Word: gold
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Dates: during 1920-1929
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Last week a book was published which, could he have foreseen its elegance, would have delighted that boy. Its title, boldly stamped in gold upon a black cover, is the boy's name: T. M. CLELAND...
Among the great days that mark a British sportsman's calendar-"Derby Day," "The Grand National," "Gold Cup Day," "Boat Race Day"-none is more important than "The Twelfth." By law and tradition mid-August is the time set apart for the shooting of the game red grouse. To celebrate "The Twelfth" last week, brokers, brewers, baronets and belted Earls set off with some sixteen pieces of luggage each to join fashionable grouseparties on Scotch moors...
...London she has been affectionately called for generations "The Old Lady of Threadneedle Street." In all her life she has never kept a favorite as long as the nine years she has kept Montagu Collet Norman. Courtier Norman was defending his Old Lady against concerted attacks on her gold reserve?especially against the attacks of ungallant Neighbor France...
...policies which are really one have been the guiding principles of Governor Norman for the past nine years: 1) Deflation of pound sterling after the Wartime period of inflation; 2) absolute maintenance of the pound on a gold basis once deflation was achieved (TIME, May 4, 1925). Under Governor Norman's aegis a gold reserve of £150,000,000, in the vaults of the Bank of England, was inaugurated, on the advice of the Cunliff Currency Commission that such a reserve was "desirable" (i. e. indispensable in the Commission's opinion) if the gold parity of the pound...
...course the Old Lady's purse was not plump one morning and lean the next. Such epochal movements of gold bullion are necessarily slow. All summer airplanes have been hopping off gold-laden from England. Many winged to Germany, attracted by legitimate opportunities for high return offered in the Reich, where the discount rate of the Reichsbank stood at 7½%, a potent magnet. But even more gold planes sped to France, and that was passing strange. With the Bank of France's rate at 3½%, the zeal of that institution to acquire and hold gold bullion was regarded in London...