VALUE OF THE POUND

Manawatu Standard, Volume LII, Issue 6, 7 December 1931, Page 8

VALUE OF THE POUND

j 3.15 P.M. EDITION l I ■ ■ ■ L_

DEPRECIATION CAUSES. (United Press Association—By Electric Telegraph.—Copyright.) (British Official Wireless.) Received December 7, 12.5 p.m. •RUGBY, Dee. 6. The various causes which led to the recent depreciation in the external value of the pound were discussed by Mr Neville Chamberlain in the course of a speech he delivered. The Chancellor said that one of the chief reasons was perhaps the general uneasiness of foreign holders of sterling balances in ; London, who saw hanging over Europe a cloud of uncertainty about the future and who thought that they would be :more comfortable if they had liquid resources at home, where they would be available at short notice. He< had no doubt that those foreign holders of sterling balances who had been taking their funds away from London would presently find that they had made a bad bargain. The Chancellor saw no reason why the depreciation in the value of the sterling should be substantial or prolonged, but a satisfactory settlement of the reparations question would do more than anything else to remove the nervousness now so widespread over the world.