RISE IN STERLING

Dominion, Volume 26, Issue 171, 15 April 1933, Page 11

RISE IN STERLING

Many Currencies Lift in Terms of Dollars INFLATION DISCUSSIONS By Telegraph—Press Assn.—Copyright. (Received April 14, 6.30 p.m.). New York, April 13. The pound sterling leaped 5 1-16 cents upward in heavy trading on Thursday, to close at a cable rate of 2 5-16 cents higher at 3.43} dollars. The Canadian dollar was 5-8 cents stronger at 83 7-8 cents. Foreign exchanges generally rose sharply in relation to the American dollar, especially European gold currencies, and the pound, and the Canadian dollar. French francs enjoyed the best gains for many months, jumping 4 5-16 points to a cable rate of 3.99 cents, the highest rate in recent years. New high rates for the year were also recorded by Dutch guilders, which are up 22 points to 40.68 cents, and the Belgian belgas are up 15j points to 14.11 cents. Swiss francs advanced 23 points to 19.60 cents. Sterling at one time wits up nearly six cents to 3.47 dollars. Scandanavian exchange also stepped forward. The upward flurry is attributed by some dealers to speculative operations in Europe based principally on reports of recent inflationary discussions at Washington. FIXING OF VALUES Exchange and Ottawa MENTION IN COMMONS London, April 12. In the House of Commons the Dominions Secretary, Mr. J. H. Thomas, announced that as the result of negotiations Canada bad agreed to certain tariffs on British goods. Since the Ottawa agreement the Canadian Government had agreed to fix the value of the pound sterling for Customs purposes to be reckoned at 4} dollars instead of 4.4 dollars. Mr. S. Bevan asked: “In view of the success of these negotiations and the change of New Zealand exchange to the disadvantage of Britain, is it intended to open negotiations with New Zealand?” Mr. Thomas replied: “My intention is to open any avenue profitable to Britain.”