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United States May Lose Gold Hoard After War
BRETTON WOODS (US), 'Wednesday.- — The United States may lose a substantial portion of its 2 0,000,000,000 dollars (£6,250,000,000) gold hoard after the war, as the result of world- reconstruction plans. This is the view of Dr. Harry White, president of the International Monetary Conference. The United States alone among the nations could stand drain on her gold supply, he said. He pointed out that some of the gold came to America In the flight of capital from various nations, many of which were torn by war.
When the world was restored to peace, this gold would be taken home, Dr. White added. He expressed his belief that gold had given the United States big bargaining power in world markets.
Dr. White said today that the conference might have to adjourn on July 20 without reaching an agreement. In that case, he said, there would probably be another conference.
Dr. white, also said that a difference arose concerning the amount of currency to be purchased annually from the fund. The proposal was to limit it to 25 per cent, of the contribution, but some countries, including Australia, wished to increase it to 33 per cent. Dr. White, added that the principal controversial issues included apportionment of subscription quotas among individual countries for the postwar fund; use of gold for the fund; what action should be taken If any country requests currency from the fund in order to expand its production and employment "contrary to the proposed purposes of the fund"; and whether, and how, the fund should deal with large blocked balances, chiefly British, built up during the war. — "Sun" Special and AAP.
United States May Lose Gold Hoard After War (1944, July 6). The Sun (Sydney, NSW : 1910 - 1954), p. 5 (LATE FINAL EXTRA). Retrieved July 21, 2021, from http://nla.gov.au/nla.news-article231694542