A CHAOTIC STATE.
FOREIGN EXCHANGES. (STERLING DROPS AGAIN. United Press Association—Copyright) LONDON, March 7. The city editor of the "Daily Mail" says that chaotic fluctuations on the foreign exchanges broke out this morning as a result of wild bearish speculation in which sterling plunged to a new low record in relation to the franc, while the afternoon marked an upheaval owing to President Roosevelt's reported pronouncement which is construed as a threat of impending devaluation of the dollar, causing a rush to buy back sterling. Later came a denial that President Roosevelt contemplated devaluation, but it was at least apparent that America disliked the fall of sterling, causing expectations of future American action. The stock markets are quiet and weak. War loan 31 per cent £lO5 10s. ' -•' , : ; ' German bonds are also weak with .Young loan £sl, Austrian 4| per cent and French 4 per cent are easier. A WILD DAY. WASHINGTON, March 6. N The foreign exchange market had one of its wildest days since the devaluation of the dollar. The latter fell sharply in relation to gold currencies, and rose rapidly/in relation to sterling, the course of which was erratic. After an early plunge to 4.71 3-8 dollars the pound rallied closing at 4.73,
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Ashburton Guardian, Volume 55, Issue 125, 8 March 1935, Page 5
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205A CHAOTIC STATE. Ashburton Guardian, Volume 55, Issue 125, 8 March 1935, Page 5
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