FALL IN STERLING.

Auckland Star, Volume LXIX, Issue 281, 28 November 1938, Page 4

FALL IN STERLING.

LONDON LOSES GOLD. MAY BE EMBARRASSING. | IS J-Ol.M) OVF.K-VALUED. ( Received 11 a.m.) I 1.l >X IX 'N. N' 1 v emlier 27. I The c-nntitiueil I.ill in •-to: 1111 i- .1: ~i, | ill. eo'iji'ile! .liiie i.'in;ineiit. I tic j till n" ( '111 ■ -li:■ c." 1 t-u.i 1 ilin.' 1 .01111. !s ,i> 1;"' I ovi-i 0-1. II:.' i.|.i:ii'.ii t.'i.it it w;'.; 1 r f*n. n 1 ovot-vaitie.l i.ntil .111 imtc.ix- in I , c , I ..II: I.t.v i-ti.cs affect* trie c-ri'.t In. .i: - 1A rm lii .in . si".i t snt pliif. wliii-h 1.- i-ius-j ins Ji.ii t ..f tin- trouble. ' I n'" "('.it i.niclc ' mMs that. T.nndfiit'p loss lit I«.r ••iii 11 capital is not 1 e^it .1 iilc. '11s it 1- '••< k-'l up .1 ili 1 cust entiielx with it"M. A( < urilmifly it won'.l In- wois# than :.s r ;,^ s 1,, )lllt press-!! I- (.ti stei 11 n-j at present became we ate too neat titc ('Oll- - hii'iit rot (• 11111 j 1»11. liii' 11 it . 0111 in jes niirficiciit'v it u ill pll i* i* emiiai'i .is.-:u^'. I The Wlitf't 1 '-calls that l.i-t Maf.-ii I T?l t.ii.'l I.wne.l ~|" , whetciif til.. 15.i uk of Knul.i ;:•! "|-. ~| ' £.338.0110.00*). ,ini! the exchange .11 1-1 >■ 1:11 the 1 1-tn;ii 111|»•! . Tiie latter a' tin- pi (•- j sent possesses on iy r BO.IHMI. (K,i 1. as I £sii.nltil.fjiio went li.uk to Vran.-e i.is> Max. 1.1 it-1 about X' 1211.000.000 to Atneiu a mvin; to the Septeinii.t crisis. Now a iutther ~11.1 m,l i.ih»i 1 tins 1 o!111 wel. Ai'i-i 1: il int: v ii jti.iiis-et tiiitii the Hank of l-".t 1 mil's I I esc K's tn e\i■liana.- aeenimt is to he j c.\"'-. tc.l at anv time. | I I '' ■ "111 al•s -~ I,s (11 --nn icl..' 1 pa v s that ; ..w,u_' to the possibility of the fan- ••: ; wn: the position thin- r|, f,..,. ; -u nei'voit-ness. ut'jes th" staliihs.it pm st c r Inn; if the A nelo-Ainet n .m all • hoi i' i"rleenleil to allow steilm-j ;.» '.ill t.. I.lln. 1 or even to 4,5i I. anil slimi'il put the l ite tliete ati'l announce that m. futlhe' v.it Nations wnulil he petinitterl. theiihv tfiiinvini the hopes ■if exehancrc ptf.tit®. atnl :t w0.i!,l prevent capital fmni flcein; at tltc first pifrns of trouble. ALL-TIME RECORD. PRICE OP GOLD. KKAf HKS t:T 10 I'KR OUNT'E. LONDON. November 26. The ripe in the olfici.il pi e,. of aohl to tile ttew high level of £7 I) 10' i ,111 oiinee oil Ft i'l.tv was followed liv a <|uotation today ol £7 lU all ounce, the Itish le-on! tor all time. Sterling, which hail to 4.6.'1'/2 <|ollar« > isterdav. closed at 4.63 r, s. only ii few points above the low level ot 4.60 touched, dut ina the September crisis. With these exceptions the stei i nit quotation is the lowest tor the past live yea is. Pressure on stcrlinz pei.-dsted a'l the week, the Sonne of nclliiii.' heins pattl.i' Continental and partly domestir. 1. 1 til; s leportina a moderate outflow of f::tt-N held r>n foreign account. Above all. the international situation land the gloomy Binlirct ptospeets hnii.' j over stetlini;. relief of which appeals |<~«- j likeli than ever. Many believe, in spite ! of official assurance* to the (i.iitr.iry, that [a secret .11 t anireuuuit involving .1 sMbstanj till dow-iiwiitil adjust ni> lit of the stei lim."■lolhir rate ai eoini'.inied the tiade tif.it> I between Britain and Atnerif 1. , (iold hoatditi'.' was also it"t able C 8-81.000 worth bciiiLT boiiaht \ cstcrclay and t 1.077.000 on Weil n*-sda-A British (Ifficial \\ ttr-less fi otn Itu'.div states that alllioueh the pi ice of trold was oflici.illv fixed at £7 10 an ounce to-day. a little business was done 1 afterw.nds at £7 10'1, which rep: nn, nis a rise of 4' an ounce nince tile end of October.