FINANCIAL PROBLEMS.

Dominion, Volume 13, Issue 114, 7 February 1920, Page 7

FINANCIAL PROBLEMS.

ADVANCES RESTRICTED PROBABLE REDUCTION OP PAPER MONEY (By Telegraph-Press Association-Copyright London, Februarys. The "Evening .Standard" states that as the result of the financial conference an iiiternatjo.nal conference ivill bo recommended!? It will probably bo held in London, or in Paris if more convenient'. It is understood that the Treasury has decided to reduce the dotation of paper money by twenty millions, and further decreases will 'be made. Bankers 'have, decided to keep a tight hold en advances until credit'is improved by increased production and economy.—Aus.N.Z. Cable Assii.-Reuter. London, February i. The "Daily Express'' appeals to everybody to surrender gold ornaments, plate, and jewellery, in order to liquidate the debt to America and restoro Hie ex-change—Aus.-X.SS. Cable Assn. EXCHANGE MARKET PANICKY STERLING BATK AT RECORD LOW. LEVEL. New York, February i. Tho Xew York exchange market was very panicky to-day. The sterling mte, reached the.unpreccdentedly low level of li dollars 19J cents. It recovered later to 3 dollars 23 cents. Tho stock uavket reacted sharply, and virtually ull issues sold' at large losses.' Cotton fell oft' 2u to 100 points on the report that Britain had stopped all cotton imports. ' The exchange situation has caused a drop in ocean freight rate?. r :he rata for carrying- wheat across the Atlantic was 75 cents a- hundredweight in '1819. Space can now bo obtained for 35 cents. The hope is,expressed that the British financial conference will remedy tho exchango situation. Exporters hero believe it will be necessary for Kngland and.Franco to-releasu large gold, Blocks before the exchange market cm be etif-ftned.-Aus.-N.55. Cable Assn. ,

KATES OF EXCHANGE,-. (Rec. February. C, .11.10 p.m.), ( London, February 5. The following are the foreign rate 9 of exchange on London :--Pe.ris, 19.03 francs - to £,; Stockholm, 18.17 kronerj Christiania, 19:27-kroner; Calcutta, BVJ penco •tn-runeo: Montreal, 3."aJ dollars to £\ New York, 3.2-5J dollars to JJ.-Aus.-N.Z. Cable Assn.