' B.I.S.
Having regard to all -the circumstances of the case, I think the Bank of England has acted wisely in not making a public issue of the whole Cir any part of its holdings of shares of the Bank for International Settlements. These shares are in Swiss franc form and the holding allotted to each Central Bank concerned in the establishment of the Inatittition works out at an eqiiiyalent in sterling of about g1;00;000. Only twentY five per cent., however, of -the nominal- value of the shares is being called up, so that the actual amount now. offered in Paris is not more than the equivalent of £400,000 • yet so great has been the rush for the shares that the withdrawal of French balances from London has involved large gold ship- ments- from here to Paris, while already there'is a prospective
premium on theB.I.S. shares of nearly 150 percent. •
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