DOLLAR ONSLAUGHT.

Bay of Plenty Times, Volume LX, Issue 10829, 30 March 1932, Page 3

DOLLAR ONSLAUGHT.

FOUND STERLING SOARS. New York, March 28. A somewhat tardy onslaught on the dollar started on Saturday as a repercussion to the failure of Congress on Thursday to approve the sales tax as one of the means of balancing the Budget. It continued to-day in spite of an assurance that the United States will not suspend the gold standard. Although to-day was a bank holiday in England and elsewhere in Europe heavy liquidation from' abroad sent foreign exchanges, led by the pound sterling, soaring. The final prices were substantially above Saturday’s closing rates, but they represented a slight decline on the day’s high levels.

Sterling closed at 3.82 J dollars after touching 3.53}, the highest rate since October 31. The franc closed at 3.94} dollars after touching 3.94 7-S, which is about } above the gold export level. In view of the holidays in Europe it is reported that bankers and dealers operated from their homes and dealiigs converged on New York, the only important market open.