ATTACK ON DOLLAR

Rotorua Morning Post, Volume 1, Issue 185, 30 March 1932, Page 5

ATTACK ON DOLLAR

(Press. Assn.—

. POLltlCAL MoVE foreign exchanges soar in . new york sterling leads the way

-By Telegraph-

— Copyrlght).

Rec. Mar; 29, 7 p.m. NEW YORK, Monday. A Democtat party onslaught on the dollar was started on Sdturday as a repercussidn of the failure of Congress on Thursday to apprdve the saies tai to balance the Budget and has coiitinued to-day, despite axi assurance that this coUntry will hdt s'Uspeild the gold Standard. Although it is a hank holiday iri England ahd elsewhere in Europe, heavy liquidations .from ahroad sent fofeign exchaiiges sodrihg, led hy the poiihd sterlirig, ahd ihe fihal prices Were substantially above Saturday's cloSing levels, "although they fepresented a slight receSsiori fi'om to-day's high level. The steriihg cloSed at 3.§2i, but touched 3.94| thd highdst eihce Octo-: her, 1923. The Oerthan ihai-lc retaihed Saturddy's pfice of 23,92 the highe'st sinde May, 1929. In view of the holiday in Europe, it is reported that hankers and managers operated from their homes, the dealing heing conveyed on to New York. The only jmportaht market open was the HfitiSh Treastify, ipdiidh notified participatihg Banks that it would liay 6ii Tuesday A6,600,D()0 ahd the rehiainiiig £10,000,000 elfie oh the £4'd,00b,000 efedit in Atigust.