STERLING EXCHANGE

Hokitika Guardian, 13 January 1925, Page 1

STERLING EXCHANGE

HIGHEST LEVEL FOB TEX V FA lib. NF.W YORK, January 9. A sensational advance in sterling has carried the pound to the highest level in ten years, and within approximately seven cents of par. The pound rose I 3-1 G cents during the day, closing at ■1.78 10-lfi. Banking circles att-rilmtc the advance to confidential reports sent to Loudon by Mr M. C. Norman, governor of the Bank of England, who is now in Washington, to ihe elicit that money rates in New York are likely to remain low with the Federal Reserve Bank rate remaining unchanged for some time. The message is tantamount to telling the Briiislt Treasury it is safe to place sterling at par. resume gold payments and remove the export restrictions on gold. A llo" <>f gold from I he Foiled Stales to Jndia has swelled to unusual proportions. Nine shipment . aggregating nine million dollars, have left here for India, lour million additional being consigned ,to boudon. bringing the total gold fmipmeuts lor the year up to twenty-five million dollars. LONDON, January 10. Kxclmnge on New York is quoted at 1.70.1 dollars. The improvement is chiefly due 'to further buying from New York, whose financiers are desirous nl seeing the gold standard restored in Cl rent Britain.