FORCING DOLLAR DOWN

Hawera Star, Volume LI, 30 March 1932, Page 5

FORCING DOLLAR DOWN

ONSLAUGHT ON EXCHANGE

BUDGET BALANCE FAILURE

POUND STERLING SOARING.

BRITAIN REPAYING CREDITS.

[Unite* 1 Press Association— By Electric Telegraph

copyright.) NEW YORK, March 28. The somewhat tardy onslaught on the dollar, which started on Saturday as a repercussion of the failure of Congross on Thursday to approve the sales tax and balance the Budget, continued to-day. despite the assurance that the United States would not suspend the gold standard. * , , Although to-day was a bank holiday in England and elsewhere in Europe, heavy liquidation from abroad sent foreign exchanges, led by the pound sterling, soaring to final prices substantially above Saturday’s closing rates, although they represented a slight recession from the day’s highest levels. Sterling closed at but had touched 3.83 L the highest since October 31. The franc closed at 394£ after touching 394 7-8, which is about a quarter above the gold export level. The mark retained Saturday’s level, the highest since late in 1929. In view of the holidays in Europe it is reported that bankers and dealers operated from their homes and dealings converged on New York, the only important market open. The British Treasury has notified that the participating banks will pay on Tuesday £30,000,000 of the remaining £50,000,000 due on the £200,000,000 credit extended in August.