AMERICA AND GOLD
PURCHASES IN AUSTRALIA.
IMPROVEMENT IN STERLING.
free* Association —By Telegraph—Copyright NEW YORK, February 2. (Received Feb. 3, at 5.5 p.m.)
The National City Bank has announced that it has purchased 17,500,000 dollars in gold in Australia, declaring that the transaction - is of purely a commercial nature, and bearing no relations to the Australian Government operations nor to the outstanding Australian loans. It was stated further that importations of gold direct from Australia to the United States might be expected, but there are no assurances that the volume would be large or the shipments regular. British newly-minted gold hitherto has been reaching, the United States chiefly from South Africa or London. Observers indicate that the bank’s transactions, which was arranged through the purchase of the pound sterling, has contributed to the recent rally of sterling, which to-day continued to mount, reaching 4.361,, showing a gain of 16 cents in the past fortnight.
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Bibliographic details
Otago Daily Times, Issue 19086, 4 February 1924, Page 8
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154AMERICA AND GOLD Otago Daily Times, Issue 19086, 4 February 1924, Page 8
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