ROOSEVELT POLICY

Hokitika Guardian, 1 December 1933, Page 5

ROOSEVELT POLICY

COMMODITY DOLLAR;

FURTHER RISE IN GOLD PRICE

.United Press Association—By Electric Telegraph—Copyright.)

WASHINGTON, November 29. The Administration increased the price of gold by eight cents to-day to 33.93 dollars. From Warm Springs came the intimation that the President was going ahead with his objective for a com-

modity dollar without change, but as conditions dictate. Re-financing plans are expected in the middle of next week and it is believed ' will take the form of relatively short- term obligations.

Further rise in t-lie price of gold brought with it a supply of various l other interesting reports, one being that tile President was contemplating mi effort to keep the dollar temporarily stabilised in the vicinity of five dollars 25 cents to five dollars 35 cents as against sterling, until at least after the December 15 rc-finaheiiig. Another report stated that a ropresciiI Native of the stabilisation fund of the Rank of England visited Washington over last Weekend and there was some degree of understanding between the Federal Reserve and Treasury officials and the English Central Rank. I The exchange market fluctuated '• widely throughout to-day The foreign currencies, gained on to-day’s boost in the gold price But the dollar rallied in late trading, and U closed at 63.55 , cents in terms of the franc being up j about half a cent. ,

Sterling and the franc closed slightly down at 518* cents and 6.16 dollars respectivly.

Securities and commodities fluctuated with the dollar.

On the Stock Exchange, prices were up frantically to a few points in light trading.