U.S.A. INFLATION

Greymouth Evening Star, 19 December 1933, Page 7

U.S.A. INFLATION

GOLD TRICE RAISED

[by CABLE —PRESS ASSN. —COPYRIGHT.] WASHINGTON, December 18. While the new gold price is 34.06. bar gold in London was bringing only 32.48. On the basis of sterling’s opening price, 5126, the dollar dropped in foreign exchange trading at New York sterling and the franc leading the advance of all foreign currencies. The stock market steadied after an early decline, limiting the day’s losses to modest proportons. Bonds lost fractionally, while dommodity markets, principally cotton and ■wheat, after making early gains, sold down, the inflationary influences of the increase in the gold price being all but ignored. FRENCH HOARDING. (Recd. December 19, 2 p.m.) PARIS, December 18. M. Bonnet prefaced the Christmas week hustle to pass the Budget, by declaring that France would not abandon the gold standard, and predicting that Britain and America would stabilise their currencies in 1934. The Budget Rapporteur, M. Regnier, disclosed the startling fact that 240 millions sterling in gold and notes were now hoarded in France owing to the lack of confidence, the release of which money would make a vital difference in the country’s position.