Reporting on the gold market on April 7 Messrs. Samuel Montagu Ca. stated The Bank of England gold reserve against its note issue is £126,528,985, as compared with £126,527,460 last week.
A moderate amount of gold was on offer and was all taken for New York.
Consignments of gold to the value of $4,100,000, $4,000,000, $3,500,000, $460,000 and_ $109,000 have been received in New York from London, Holland, Sweden, France and Greece respectively.
The preliminary official estimate of the output of gold in the U.S.A. during 1920 gives the total as 2,395,017 ounces valued at $49,509,- 400, a reduction of $10,824,000 as compared with the preceding year. The imports of gold in 1920 totalled $428,700,000, as against $76,500,- 000 in 1919, due to remittances from England of—$274,900,000, from France of $48,700,000, from Canada of $34,200,000, from Hongkong of $30,200,000. and the balance from Colombia, Mexico, the Dutch Indies and Peru. Of the exports 60 per cent. went to Asia, namely, half to Japan ($101,300,000), and the remainder to China and the Dutch East Indies; the 40 per cent. balance went to the Argentine, $90,000,000; to Mexico, $18,200,000: to Uruguay, $12,900.000: and to Canada, $5,600,000.
We are informed under date of March 12 last that, in spite of the bazaar being heavily oversold to the banks, the price of gold in Bombay does not improve much, as the up-country arrivals of the metal had increased to 50,000 tolas (18,750 ounces) per day. The closing prices were Rs. 30 ready and Rs. 30 for the—March settlement.
Text read from the printed page and cleaned; old type leaves the occasional error.