EXCHANGE.

Taranaki Daily News, 7 February 1920, Page 7

EXCHANGE.

A CONFERENCE OF NATIONS.

AN AMERICAN SUGGESTION. By Telegraph.—Press Assn.—-Copyright. Received Feb- 6, 11.45 p.m. Washington, Feb. 5. Senator Thomas, declaring the exchange situation was seriously threatening America's export trade, has introduced a resolution to create a Monetary Commission to confer with similar Commissions from other nations in an attempt to stabilise the moneys of the world. —Aus.-N.Z. Cable Assn. - REDUCTION OF PAPER MONEY. CREDIT TO BE TIGHTENED. London, Feb. 4, The Evening Standard says that as the result of the Finance Conference the holding of an international conference will be recommended and probably held in London or in Paris, if more convenientj. It is understood that the Treasury las decided to reduce the paper money flotation by twenty million, and further decreases will be made. Bankers have decided to keep a tight hold on advances until credit is improved by increased production and economy. —Aus.-N.Z. Cable Assn. FLUCTUATIONS IN AMERICA. EXCITEMENT IN NEW YORK. New York, Feb. 4, The exchange market was very panicky to-day, the exchange rate reaching the unprecedented ly low rate of 319 cents, but later recovering' to 325 cents. The stock market reacted sharply, virtually all issues selling at large losses Cotton fell eff 25 to 100 points on the report that Britain had stopped cotton imports. The exchange situation has caused a drop in ocean freight rates. The rate for carrying wheat across the Atlantic was 75 cents, per ewt in 1919, but space can now be obtained at 35 cents.

There i 3 a hope expressed that the British finnacial conference will remedy the exchange situation. Exporters hero believe it would be necessary for England and France to release large gold stocks before the exchange market can be stiffened.---Aus.-N.Z. Cable Assn. DISCUSSION IN CANADA. AN INTERNATIONAL PROBLEM. Received Feb. 6, 11.45 p.m. London, Feb. 0. The Minister for Finance c-onferte: with leading bankers on the exchaw* situation. The opinion was expressed that Government action could not lessei the tmprecedently heavy discount or Canadian money, since the causes were international.—Aus.-N.Z. Cable Assn.