RESERVE BANK GOLD
FURTHER SALE SHOWN HOLDING £250,000 LOWER STERLING RISEN BY £492,500 s —" A further decrease of £250,000 in the value of the gold held by the Reserve Bank, at the close of business on Monday, compared with the figure on the previous Monday, October 8, is shown by the statement of assets and liabilities gazetted in Wellington last night. This indicates another sale, following that of gold to the' value of £500,000 recorded for the week ended October 1. Thus in the course of a fortnight the value of the gold holding has fallen from to £.'1,601,727. As happened before, there is a substantial increase in the value ol sterling exchange held, the rise in this instance being £ 102j5i19. Vi hen the sale of £500,000 worth of gold was recorded previously the increase in the sterling reserve amounted to i'605,5'09. However the value of that reserve is nowlower by £125.41# than it was on September 24, before any of the gold had been disposed of by the bi(nk. Ibis is in consequence of a decrease of £1,22»'3.5(31 recorded last week.
GOVERNMENT CRITICISED DEPLETiOX OP RESOURCES Alarm at the depletion of the cold reserves in New Zealand was expressed in a resolution passed by the importers' section committee of the Auckland Chamber of Commerce, which was received at a meeting of the council of the chamber yesterday. "It is apparent that the Government is exercising influence over the Reserve Bank Board to sell gold in London," said the chairman of the committee, Mr. J. Hislop. "It is most unwise for New Zealand to sell cold and put the profit into the Consolidated Fund, which is what is happening. When that is done, it is gone for ever." "There is no doubt the gold reserves are being sent to London at the direction of the Government," said Mr. Gainor Jackson. "In view of the coming elections the profit will bo a sop to taxpayers in the form of reduced taxation, made possible by the improved position of the Consolidated Fund."
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New Zealand Herald, Volume LXXI, Issue 21935, 19 October 1934, Page 12
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340RESERVE BANK GOLD New Zealand Herald, Volume LXXI, Issue 21935, 19 October 1934, Page 12
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