EXCHANGE RATES

Hawera Star, Volume XLVIII, 12 January 1925, Page 5

EXCHANGE RATES

STERLING IN NEW YORK. BY CABLE—PEESS ASSOCIATION—COPYEIGHT. NEW YORK, Jan. 9. A sensational advance in the sterling carried the pound to tlie highest level in ten years, and within approximately seven oents of par. Tlie pound rose 1 3-16 cents during the day, closing at 478 15-16. Banking circles attribute the advance to confidential reports sent to London by Mr. Montague Norman (Governor of the Bank of England), who is now in Washington, to the effect that the money rates in New York are likely to remain low with the Federal reserve bank rate remaining unchanged for some time. IAIPROVEMENT IN LONDON. LONDON. Jan. 10. The exchange on New. York is 479 1-8 cents. Tlie improvement is chiefly due to further buying from New York, whose financiers are desirous of seeing the gold standard restored in Britain. ’ EXPORT OF GOLD. NEW YORK, Jan. 10. The flow of gold from the United States to India, swelled to unusual proportions when nine shipments, aggregating 9.1X10,000 dollars, left here for Tudia.. Four million dollars, in addition, were consigned to. London, bringing the total wold shinments for the year up to 25,000.000 dollars.