THE FINANCIAL DEPRESSION.
INDUSTRIES AFFECTED. SIXTY THOUSAND WORKERS IDLE.
Received November 4, 8.30 a.m. NEW YORK, November 3. The financial deadlock in America is seriously affecting industries. Sixty thousand workers are idle, owing to the temporary abandonment of undertakings and other causes. The difficulty of obtaining currency in order to pay wages is increasing. The mints are working day and night, coining. "THE TIMES" ON THE DEPRESSION. Received November 4, 11.16 p.m. LONDON, November 4. The Times says that the money market outlook in the United States has not improved. The acute stringency has now established a premium on currency. At the same time there has been a sensational rise in the rate of exchange on London, which is shown by the report that cable transfers have been dealt in at 490 cents per pound sterling. This, however, is regarded wilh satisfaction in London, since it indicates the diminished po.ver of the United States to issue drafts on London, but it would be more fitting to regard it as a striking symptom of the weakness of the American position, and the severe pressure to obtain remittances.
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Wairarapa Age, Volume XXX, Issue 8872, 5 November 1907, Page 5
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186THE FINANCIAL DEPRESSION. Wairarapa Age, Volume XXX, Issue 8872, 5 November 1907, Page 5
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