FRANCE TO DROP GOLD

Poverty Bay Herald, Volume LX, Issue 18253, 23 November 1933, Page 7

FRANCE TO DROP GOLD

LONDON PREDICTIONS DEALINGS IN FRANCS (Received November 23, 12 noon.) LONDON, Nov. 21. The Daily Express says that a tremendous bear account 'has been created on francs during the last few days. The City is so certain that France wdl abandon the gold standard that a prominent banker said yesterday: “The amount of francs you sell depends upon the amount of money you want to It is reported in the City that the French Government is negotiating for another London loan to bolster up the French financial position. This is further evidence of weakness, and the loan should be definitely discouraged. The Daily Express adds that as a result of the fall of the dollar, the Australian Government is buying its dollar bonds in New York cheaply, and a sterling issue, probably at per cent., may be made in London for the purpose of converting the whole of Australia’s American issues. A Paris message says that the Socialist leader, M. Leon Blum, states that in the past few days Britain has bought hundreds of millions of francs to keep tho pound at a low level, as American refugee capital floods into London. M. Blum adds that Britain at any tpue can change these great franc holdings into gold, which would be drawn from the Bank of France. The Daily Herald says it is estimated that iu the last few weeks £100,000,000 worth of gold was brought to London for minting, the payment of debts, or safe custody. Nearly £90,000,000 came from France.

The price of gold in London continues to decline steadily, to-day’s quotation being £0 Cs Gd an ounce.