Alex Mitchell reports from Tokyo's Oxford Street The Ginza gold-rush

THE GINZA is Tokyo's Oxford course, like everything in Japan, it on a monumental scale.

It is a long avenue aglitter with neon signs. The the fashionable go there to buy clothing which is from western fashion houses. • There is a new and very the Ginza. It's the gold shop.

When I visited this cur ious queue, perhaps a dozen peo sle. facing the dentists chair.

As we edged towards the counter the object of their quiet concern became clear. Inside the glass-topped counter was an array gold objects: tiny bars, medallions, coins and other small figurines.

The shop assistant removes thstomer felt trauest There is a bit of hoo-haa about its quality and sometimes the object is weighed on delicate scales.

The transaction is received by the payment vast sums of yen-tens housands of the stuff Before this week's rise in the gold price to more than $100 an ounce. Ginza customers were paying up to $110 an ounce.

Today,. with the official price racing as high as $115, the Ginza trade must be reaching absurd proportions.

Some buyers take the golden booty to their nearest safety deposit box but most people hide it at home.

This lust for gold began a year ago when international currency speculation began in earnest. This was due to Nixon's decision of August 15, 1971, to end dollar convertibility.

The Ginza shop is not unique. There is a mushrooming of such enterprises major industrial centres to cater for the CurrAney panic which has hit the well-to-do who fear for the future worth of their paper currency.

There are other manifestations of the same panic.

Take stamps. In January this year the Post Office issued a set of new stamps. Millions and millions of them were printed for use in the mail service.

But, now there is a stamp boom. People are packing into stamp shops to buy stamps arse department any stamps. stores, whole counters have been thrown over to the sale of stamps. And not just old and precious ones.

Some the stamps issued in January are now going for twice or treble Street. But, o is Oxford Stree rich and adapted lucrative industry developing in enterprise there was small They spoke little, like people Crazy buying of gold, stamps...

anything their face value!

Puzzled by the manic purchase of such goods. I attempted to interview a customer.

'You have just bought some very new stamps at twice their face value. Why?' Are they worth that much?' 'I don't know.' 'How much do you think they're worth?' 'I don't know.' 'Why did you buy them?' It is an investment.' 'But there are literally millions of these stamps printed. Do you really think they are worth twice their value in just a few weeks?' I don't know.' 'Wouldn't it be better to put your money in the bank instead of buying stamps?' 'Yes.' 'Well, why didn't you put your money in the bank?' 'It is the fashion.' 'But do you think it fashion that will make you wealthy?' 'Yes, I hope so.' 'Are you happy with your purchase of these stamps at this price?' "Yes. • he replied grinning enthusiastically from ear to ear.

Walted Bagehot, the 19th century English historian and constitutionalist, once noted:

'All people are most credulous when they most happy.

To this particular customer and the thousands hoardin like him, the purchase and One of hoarding of miniature gold 'In o bars, stamps, antique be held scrolls, etc.-form part of to form a commercial gamble in the prevent expectation of making them or fron richer without exertion. Dn into me They want something 'The 'lasting value' which has the makes prospects increasing lusts of rapidly in value because fetish. its precious or antique char- up to t acter. tion.

They are getting out of 'On their country's own cur- can wil rency because they distrust tion no its future stability. They are has thi probably right to do shape The yen, revalued twice more h because its so - called he is a eurely italaty fact *Hard hugely inflationaty currency. avarice Because Japanese goods three ( are being shut out of Europe to sell and the United States, be- the sun cause the cost of its im- nomy' ported raw materials-food, The 1 minerals, and oil-is soar- buying ing, Japan is rushing to- where, mic crisis. sign o wards an enormous econo- sign of The well-to-do who are hauntec buying gold hope that they ing plu can escape the repercussions impend of what's in front. It They are possessed by the of itse illusion so eloquently put by barrows Columbus, and quoted money. Marx, 'Gold is a wonderful In i thing! Whoever possesses it to the 1 is lord of all he wants. By hoarder mèans of gold one can even his pri get souls into Paradise. the fil Marx writes about garden. 8 of gold in Volume ENOCH POWELL has been praised by the National Front for assisting the electoral chances of their candidate in the West Bromwich by-election.

The candidate is Mr Martin Webster, the Front's national organizer.

He claims that his status in the by-election has been boosted by Powell's refusal to speak on behalf of the official Tory candidate, David Bell.

Webster said the fact that the most important MP in the West Midlands had refused to speak for Bell was "tremendously significant.

I feel his refusal has established me as the bona fide anti-immigration, anti-Common Market, anti-wages and prices policy candidate in this election, Webster added.

He said that as a result Powell's action he hoped attract Powellite votes.

"I expected the Tory to try to out-nigger us. But . since Powell has refused to back him, he has back-tracked.' He said that both major parties wanted him to 'cool it' on immigration. Far from cooling it, I am going to stoke it up; he said.

Voting takes place next Thursday.