FRANC AND DOLLAR

Evening Star, Issue 22619, 10 April 1937, Page 17

FRANC AND DOLLAR

EXCHANGE FLUCTUATIONS CAUSE UNEASINESS RUSH TO SELL GOLD SHARES Press Association—By Telegraph—Copyright LONDON, April 9. (Received April 10, at 11.15 a.m.) Francs were freely offered at 109 g : A story is current in the City that they will be devalued to 112, and that simultaneously President Roosevelt will raise the value of the dollar to the legal maximum by modestly cutting the gold price to 34.35d0l a fine ounce, enabling a return to the old sterling parity of 4.86, equivalent to the-Lon-don price of gold, then around £7 Is. Liquidation of gold shares has almost assumed panic proportions. The largest falls were sustained in companies at present in the development stage. Other markets were dull. NO REASON FOR DISQUIET STATEMENT BY FRENCH MINISTER. PARIS, April 0. (Received April 10, at 11.15 a.m.) The Minister of Finance (M. Auriol) conferred with the Exchange Equalisation Committee, after which he denied the reports that France would allow the franc to fall below the legal limit of 111. He also denied that modification of the three Powers’ agreement was imminent, and declared that there was no reason for disquiet owing to * exchange fluctuations, concerning which the equalisation fund would take appropriate measures.