THE MONEY MARKET

Evening Star, Issue 21354, 7 March 1933, Page 7

THE MONEY MARKET

POSITION ON CONTINENT REACTION TO AMERICAN PROCLAMATION Pres* Association—By Telegraph—Copyright LONDON, March 6. (Received March 7, at 10.35 a.m.) Uncertainty and uneasiness are general throughout Europe, following President Roosevelt’s proclamation. Tho dollar fell two points in Berlin, where it will probably be removed from tho official quotations. The reichsmark generally is considered safe. The Italian money market is stunned, and dealings in the dollar were forbidden. Holland considers that America has practifcally abandoned gold. Boom conditions prevailed on the Stock Exchange owing to the possibility of the depreciation of the guilder, some industrial and oil shares advancing ten points. Dr Trip (president of the Netherlands Bank) declares that no special measures have been taken by the authorities, and that the Dutch banking situation is sound. The French Ministry of Finance is ready to give America generous support to remain on gold, but the authorities have not yet been requested to help. Switzerland is not unduly disturbed, and the bourse quotations improved after preliminary hesitancy. The dollar was not quoted. Dollars were offered briskly on the exchange at Riga, but there was no demand. Heavy Continental buying caused a sharp rise in sterling rates in Paris to 87i, Rome to 67J, Amsterdam to 8.65, and Berlin to 14.65,