SOUTH AMERICAN BANKS
GOLD RESERVES IN LONDON IMMEDIATE WITHDRAWA U MONTREAL, January 8. (Received Jan. 10, at 5,5 p.m.) The Associated Press at Santiago states that it is authoritatively reported that the central banks of Chile, Peru. Bolivia, Ecuador, and Colombia plan immediately to withdraw their gold reserves on deposit in London for transfer to the gold standard, presumably in the United States. It is understood that Chile and Bolivia, being most directly concerned, have already taken preliminary steps to do so. The five banks, according to reports, plan to co-operate for the maintenance of the gold standard and prevent the padding of currencies through the issue of paper money, and they urge banks which have dropped the gold standard to readopt it. The banks plan as a group to establish closer relations with the United States Federal Reserve Organisation, but principally for advice. Credits, when required, will be negotiated individually.
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Otago Daily Times, Issue 21539, 11 January 1932, Page 7
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151SOUTH AMERICAN BANKS Otago Daily Times, Issue 21539, 11 January 1932, Page 7
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