Record Sale of Metal for Export by the Bank of England London, July 30.
'The Bank of England yesterday sold, for export, gold to the value jof nearly £9,000,000, which is a re-foord. transaction for one day; this following on the drain of gold which Faas been going on for some' time past, mostly to Prance.
It is believed that this movement is bound up with the recent ratifies tion by France of the Mellon-Berenger and Caillaux-Churchill Debt agreements, while it is also thought be due to French political motives connected ith "the forth. coming Repatations Conference, Which meets at the Hague on August 5.
Financial correspondents of the London newspapers this morning suggest that the Bahk of France ought to step in and modify a process which threatens to cause dearer money rates on the London market; Particularly ax the gold reserve of the Bank of England bax now been reduced to. £142,500,000.
'The Plimsoll' Line This is £7,800,000 below the financial Plimsollline referred to by: Mr. Philip Snowden, the Chancellor of the Exchequer in his speech the Banker's banquet last, Wednesday, when he said that the Government must "continue to. trust the Bank of England to dear with the existing monetary' situation. but oust be able to count on the best support of the other financial. in-Stitutions of the country. On this occasion the (Chancellor Exchequer expressed the hope that the monetary position due' to. the train of sold abroad would be tided over without an "increase inthe Bank Rate; the psychological eect of which, at the present time, would be injurious both to trade and enterprise, Herald" to-day rave concern at the indication that there must be an early in the Bank Rate. The per declares that it is increasingly urgent to revise the present position, as a result of which the Bank of England is almost the Sole arbiter of the economic fate of the nation—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.