POUND FIRMER.

Ashburton Guardian, Volume 53, Issue 131, 15 March 1933, Page 6

POUND FIRMER.

NEW*YORK QUOTATIONS. STOCK EXCHANGE TO RE-OPEN. (United Press Association—Copyright). (Received This Day, 11.40 a.m.) NEW YORK, Macrh 14. « The pound jumped three and oneeighth cents to-day, closing at 3.45 J. The Canadian dollar closed threeeighths down at 83g. t It is definitely announced that the Stock Exchange will re-open to-mor-row, hut certain restrictions will remain in force. MORE CHEERFUL TONE. BRITISH STOCKS ADVANCE. (Received Tliis 'Day, 11.40 a.m.) LONDON, March 14. In most sections of the London Stock Exchange business continued on modest lines, but the tone was more cheerful. British stocks were mostly one-six-teenth to one-eighth higher, but war loan 3$ per cent was unchanged at 99. Foreign stock were steady with a -recovery of Ik points in German loans. The sterling-dollar rate was 3.43. British Omcial Wireless. SPECULATORS HIT. EXPECTED A DROP IN VALUES LONDON, March 14. . The financial correspondent of the "Daily Express" says that the resumption in dealings in dollars brought heavy losses to international currency speculators. Before.the suspension of dealings on March 4, many sold short on a big scale, convinced that dollars would drop in value. They were unpleasantly surprised when dealings began on Monday at 3.44 with such a.heavy demand that they closed at 3.39. ' Banks operating on behalf of the Exchange Equalisation Fund had no need to deal extensively.' After they gave the lead at the opening, the "bears" did everything necessary to keep the pound down. Some authorities estimate that short dollar sales total £60,000,000. f HEAVY FRENCH LOSSES. PARIS, March 14. ' Losses here by speculators are estimated at £2,000,000.