Estimated at $20,000,000
Royomber 30, Messrs, Samuel Reporting from London on
Montagu & Ca. state:—The Bank of England gold reserve against its note issue is £125,- 617,935, as compared with £125,- 617,630 last week. A fair amount of gold has been on offer and has been absorbed mainly on account of the United States of America. A few purchases were made on behalf of India. The price fixed on the 28th—91/0—is the lowest quoted since the price of exportable gold was fixed per: fine ounce, and represents a premium of only about Ted.
Gold valued at—$5,340,000 has been received in New York from London. The Southern Rhodesian gold output for October, 1922, amounted to 54,670 oz., as compared with 55,443-0z. for September, 1922, and 53,424 oz. for October, 1921.
Gratifying news is still coming to hand as to the gold mining possibilities of Canada. A rush to stake claims has recently been made in the neighbourhood of the Mackenzie River (North-West Territory), where gold-bearing quartz thas been found. Even without this fresh source of supply, the gold production in Ontario, according to the Ontario Government Bureau of Mines, gives promise of an output exceeding $20,000,000 in value for the whole of 1922, as compared with $14,624,085 in 1921.
The American journal, '"Commerce and Finance," describes a new development in the control of the money market in the United States. It has been discovered that banks, in cashing the cheques for their clients, have taken to pay out "yellow-backs," or gold certificates, in preference to Federal Reserve notes. These "yellowbacks" are receipts certifying that the equivalent in gold has been deposited with the United States Treasury, and is payable to bearer on demand. To all intents and purposes, therefore, these American banks are by tacit agree-
Text read from the printed page and cleaned; old type leaves the occasional error.