SELLING STERLING

Evening Post, Volume CXVIII, Issue 51, 29 August 1934, Page 9

SELLING STERLING

CONTINENTAL; OPERATORS

FALL IN POUND CHECKED

LONDON, August 28.

The. '.'Daily Telegraph's" city editor says that- Continental speculators who were selling sterling, suddenly changed their tactics, and '■' began to .sell Continental gold 'currencies, with tlip result, that the.-fall. in the* pound was cheeked.. : ','■' .' ..... ;•'*'•' .--..- -', ■■■;

' The change, of front -: was. -duo to .rumours/that llolland might be forced off gold .and thus break up tho gold bloc. . Hpllandj however, denies any weakening, of-the b10c...., ■...-'.; /The ■ British Equalisation Fund haSibeen freely nsecl'to counter sales, of.sterling, 'which are traceable to speculators-, believing that President Boosevelt^heading for inflation and that the pound-is likely to be depreciated;,6tep by step with'tiio dollar; The present position, is that the dollar is unlikely immediately to be devalued and that the pound is suffering nothing more than the' usual autumn weakness,, when the bulk of British imports are paid for. " .• ■