ALMOST PAR

Evening Post, Volume CIX, Issue 117, 21 May 1925, Page 5

ALMOST PAR

CLIMB OF STERLING IN

AMERICA

STABILITY FACILITATES TRADE

STEADY RISE SUGGESTS FIXED PLAN.

(UNHID PRESS ASSOCIATION—COPIRIGHT.)

(AUSTRALIAN-NEW ZEALAND CABLE ASSOCIATION.)

(Received 21st May, noon.)

NEW YORK, 20th May

Sterling in New York has reached 4 dollars 86^ cents to £1. This is tho highest level since 1914, and is almost par (4 dollars 86.6 cents); and there is heavy dealing, which is attributed to buyers who are now realising profits. Tho buying came from several big New York bunking groups, and some from abroad, and was so steady that it created the impression of a prearranged plan. Dealers in exchange declare that the new stability of sterling is having a powerful influence on certain phases of international trade. Importers who have bills to meet on London are no longer compelled to make advance arrangements, because they know the pound is being held to steady levels. Th"c stable market has also done away with the speculative elements which have marked the foreign exchange market during the past few years.