POUND PRICE

Hokitika Guardian, 24 April 1933, Page 5

POUND PRICE

SHARP REACTION IN NEW YORK

(United Press Association —By Electric Telegraph—Copyright)

NEAV YORK, April 21

After rising sharply at the opening, the pound reacted sharply to close at 3 dollars 76 cents for cables, nine cents lower than at Thursday’s close, due Canadian dollar closed at f cents lower at 87 J cents. Profit taking, and a change of feeling Washington developments is responsible for the reaction.

Trading on the stock market was somewhat quieter. Commodity markets became hesitant, though further firmness appeared in copper and sugar. The late tone was heavy.

GOLD SHIPPED TO LONDON.

OTTAAA T A, April 21

Nearly five million dollars in specie was shipped to the gold market in London to-day*. For some months an embargo on gold exports has been in effect It is understood that the gold, which was produced in Canada, was shipped in the steamer Montclnre and Beaverlnirn- While information is meagre, reports were that the United States by going off gold had made it profitable to market bullion in London and Paris.

Mr Rhodes states that the embargo ogainst the export of gold from Canada, exeont under license, is still in force. The gold shinned from Alontrenl is the gold held bv the banks.