GOLD FOR LONDON.
SHIPMENT FROM AUSTRALIA. (United Press Association—By Electrio Telegraph—Copyright.) MELBOURNE, August 23. Gold coin valued at £1,000,000 has been shipped to London by the Commonwealth Bank of Australia. It has been sold to the Bank of England, and will assist in building up that Bank’s gold reserve, which has recently been steadily depleted by Continental Powers. BANK OF ENGLAND HELPED. STEADYING THE BANK RATE. (United Press Association —By Electrio Telegraph—Copyright.) LONDON, August 22. The “Daily Express” says that the gold from the Commonwealth Bank will certainly help to strengthen the Bank of England’s position against autumn demands. On several occa- j sions in the past the situation has been saved by the receipt of gold from unexpected sources. It seems as if the same is happening again. The market is consequently more hopeful that an increase in the Bank rate will be avoided.
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Bibliographic details
Timaru Herald, Volume CXXV, Issue 18353, 26 August 1929, Page 10
Word Count
145GOLD FOR LONDON. Timaru Herald, Volume CXXV, Issue 18353, 26 August 1929, Page 10
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