GOLD MOVEMENTS.

Poverty Bay Herald, Volume LI, Issue 16719, 2 May 1925, Page 7

GOLD MOVEMENTS.

NEW EXCHANGE RATES

ilileo. Tel. Copyright--Unite*. i’rr'ss Assn. (Australian and .N.Z. Cable Association

LONDON, May 1. Great interest, is aroused .in the first gold movements' recorded by the Bank of England since 1916. The bullion purchased amounted to £297,000 plus 100,000 sovereigns. The destinations were Switzerland, Holland, India, and Egypt, The first-mentioned took £291, 000 iii bars and coins for the purpose ol strengthening the gold reserve of- the Swiss National Bank. India took 87,000 sovereigns.

SYDNEY, May 1

Australian bankers are conferring with the object of fixing new exchange rates owing to the altered conditions caused by the return to the gold standard, but failed to reach an agreement. It is understood the chief difficulty is to arrive at a margin of. buying .and' selling satisfactory to all parties. It is believed an agreement will shortly be reached.

FINANCIAL STRENGTH OF EMPIRE.

(Received May 2, 10 a.m.) SYDNEY, May 2

Dr. Earle Page, interviewed, said the return to a gold basis is another testimony to the financial strength and resources of the Empire. The return to free gold export must have a great influence in stabilising exchange. It will

be interesting to see its effect on price*' especially in view of the fact that during the last few months the Australian pound had been at a premium in America : consequently the return to a go-id basis should not cause much fluctuation in price levels.