Superabundance in the Country In their report for March 17 Messrs. Samuel Montagu & Ca. state The Bank of England gold_ reserve against its note issue is £126,- 613,185, as compared with £126,512,- 525 last week.
A fair amount of gold came on offer this week and was taken for the United States of America.
It is reported from New York that amounts of gold, value $700,- 000, $700,000 and $430,000, have been received from Sweden, Paris and Rotterdam, respectively. It is also reported that a consignment of gold, the value of which is as yet unknown, has arrived from India.
The convention between the British and the Soviet Governments arranged for the unrestricted admission of gold of Soviet origin into this country, but does not protect it from the risk of being attached by legal process on the part of individuals.
A reference to the files of our weekly letter will show that all offerings of exportable gold since the week ending November 4 last, have been absorbed by the United States of America with the exception of-a small amount for the Dutch East Indies in the week ending February 17. During the Jast few months very large quantities of. gold have been bought in India and shipped also to the United States; abundant further supplies are available in the Indian Empire so long as other Indian exports are stagnant. Not only so, the United States during the greater part of the war and since has been the bourne to which most of the world's gold has travelled and from which little has returned. The repeated hammer blows caused by these shipments of precious metal—not really desired in the United States, where gold is already super-abundant—have had, and, if continued, will have the effect of reducing the discount from which the British pound sterling has been suffering in regard to U.S. currency.
The Transvaal gold output for February, 1921, amounted to 558. 187 fine ounces, as compared with €51.595 fine ounces for January, 1921, and 625,330 fine ounces for February, 1920.
Text read from the printed page and cleaned; old type leaves the occasional error.