On February 25, 1936, news
from the day before that
Kramer Associates was moving its company headquarters from the
United States of Mexico to the
Philippines caused panic on the world's commodity exchanges and stock markets. In London, the price of gold jumped from £8.89 per troy ounce when markets opened to £9.56 at noon, when trading was halted. In the
Confederation of North America, the New York Stock and Exchange Board saw prices fall by fifteen percent.
Governor-General Douglas Watson cut short his vacation in
Georgia and flew back to
Burgoyne to take charge of affairs, while
Finance Minister Ezra Clarkson flew to
New York, where he pledged treasury support to the banks.
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