MANY REPORTS.

Auckland Star, Volume LXIV, Issue 283, 30 November 1933, Page 7

MANY REPORTS.

U.S. MONETARY POLICY. Roosevelt Aims at Commodity Dollar. FURTHER RISE IN GOLD. (United r.A.-Electric Telegraph-Copyright) (Received 2 p.m.) WASHINGTON, November 29. The Administration has increased tho price of gold eight cents to-day to 33 dollars 93 cents per ounce. The further rise in the price of gold brought with it various interesting reports, one being to the effect that President Roosevelt is contemplating an effort to keep the dollar temporarily stabilised in the vicinity of 5.25 or 5.35 against sterling at least until after the December 15 refinancing.

Another was that a representative of the "stabilisation fund of the Bank of England" had visited Washington over the week-end and that there was "some degree of understanding between the Federal Reserve and Treasury officials and the English Central Bank." Finally from Warm Springs, came the intimation that ''the President is going ahead with his objective for a commodity dollar without change, but as the conditions dictate." The refinancing plans are expected in the middle of next w-eek, and it is believed they will take the form of relatively short term obligations. The foreign exchange market seesawed up and down to-day. Stocks and commodities gave a quiet display of strength. The bond market was steady. The exchange market fluctuated widely throughout the clay. Foreign currencies •gained on the rise of the gold price, but the dollar rallied in late trading and closed at G3.5."> in terms of the franc, and was up about half a cent on sterling. I LIBERTY CONVERSION. OFFICIALS SATISFIED. WASHINGTON", November 29. The Treasury announced that it had dosed the books for the fourth Liberty Loan conversion. It received 890,000,000 dollars in exchange for new securities, leaving about one billion to be met between now and next April. Treasury officials express satisfaction at the response, but in other quarters it is pointed out that the gold situation has retarded exchange and is bound to complicate refinancing operations.