HIGH LEVEL FOR POUND

Press, Volume CIV, Issue 30900, 5 November 1965, Page 29

HIGH LEVEL FOR POUND

Three-Year Peak (N.Z. P. A.-Reuter— Copyright) LONDON Nov. 3. The £ today reached its highest level for nearly three years. Within two hours of the opening of business at the Foreign Exchange Market the £ rose by 0.0006 dollars to 2.8050 dollars. The currency had not reached this figure since January, 1963. The gain was a reflection of overseas reaction to yesterday’s announcement that Britain’s gold and convertible currency reserves have risen £42m in the last month. The true gain to the reserves was even greater because during the month some of the incoming funds were used to repay short-term overseas loans to central banks. The Bank of England does not disclose immediately the extent of these repayments, but in financial circles the figure is believed to be about £som, bringing October’s actual gain to about £loom.

Shipping Telegrams AUCKLAND. Nov. 4. Arrived. Mariposa <6.29 a.m.). San Francisco; Cap Finisterre <9.30 a.m.), Melbourne; Laurelbank <midnight), Nauru. Sailed.—EHinis <6.20 am). Papeete; Maurea (8.52 a.m.), Marsden Point; H.M.N.Z.S. Lachlan <3.7 p.m.), sea; Kowhai <7 p.m.), Sydney; Stadendam (1 p.m.), Suva. NEW PLYMOUTH, Nov. 4. Sailed.—Pegasus (4.20 p.m.), Newcastle. DUNEDIN, Nov. 4. Arrived.—Cumberland (6.45 a.m), Timaru; Parera (10.15 a.m.). Lyttelton; Waimea (12.40 p.m ), Lyttelton. Sailed.—Calm <4 p.m.), Timaru; Kwangsi, Napier; Konini, Lyttelton. BLUFF. November 4. Arrived.—Maunganui (11.40 am.). Dunedin: Mette Skou <12.10 p.m), Yokohama: Fremantle Star <5 pm.). Lyttelton. Sailed.—Taybank tit a.m.), porta.