STERLING CRISIS

Press, Volume CIII, Issue 30633, 26 December 1964, Page 10

STERLING CRISIS

Exchange Rate Threatened (N.Z.P.A.-Reuter—Copyright) LONDON, Dec. 23. The pound sterling resisted another sharp assault in the London Foreign Exchange Market today. Dealers offered pounds for sale, mainly for delivery in three months, on. a scale which threatened to depress the exchange rate. Later the pressure eased and the rate steadied. The Bank of England intervened with substantial purchases. It has done this several times since November 23 when a jump in bank rate from 5 to 7 per cent failed to give relief. Reports from European centres said there was no sign of the pressure in Continental markets. However, in London there was some Continental demand for dollars mainly from Amsterdam and Frankfurt which caused the spot rate of sterling to dip slightly. Brierley Buys Wgtn. Company (N.Z. Press Association) WELLINGTON, December 25. R. A. Brierley Investments, Ltd., has purchased a majority of the share capital of Barton Ginger and Company, Ltd., customs agents and carriers. Both are Wellington firms. Barton Ginger was recently placed in receivership at the direction of a debenture holder. Announcing the acquisition, Mr R. A. Brierley, managing director of R. A. Brierley Investments, said the receiver had ceased to act and the business would continue as before with the same staff and Mr R. Martin as general manager.

Business Personal

Mr A. Harris will retire as general sales manager and a director of Todd Motors, Ltd., Wellington, on December 31 after 44 years with the company. He was appointed general sales manager in 1947 and a director in 1950.