Britain May Get Sterling Support

Press, Volume CVI, Issue 31085, 14 June 1966, Page 21

Britain May Get Sterling Support

(N.Z.P.A. Reuter—Copyright) BASLE (Switzerland), June 12. Britain was expected to obtain further international support for the pound sterling from western central bankers meeting here this week-end.

Japan: 1015 yen (same); 992 (993).

France may this time join 10 other nations in helping the pound. A public statement on the new move is expected to be made tomorrow, probably in London. Informed sources said here that the present stand-by credits arranged last September by the Bank of England with 10 national banks and the Bank for International Settlements would probably be extended for another three months. Participation France, which did not take part in the current support arrangements, was understood to be also prepared to enter into an arrangement with Britain on backing sterling, but details could not immediately be confirmed. The stertlng problem was considered to be the main subject of discussion as governors and other representatives of about two dozen central banks held private and informal talks on economic and monetary issues here this week-end before the thirtysixth annual meeting tomorrow of the Bank for International Settlements, which is owned by the central banks of Europe, excluding the Soviet Union. Latest Rates The pound lost further ground against all currencies last week. Latest T.T. exchange rates as advised yesterday by the Bank of New South Wales:— New Zealand on— New York: buy, 2.7843 dollars (against 2.7850 dollars last week); sell, 2.7527 (2.7535) Australia: 2.4908 dollars (same): 2.4800 (same). Austria: 72.32 schillings (72.33); 70.88 (same). Belgium: 139.30 francs (139.40); 130.30 (138.40). Canada: 2.9989 doUars (3.0003): 2.9605 (2.9620). Denmark: 19.37 crowns (19.39); 18.95 (18.98). France: 13.72 francs (13.73); 13.45 (same). India: 21.185 rupee (no quote last week); 20.618 (no quote). Italy: 1747 lire (1748); 1710 (1711).

Netherlands: 10.13 guilders (10.15); 9.91 (9.92), Norway: 20.04 crowns (20.05); 19.61 (19.62). Sweden: 14.43 crowns (14.46); 14.12 (14.13). Switzerland: 12.08 francs (12.09); 11.82 (11.83). West Germany: 11.22 marks (11.24); 10.98 (10.99).

Harlay Chambers— Tax-paid profit of Harley Chambers, Christchurch property owner, Is £3241 against £2775 last year. Recommended dividend of 8 per cent, announced earlier, will be paid on June 23; ex dividend June 28.—(P.A.) Lane's Ind.— Recommended final dividend of Lane’s Industries, Levin, hosiery maker, is 6 per cent payable on July 26; ex dividend July 18. This is after an Interim 6 per cent, making a steady 12 per cent for the year.—(P.A.)