FLIGHT OF GOLD
SWISS CAPITAL FALLS
FEARS OF DEVALUATION
SERIOUSNESS OF DECLINE
GOLD COUNTRIES DOQMED
OPINIONS OF OPERATORS
By Telegraph—Press Assn. —Copyright.
Rec. 10 p.m. London, April 9. A serious flight of capital from Switzerland owing to fears of devaluation is shown in the Swiss National Bank report, states the Daily Herald’s financial editor.
The report reveals that gold withdrawals on Saturday totalled nearly £8,000,000, most of which was foreignowned. Foreign balances in Switzerland are estimated to be £167,000,000.
Leading exchange operators at London express the opinion that abandonment of the gold standard by Switzerland and Holland is only a matter of days or, at the most, of weeks. A meeting of the Bank of International Settlements at Basle considered the situation of the gold bloc countries, but did not decide on any action. The general attitude of the non-gold countries is that the gold bloc is doomed and that nothing should be done to prolong its life.
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Bibliographic details
Taranaki Daily News, 10 April 1935, Page 7
Word Count
158FLIGHT OF GOLD Taranaki Daily News, 10 April 1935, Page 7
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