PANIC OVER GOLD

Wanganui Chronicle, Volume 80, Issue 134, 8 June 1937, Page 7

PANIC OVER GOLD

BRITAIN TAKING STEPS WILL KEEP UP PRICE STATEMENT AWAITED (By Telegraph—Press Associat'on—Copyright) LONDON, June 6. The political writer in the newspaper The People says: “Mr. Neville Chamberlain, Sir John Simon, Mr. Montagu Norman (Governor of the Bank of Eng’and), and other members of the Cabinet and directors of the Bank of England, will meet tomorrow with a view to ending the gold panic. It is expected that a statement will follow to the effect that the Government intends to keep up the price of gold and that arrangements are being made for President Roosevelt to do the same. The Government believes that such a statement will restore confidence. STILL CONSIDERABLE SATURDAY’S GOLD SALES I British Official Wireless ] Received June 7, 5.5 p.m. RUGBY, June 6. There was again an exceptionally large turnover at to-day’s gold dealings, when about 465 bars of an approximate value of £1,300.000 was disposed of at 140 s 34d. During the week £11,874,000 worth of gold has been sold at the official daily fixings. The Times says that the major part of the gold sold this week is understood to have been bought for the Exchange Equalisation Account. SITUATION IMPROVES SMALLER GOLD OFFERING ABSORBED. MARKETS MORE CHEERFUL. Received June 8, 1.20 a.m. LONDON, June 7. The gold situation has improved, the only offerings on the market amounting, to £745,000, which Continental buyers absorbed. The Exchange Equalisation Fund was not operating. The stock markets are much more cheerful and there was greater interest in gold shares following President Roosevelt’s statement. While the upward tendency in Wall Street strengthened industrials, gilt-edged securities are quiet and foreign bonds steady.