BANKING CRISIS
STERLING GAINS AS OUTCOME OF POSITION CANADIAN DOLLAR RISES Rec. March 4. Washington, March 3. Thirty States on Friday had taken action ranging from holidays to legislation giving the banks power to limit withdrawals. The latest Federal Reserve Bank statement revealed that a recordbreaking volume of credit 585,000,000 dollars (£117,000,000 at par) had been poured into the money markets. Apprehension abroad is reflected by the reduction of the United States' gold reserves by some 226,000,000 dollars (£45,200,000 at par) for foreign ear-marking. The upward surge of the Canadian dollar and the pound sterling has indicated the uneasir.ess of Americans themselves, as the strength of the British currencies is attributed in part to the purchase of Canadian dollars and sterling in New York by United States investors. Surging upwards to register the greatest gain of any single day for months, the Canadian dollar closed at 86 cents. After renewing on Friday at 9£ per cent., money on the New York Stock Exchange jumped to 4 per cent. shortly before the close, the highest rate since December, 1929. Offcrings are comparatively scarce.
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Rotorua Morning Post, Volume 2, Issue 473, 6 March 1933, Page 5
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182BANKING CRISIS Rotorua Morning Post, Volume 2, Issue 473, 6 March 1933, Page 5
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