POUND AND DOLLAR

Hokitika Guardian, 30 August 1933, Page 5

POUND AND DOLLAR

GOLDIN DEMAND BRITISH STERLING POLICY. lUtutad Press Association—By Electric Telegraph—Copyright) LONDON, August 28. The city editor of the “Daily Mail” comments on the fact of there -being feverish sealings- in gold shares. He considers the policy of the British authorities is to "allow sterling to follow the dollar not the franc. if the dollar continues to depreciate, says the editor, sterling will probably follow, ‘thus intensifying the gold boom. Moreover, sterling nominally tends to depreciate in the autumn, owing to commercial requirements.

•MR NORMAN AND MR ROOSEVELT. POUND-HOLLAR STABILISATION. NEW YORK, August 28. The Rt. Hon. Montagu Norman, afte r opening ia series of conferences with | U.S. Government officials at Hyde Park, stayed for an hour or .more, but did not engage the President j.n private conversation on international financing matters, hie visit being purely social. Although Mr Norman lias kept the nature of his business a secret, it is reported that he has suggested the advisability of pound-doHar stabilisation, which the American officials have again tentatively rejected, pending the mifi'ome of the domestic recovery policy, DEMAND ON GOLD MAINTAINED. LONDON, August 29. Thp “Financial Times,” in a lead- 1 ing ariirlp, expresses th© opinion that gold is likely to retain its values, even if some of the European states are forced off the gold standard. Discounters fear that France may abandon , gold. j Th© “Financial Times” adds ■ Whjlo the suspension of the gold standard tends to limit, the supply, the demand On gb'ld' *i® maintained: which does not look as if a-ny further suspensions will 'necessarily be the prelude to a fall in the price of gold. , A firm of London bullion brokers bwe paid a man, apparently from overseas, nine thousand sterling for, six thousand sovereigns, which are believed to be his savings for years.

AMERICAN CREDIT SHORTAGE

HYDE PARE, August 28

Mr .Roosevelt to-day directed the Re-construction Finance Corporation tu establish a medium for quick arid temporary credit, to member firms of the National Recovery Association, to span them over the period between increased overhead and later returns,