BIG MOVEMENTS OF GOLD.

Timaru Herald, Volume CXXXV, Issue 18939, 27 July 1931, Page 7

BIG MOVEMENTS OF GOLD.

Heavy Draw on London. MILLIONS GOING OUT DAILY. United Press Association—By Electric Tel egraph—Copyright (Received July 26. 5.5 p.m.) LONDON, July 25. The Bank of England lost £3,773.000 more gold, principally to France. The gold was booked to leave London on Monday, but a shipment arranged for Tuesday was cancelled. EFFECT OF WAR DEBT HOLIDAY. ALARM CAUSED BY MINISTER’S UTTERANCE. United Press Association —By Electric Telegraph—Copyright (Received July 26, 5.5 p.m.) LONDON, July 25. The Bank of England announces the sale of £5,269.050 worth of bar gold, mostly to France. The nett efflux has been reduced by the receipt of £1,050,000 sovereigns from Australia. The “Daily Telegraph’’ says that it is astonished at the persistent gold drain, and feels that as foreign short term funds are liable to be moved wholesale at inconvenient moments, Lombard Street will welcome their permanent repatriation. The diplomatic correspondent of the “Daily Telegraph” affirms that Mr Henderson at Paris on July 15, used words to M. Laval which are understood to mean that the moratorium for Germany will be followed by a moratorium for England. The alarm was created immediately in French political circles, and it is significant that £3,140,000 was taken from the Bank of England on the following day. The amount withdrawn the previous day was £863,000.