Montagu & Ca. state:—The Bank of England gold reserve against its note issue on the Gth instant amounted to £126,488, 250, as compared with £126487,985 on the previous Wednesday.
India is taking a good proportion of the supplies offering this week (about £700,000), and there also some demand on the part of the Continent. The heavy fall in the price of gold owing to the improvement of the sterling exchange with America has led to a very substantial demand by India recently, both for shipment from Durban and London, Within a few weeks, about two and three quarter million pounds worth has been shipped and engaged for shipment from Durban, as well as about a million pounds from London. The Government of India has announced that £12,520,000 has been remitted to the Secretary of State for India from April 1 to July St. Purchases of sterling in India amounted to £11,820,000, and sterling taken over by the Secret ary of State in London to £700,000.
The Transvaal gold output for the close July is returned as 829,437 fine which with. market—closing 773,063 fine ounces for June and 754,306 fine ounces for July, 1928, and is the second highest monthly total produced. The record high monthly output was that for March, 1912, namely $80,723 fine ounces. The output for May lust 809,002 fine ounces—was the only other occasion when an amount over 800,000 fine ounces recorded.
Text read from the printed page and cleaned; old type leaves the occasional error.