Crisis at UNCTAD prompts new trade aid proposals
The Reuters summary notes a world gold crisis as delegates at the United Nations Conference on Trade and Development in New Delhi push for concerted efforts to bridge the gap between rich and developing nations. A key outcome may be new preferential schemes aiding developing countries, with mixed views on timing and feasibility. A top-level group is reviewing questions as developing nations seek relief while developed markets hesitate.
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Resignation fuels Labour Cabinet power scramble in London
A London report outlines a growing power scramble within the British Cabinet and Labour Party after resignations. The Evening Standard cites Robert Carvel and George Brown amid speculation over deputy leadership, with discussions of Michael Stewart and James Callaghan for key posts, and debate over Brown's future.
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US Gold to Bolster UK Reserves Amid Crisis
The United States is believed to have flown a three billion dollar bullion payload to Britain, strengthening depleted gold reserves as UK banks face a severe crisis. London markets reacted with restraint as authorities limited foreign currency trading and considered stabilizing measures to defend sterling and the economy.
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Buying spree to beat the budget in British economy
The Times reports a pre budget rush as shoppers flood Gamages with deferred payments and cash purchases. Economists warn of a tough budget and Britain’s push to solvency may reshape investment flows to Australia and other nations.
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De Gaulle Under Attack Over French Gold Market Boon
President de Gaulle meets with aides as France faces pressure over the dollar crisis and the decision to keep Paris gold market open. Western diplomats blame France for market strains while Paris resists a halt, arguing for continued international monetary operation and support from the United States and Britain.
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Gold figures at a glance from SUS millions pool members
The Gold Pool members include United States Britain West Germany Switzerland Belgium Holland and others. The pool holds about 25 000 in gold with the US owning 11 500. France held 5 000 but left in June 1967. US dollar liabilities total 34 000 with 15 000 short term. Australia’s reserves amount to 1 131 million dollars with 208 gold 289 US dollars 628 other forms. The exchange rate is 3 USN23 per ounce and 0.455 per 1 Esterting. Since 1934 the US commits to buy and sell gold at 35 dollars per fine ounce.
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