps, 2d; cutlets, trimmed, 10d; side-, 3Jd; kidneys, tongues. 2d each; sheep's head (dressed), Gdsheep's fry. Gd; sheep's brains. 3d. Veal.—Fillets, 8d a lb; loin, fid; shoulder. 4d; cutlets and veal steaks. lOd; chops. 7d; forequarter. 3d: rolled veal. Gd. Pork.-—Leg, loin, B<l a lb; foreloin, with blade, Gd; pork chops, 9d ; corned hand, Gd; corned belly, 9d; pork sausages, 7d. These are cash prices at the shops, booking and delivery being a penny a pound extra. FISH. Schnapper, whole, 41 a lb; trimmed, lid; smoked. 8d: skinned fillets. 8(1; terekilii, whole. r>d: smoked, 7d; kippered fillets, ltd: trevalli, whole, 2d; smoked, (id; John Dory, whole. 8d: fillets, lid: mullet, whole, (id: smoked, 8d; flounder, 8d; dabs, Gd; lemon fish fillets, 4d.; silver strip, smoked, (id: hapnku steaks, Sd: wings, smoked, Gd: moki steaks, sd: smoked steaks. Gd; cod, smoked. Is; gurnard, whole. 3d: barracouta, whole. sd; . smoked, Gd: frostfish, whole, 4d; hake, whole. Gd: kippers, Scotch, Is; crayfish, ur> to 21b, lOd: 21b to 3S!b. 8cl; 311b to slb, fid; over slb, 2s each; mussels, fresh. Is fid a dozen; pickled. Is Gd a bottle; rabbits, 7d each; hares. Is Gd encli; mutton birds, Is; cod fillets, Scotch. Is Gd a lb; findon haddock, Is 3d. BACON AND HAMS. Bacon.—Shoulder rashers. lOd a lb; best rib rashers. Is 2d; by pieces, shoulder cuts. 7d to lid. Ham.—"Whole, lid a lb; in rashers. Is sd; pressed, Is 7d; rolled. Is lOd; shoulders, cooked, Is 3d. BUTTER AND CHEESE. Butter.—Factory, first grade, 1s 3d a lb; second grade, Is 2d; farmers' butter, lid. Cheese.—Ordinary, lOd and Is; more matured. Is 3d. EGGS. Eggs, hen and duck, Is lOd a dozen, HIDES AND SKINS. SLIGHT HAS INO IN PRICKS. At the hide and skin auctions, held yesterday, there was a weak demand for hides, values receding by l-8d to Id. The market for sheepskins also was dull and dry skins eased by about Id. Following aro quotations : Sheepskins.—Dry: Ilalfbred, to 3«d per lb; fine crossbrod, 3',d: coarse crossbred, 2d: medium crossbred. 3d; half to threequarter wool, 2Jd; short to - half wool. 2d: quartor wool, IJd; lambs. 3d: pelts. Id. Salted: Best, Is Gd each; good. Is; medium. 9d; lambs, large, to Is 3d; small, to Bd. Hides.—Heavy, 4Jd per lb; medium, 4d; light, 3Jd; cow, heavy, 2Jd; medium and light, 2ld; yearlings, 5(1; best calf, 5Jd; good, sd; inferior and damaged, 3d. Tallow.—Best mixed, 15s per cwt; medium, 12s; poor, 10s.