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The New Zealand Railways Magazine, Volume 6, Issue 8 (April 1, 1932.)

Sterling and Gold

Sterling and Gold.

It is stated now that France has more gold than has the United States. On 9th March the President of the British Board of Trade, Mr. W. Runciman, said that “those countries which had succeeded in getting immense stores of gold were now paying the penalty.” Referring to the rise in sterling, he added: “We are able to show them that we are able to carry on without the gold basis.” All the same, London does not wish to see sterling rise too quickly, fearing a gamble and a set-back. What is wanted is a strong sterling, not something that fluctuates like war and peace in China, or the reports of the location of the lost American baby, or the date of the end of the world. Mr Runciman was one of the Liberal shipowners in the old Asquith Liberal Cabinet. Another Minister in that Cabinet was the banker, Mr. Reginald McKenna. He, too, has just, said that no metallic standard for currency is possible if great creditor nations corner the metal. This, from Liberalism, is notable.