GOLD STANDARD

Southland Times, Issue 21578, 16 December 1931, Page 5

GOLD STANDARD

ABANDONMENT BY JAPAN. (United Press Assn.—By Telegraph—Copyright) (Rec. 5.5 p.m.) London, December 14. Mr J. H. Grey, chairman of the Cotton Committee, is not surprised at Japan’s abandonment of the gold standard. He adds that it should not affect Japanese quotations for textiles to the full extent of the fall in the year. Had Britain exported at prices regulated like the Japanese without reference to costs, such dumping would be resented. Japan’s selling policy menaced all competing textile industries, and the British Empire particularly should take notice of it. NO CHANGE IN CANADA. Ottawa, December 14. Expressing annoyance at the persistent rumours that Canada was to abandon the gold standard, the Prime Minister, Mr R. B. Bennett, declares that the subject has never even been considered by Cabinet. POUND RALLIES CANADIAN DOLLAR DOWN. (Rec. 7 p.m.) New York. December 15. The pound sterling yesterday improved its position to 3.45 dollars. New York bankers, regarding Canada as off the gold standard “whether Mr Bennett admits it or not,” declare that this cut the value of the Canadian dollar to 80 cents in American funds. EXPORT OF GOLD JAPANESE PROHIBITION. (Rec. 7 p.m.) Tokio, December 15. The export of gold is prohibited and note conversion suspended. This is the first official action of the Seikukai Cabinet and is necessitated by extensive outpourings since the embargo was removed in January. The emergency decree becomes immediately effective pending Imperial sanction.