EXCHANGE RATES.

Hawera & Normanby Star, Volume XLVIII, Issue XLVIII, 12 January 1924, Page 7

EXCHANGE RATES.

NEW YORK REPORT

IT CABLI—PBRBB ASSOCIATION—COPYRIGHT NEW YORK, Jaa. 10. The sterling reached 4275, which is 1} cents below yesterday, when, the market appeared to be encouragingly firm, ascribable to Mr. Ramsay MacDonald's moderate speech. , The sterling has been unsteady for the past weclt, but the tendency seemed haltingly upwards., -Observers are unablo to account for to-day's decline in view of yesterday's firmness.

Japanese yen to-day joined the ranks of currencies of foreign countries which reached new low levels of depreciation, dropping $& cents from the parity of 49 4-5, The decline in yen, which has been fairly steady since the Japanese earthquake and the heavy purchases for buliding • reconstruction materials in the United States, was assigned to the one important reason underlying the fall of the Japanese Government, namely, to finance. These purchases had approximately five hundred million dollars credits in New York and London, and these ...had been augmented through the sale of yen for dollars.