The dramatic drain of gold from the Bank of England into the Bank of France (TIME, Dec. i et ante) continued last week at quickened tempo, reached $1,750,000 daily. When $5,000,000 of virgin gold arrived in England from South Africa, the French snapped it up, contracted for another $5,000,000 shipment due this week. In London the price of gold was forced up to 855 1½d. per fine ounce,* the highest price since British currency went back onto a gold basis in 1925. In Paris the gold reserve of the Bank of France swelled...
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