GOLD MOVEMENTS

Poverty Bay Herald, Volume LXII, Issue 18650, 9 March 1935, Page 7

GOLD MOVEMENTS

£128,416,000 ADDED LONDON HOLDINGS international gold movements during 1964 again reflect.i the tendency for Biitam to absoru gold on account ot other countries. According to -figures published in the Bankers’ Magazine for January, total British imports of the metal were £251,880,422, while exports were £125,464,0U1. Gold m England was increased by .£128,416,000, ol which I,lxaJ,ooo sovereigns were added to the holding) ol the Bank of England. Arrivals from India and South Africa were on a scale comparable to those ioi 1933, while outstanding import movements were £23,000.000 from Germany, £83.000.000 irom France, and smaller amounts from other" European countries.. Among the exports, more than £Ub.OGO>000 was sent hack to France, wine the vu.iled Seines of America absor ed the huge amount 0f‘£92,400,000 of gold on a “nice during the year. This large movement reflected American, purchases ii g ild in the London market, wmcli had been continuous Jihce President Roosevelt instituted his gold-buying policy. It is also largely accounted for by the general efflux ol" gold from Europe to tlie United States.. This movement across the Atlantic: assumed very large proportions in tli.e- early -part of- the year, and again m ilie auttiinn." ; V. I ."' ■

BANK, 'OF FRANCE'S HOLDINGS Meanwhile the Bank of France managed '(o replenish, ju-ohably from other quid standard countries, any gold it had lost to the. United States or for hoarding in England. Its gold reserves at December 7,. 1934, amounted to 82,000.000.000 francs', against francs at the corresponding (late of 1933, The greater part'of the excess of ini ports ovgr exports ‘in- the figures-for various countries must be attributed to hoarding by interests unwilling to face the fluctuation of eurren ies of any conntrv.: This assumption is borne out by the fact that a relatively, high premium was maintained in "the London price for gold over dollar and franc parities. ENGLISH GOLD MOVEMENTS Exports to Imports from England England £stg; £stg. Australia ... 7,204,030 New Zealand 2.147,834 South Africa 51.629,351 British India 34,061,239 2,000 Germany ' ... 23.654.078 21.810 Netherlands 7.304,582 1,119,172 France 83.646.791 15.159.367 United States- 4.619.625 97.019.573

■ Total” , ...' 251,880.422. 123,464,024 •Including other countries, whose figures are small.