U.S.A. DOLLAR

Hokitika Guardian, 30 November 1933, Page 5

U.S.A. DOLLAR

A SLIGHT DROP

STERLING HAS QUICK RISE.

v United Press Association—By Electric Xojegrapb—Copy right. J

NEW YORK, November 28.

The dollar to-day closed at 03.111 cents in terms of the franc, this being near tile day's low level, and over one cent below the previous day’s closing lc\ el. ; . ,

Sterling rose from 50 dollars 7 cents to 52 doiiars. This rise was one of the quickest reversals even seen in the Excnange market, and the franc went up

Late trading on the Stock Exchange erased must ol the early gains in prices. Prices dlosed ijdreguhjr, with little change. Wheat was up from one half to live-eighths, and cotton rallied a dollar a bale, but the late selling forced it clown to closing gains of 12 to 14 points.

The inflation sentiment revived speculative interests to-clay, with the rise in the price of gold, which caught the markets by surprise, for it had been assumed that Washington wvould hesitate to disturb the dollar further, until its December financing was completed.

GOLD PRICE INCREASED, WASHINGTON, November 28. The Administration increased the gold price by nine cents to-day, to 33.85 dollars an ounce. Some charters believe the 'advance is considered to serve as a reply to criticism of the President’s monetary programme. U.S.A. OCEAN MAIL SUBSIDIES. WASHINGTON, November 28. Mr Dollar to-day identified ocean mail contracts compilations showing that the Dollar companies made a total profit of 22,119,000 dollars on tile operation of the ships bought from the Government. . Other records introduced showed that R, Stanley Dollar received 5,305,000 dollars, J. H. Dollar 3,748,000, Herbert Fleishaacker, 3,686,000 and another partner, 1,951,000 dollars.

GOLD’S FURTHER INCREASE. (Received this clay at 10.10 a.m.) WASHINGTON, November 29. The administration increased gold by eight cents to-day to 33.93 dollars. AMERICAN LIQUOR TRADE. OTHER COUNTRIES SEEK TRADE. (Received this clay at 10.10 a.m.; WASHINGTON, November 28. The United States Government ixjday notified liquor importers of its intention to use tho repeal to bring about the lowering of tariff barriers against American products in other countries, through the allocation of liquor imports after December 5.

iWith the ending of prohibition, keen competition is seen among other countries to secure the United States liquor business, militating against domestic distillers and brewers. It is estimated that twenty million gallons of spirits, and fifteen million gallons of wine will be imported during the first year after the repeal. The Government will retain its emergency powers to control prices of imports if necessary, and desire s to preserve the orderly development of the liquor industry by co-ordinating domestic and importing branches, and by the protection of the industries’ branches a s well as the consumers.