VALUE OF STERLING.

Ashburton Guardian, Volume 53, Issue 14, 27 October 1932, Page 5

VALUE OF STERLING.

MORE SHARP FLUCTUATIONS. STEADIER TONE LATER. (United Press Association —Copyright) (Received This Day, 11.40 a.m.) LONDON, October 26. The recovery of sterling which occurred in the latter part of yesterday continued this morning. The dollar rate opened at 3,31| and 3.3-, and British Government stocks were firmer in sympathy, the war loan being at 100. There- were again sharp fluctuations in the exchange rate to-day, althoug i the tone of the market is reported to be steadier.—British Official Wireless. FINDING NATURAL LEVEL. EMPIRE CURRENCY ASPECT. (Received This Day, 10.5 a.m.) ' LONDON, October 26. “People are unnecessarily perturbed about the fall in the sterling, which, without support of the Equalisation Fund is reaching its natural level m relation to the amount of trade with the outside world,” said Sir Robert Horne (formerly Chancellor of the Exchequer). “The difficulties are small in comparison with the advantage of having the sterling at its natural level except in one respect in which there is a possibility of great difficulty, namely, the level of the currency obtaining throughout the Empire. Unless there is a definite agreement between the various communities of the Empire it is obvious that any system of preferences can he broken up by changing currency values, consequently one of the first essentials is to fix the ratio of currencies, which is not difficult ”