GOLD FOR AMERICA

New Zealand Herald, Volume LXX, Issue 21639, 3 November 1933, Page 9

GOLD FOR AMERICA

FOREIGN IM'I,TIIASES EVE OF COMMENCEMENT DECLINE IN FIXED PRICE By Tele;:rnph--Press Association- Copyright (Received November 2. 5-5 P.m.) WASHINGTON. Nov. 1 The chairman of the Reconstruction I Finance Corporation, Air. Jesse Jones, ' announced to-day that the corporation ! will begin to purchase gold 111 foreign markets to-morrow on behalt ol the (Jovcrnment. The Treasury fixed the price of gold to-day at 32 dollars '2(5 cents an 07.., or 71 cents above the world quotation. With the price up in the I nitc-d States and overseas, the Government's plan for purchases of gold abroad was temporarily blocked by the closing ol the Lank of France for the observance of All Saints' Day. Part of to-day's shrinkage in (lie price of gold was due to the weakness of the dollar against the pound sterling, the former declining to as low as -1.70J on the \iw York Stoek Fvhange. .Mining and liquor shares led the market in a brisk rally toward the close of trading after an earlier setback brought on by a sharp decline in grains. Wheat sulforeel a loss of 2 cents after a former decline of more than 1 cents. RECOVERY SCHEME REPLY TO CRITICISM EVIDENCES OF PROGRESS (Received November 3, 12.25 a.m.) WASHINGTON, Nov. 2 President. Roosevelt, in the midst of the developing criticism of the national recovery programme, has made it.- cle'ar that ho feels it. is progressing in its price-raising and its re-employment phases. The Secretary of Labour, Miss Frances Perkins, has reported to the President that average hourly wages have risen from 43 cents to ol and the average hourly working week has declined from -12 hours to 36. Latest charts indicate that the prices farmers have received for their products had increased from the index figure of -10 in the spring to 52 on October 11. Prices paid by farmers increased from 68 to 77. The index figures are based on the level of 192G with 100 as parity.