FALL OF POUND CHECKED

Press, Volume LXX, Issue 21255, 29 August 1934, Page 11

FALL OF POUND CHECKED

Speculators Change Tactics BRITISH FUND USED TO FIGHT MOVEMENTS . Lkll'fiU I'UKS, iSSOLIAI LOK til t.LXtSIUH. I'EIiSUIUI'U COI'TRItiUI.) (Received August 29, 12.35 a.m.; LONDON, August 28. The city edi'.or of the "Daily Telegraph" says that continental speculators who had been selling sterling suddenly changed their tactics and began to sell continental gold currencies, with the result that the fall of the pound was checked. The change of front was due to rumours that Holland might bf> forced off gold and thus break up the gold bloc. Holland, however, denies weakening the bloc. The British exchange equalisation fund has been freely used to counter the sales- of sterling, which can be traced to the belief of speculators that Mr Roosevelt is heading for inflation and that the pound is likely to be depreciated step by step with the dollar. The present position is that the dollar is unlikely immediately to be devalued, and the pound is suffering nothing more than its usual autumn weakness, when the bulk of British imports are paid for.