THE BUYING OF GOLD

Otago Daily Times, Issue 22101, 3 November 1933, Page 9

THE BUYING OF GOLD

AMERICA’S PROGRAMME

FIRST PURCHASES ABROAD '

(United Press Association.) (By Electric Telegraph—Copyright.)

WASHINGTON, November 1. (Received Nov. 2, at 8.30 p.m.)

Mr Jesse Jones, chairman of the Reconstruction Finance Corporation, announced to-night that the corporation would begin the purchase of gold in foreign markets on Thursday on behalf of the Government.

WEAKNESS OF THE DOLLAR,

WASHINGTON, November 1.

With the gold price up here and overseas the Government’s plans for purchases' abroad were temporarily blocked by the closing of the banks in Prance for the observance of All Saints’ Day. To-day’s .margin between the American and world price of gold was reduced to 74 cents. Part of the shrinkage was due to the weakness of the dollar against the pound, the former declining as low as 4.79$ on the New York Stock Exchange. Mining and liquor shares led the market in a brisk rally toward the close of trading. After an earlier set-' back had brought on a sharp decline in grains, wheat suffered a two-cent loss after a one-time decline of over four cents. . THE RECOVERY PROGRAMME. PRESIDENT SATISFIED. WASHINGTON, November 2. (Received Nov, 3, at 1 a.m.) President Roosevelt, in the midst of developing criticism of the National Recovery Act, to-day made it clear that be felt that the recovery programme was progressjhg in both its price raising and re-employment phases, his-secretary (Mr Perkins) having reported to him that the average hourly wages had risen from 43 cents to 51, while the average working week had declined from 42 hours to 36. The latest charts indicated that the prices farmers received for their products had increased from the index figure of 40 in the spring to 52 on October 11.