U.S. GOLD FLOW STOPS.

Pahiatua Herald, Volume XLIII, Issue 13177, 8 February 1936, Page 7

U.S. GOLD FLOW STOPS.

DOLLAR MAINTAINED. United Press Assn.—By Electric T elegra ph—Cop vri uht. M W Yi IRK, F< bru Commitments lor shipments ot gold to Europe ceased to-day as President Roosevelt’s announcement of plans to cancel the billion-dollar Government lending authorisations strengthened the dollar to such an extent that, the franc dipped below the gold export point. The dollar declined in late trading, but left only a small profit margin iu gold. Exports of gold for the movement totalled 15.643,000 dollars, of which more than 14,000.000 were consigned to Franco. Coincidently with the cessation ot shipments testimony b erf ore the Congressional committee in December belatedly published in Washington to-day revealed that Treasury officials were concerned over the nation’s huge gold reserves and would welcome just such an outflow movement as started a few days ago. hi this connection Air Morgentfaau testified that the silver-buying programme* to bring the stores of that metal to a definite ratio with the nation’s gold hoardings wore progressing very slowly, the Treasury apparently finding it difficult to carry out the Congressional silver