STERLING SLIPS

Press, Volume CV, Issue 31004, 9 March 1966, Page 17

STERLING SLIPS

Weakest Since September (N.Z. Press Assn.—Copyright) LONDON, March 8. Sterling slipped yesterday to its lowest dollar level since last September’s crisis when the Bank of England organised massive support from 10 central banks to save the currency from devaluation. The pound—drifting down for several weeks —fell below last week’s closing price of 2.7979 dollars to 2.7965—the biggest dip for six months. Last autumn’s emergency support from Europe and the United States Federal Reserve Bank came when sterling had fallen to 2.7938, bolstering the currency after three days to 2.7971. Not Halted According to some reports yesterday, the Bank of England was again forced to go into the foreign exchange market with some support. This reported intervention, believed to be small, did not halt the downward drift. Dealers said there was little trading in the currency, although there was some selling by West Germany and New York. They said the pound’s present weakness continued to be the result of uncertainty over the outcome of the General Election. Balance Date Changed (N.Z. Press Association) WELLINGTON, March 8. City and Suburban Estates, Christchurch land developers, formerly Paramount Housing Estates, has changed its balance date to July 31. The company will present financial accounts for 10 months to July 31 this year, but in future dividend will be paid and the annual meeting held in December.