DOLLAR ASSETS
BRITISH HOLDING IN U.S.A. DIPPED INTO ONLY LIGHTLY. • (British Official Wireless.) RUGBY. October 3. So far Britain has dipped only lightly into her reserves of assets convertible into dollars, according to the monthly bulletin of the National City Bank of New York. Only a comparatively small part of the £1.250.000.000 of liquid dollar assets and gold held at the beginning of the war has been paid out. The ability of the Empire to finance heavy purchases in the United States has not yet been strained. The most striking fact revealed by an examination of the figures is that the Empire's output of newly-mined gold, amounting to more than £187.000.000 during the first year of the war. would more than offset the Empire's unfavourable balance on merchandise trade in the same period. A reduction of £l2O 000.000 in the dollar balances and security holdings in the first 10 months of the war is probably evidence that the merchandise trade balance substantially understates British payments made in the United States. Nevertheless, the indications are that gold production has - relieved the strain on the available gold reserves and dollar assets to a greater extent, than may be generally realised.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/WAITA19401005.2.83
Bibliographic details
Wairarapa Times-Age, 5 October 1940, Page 7
Word Count
198DOLLAR ASSETS Wairarapa Times-Age, 5 October 1940, Page 7
Using This Item
National Media Ltd is the copyright owner for the Wairarapa Times-Age. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of National Media Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.