So far as gold movements are concerned, capital movements have for some years been more important than income factors. Thus the U.S. monetary gold rose $1483 millions in the first nine months of 1937, when U.S. imports and exports just about talariced, as compared with only $1000 millions in the first nine months of this year, when America had an export surplus of $860 mil-Lions. It is only since August that gold imports, have become really heavy; and the total of $1,083 millions for the past two months has come largely from this country. Probably more than half of the foreign money held on bank deposit here has been withdrawn since March, and it may be suggested that the remainder does not greatly exceed £150 millions, We could, of course, easily afford to see the whole of that withdrawn against gold. But in addition there are considerable foreign holdings of securities. The Board of Trade estimates our payments to overseas residents in respect of their investments in this country (which increased considerably in 1997) at £15 millions. The capital value of those investments may well exceed £300 millions. Though even now our gold holdings are more than ample to provide 100 per cent. cover even for these large holdings, their withdrawal would obviously cause considerable inconvenience. And our gold reserve has a certain strategic importance in the present political situation. If foreign funds are less likely to be withdrawn if sterling is stable than if it is depreciating, there may be a esse for vigorous intervention, here and now, not with an eye to American official wishes, but in our own inter Manila Gold Shares (Bids in Pesos) Dec. 27 Opening Prices 945—245
Artamok Ealatoc x Benguet Consolidate Coco Grove Consolidate Demonstration North Camarines San Mauricio. Surigao Consolidated United Paracale Atok Batong Buhay Ido.
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