INCREASE IN VALUE
BANK GOLD RESERVE NEW BRITISH SYSTEM (British Official Wireless.) Rec. 1 p.m. RUGBY, Mar. 3. This week's Bank of England return is the first to be issued under the new Currency and Bank Note Act and is regarded in the City as a landmark in British banking history. In accordance with the new procedure gold was valued at the market price of the day of the issue of the return, instead of at the old fixed figure of £4/5/-. The result of this marking up was a rise of over £IOO,000,000 to £226,514.475 in the Bank of England gold reserves. The fiduciary note issue, namely the amount of notes backed by securities and not by gold, was accordingly reduced by about £100,000,000 to some £300,000,000.
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https://paperspast.natlib.govt.nz/newspapers/PBH19390304.2.79
Bibliographic details
Poverty Bay Herald, Volume LXVI, Issue 19879, 4 March 1939, Page 6
Word Count
128INCREASE IN VALUE Poverty Bay Herald, Volume LXVI, Issue 19879, 4 March 1939, Page 6
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