Gold Reserves.

Oral Answers to Questions — National Finance. – in the House of Commons on 29th September 1931.

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Photo of Mr Cecil Malone Mr Cecil Malone , Northampton

48.

asked the Financial Secretary to the Treasury whether he will give the most recent figures regarding the gold reserves held by the United States of America and France; what proportion these holdings are of the total gold reserve of the world; and by what amount the holdings of France and the United States have been augmented during the last three months?

Photo of Mr Walter Elliot Mr Walter Elliot , Glasgow Kelvingrove

The total monetary gold in the United States on the 9th September was $5,000,000,000, including some $350,000,000 estimated to be in active circulation. The increase since the 10th June was $197,000,000. The French gold reserve on the 18th September was 58,575 millions of francs, an increase of 2,050 millions since the 19th June. The total gold held by the two countries is thus $7,295,000,000 (21,499,000,000 at par), and has increased in three months by $277,000,000 (257,000,000). The total monetary gold in the world may be estimated at nearly $12,000,000,000, so that these two countries hold just over 60 per cent. of it.