TO PAY IN GOLD

Taranaki Daily News, 1 December 1932, Page 5

TO PAY IN GOLD

SHIPMENT OF £30,000,000

NOT WANTED BY WALL ST.

.WAR DEBT DUE TO AMERICA

BANK INSURES TOTAL SUM

HOPE FOR POSTPONEMENT

By Telegraph—Press Assn.—Copyright.

Rec. 10 pjn. London, Nov. 30. “The Government has decided to ship gold to the value of £30,000,000 to New York for the purpose of paying the debt instalment, if necessary, says the Daily Herald. “The first instalment of £3,000,000 in bar gold will leave to-day. There are not enough liners sailing to ship the whole amount before December 15, but the Bank of England has insured the whole £30,000,000 and the insurers have been informed that the sum must be covered for three weeks. .“Naturally the arrangements to ship will not preclude postponement of the payment. The arrangements for transport and insurance were rushed so that the Government would be prepared for all eventualities.” The Morning Post says it has the besj authority for stating that Cabinet has decided that Britain will pay the American debt due on December 12 in’ the event of America refusing to agree to a suspension. A majority is at present in favour of payment in gold, which is the last thing Wall Street wants. The Cabinet meeting last night lasted two hours and the Note was fully drafted, but final Consideration was left until to-day. Mr. Baldwin will depart for an engagement at Glasgow this morning. He is expected to refer to the subject in a speech to-night. ■' Mr. Ramsay MacDonald visited the King and told him the contents of the Note. Sir John Simon will return to Geneva on Thursday.