BELGIUM: Secret Reserves

"The bottom of Depression has been reached," said Governor Louis Franck of the National Bank of Belgium recently to stockholders at their annual meeting.

"For the first time I am able to report a diminution in Belgium of the hoarding of gold and banknotes."

With Belgian confidence quickening, Manager van Zealand of the National Bank of Belgium addressed German economists in Berlin, stressed that "our published gold reserves afford a cover for sight liabilities varying between 65 and 69%."

"Have you also secret gold reserves?" asked the Germans. Modestly M. van Zeeland answered, ''Well, yes.''

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