CONFUSED CURRENCY
APPREHENSION IN EUROPE. TEST FOR GOLD STANDARD. SOVEREIGN’S HIGH LEVEL. (United Press Association —By Electric Telegraph.—Copyright.) Received August 28., 11.35 a.m. LONDON, Aug. 27. Referring to the existing currency confusion, the Daily Telegraph says tho pound and dollar last week was each left to find its own level, the Exchange Equalisation Fund having apparently suspended activities in holding sterling. That is the possible explanation of the sharp advance on Saturday of the franc, mark and other gold currencies. They have risen steadily since the Economic Conference and there is already widespread apprehension in Europe as to what this' portends.
The allegiance of France, Germany, Holland and Switzerland to the gold standard will be tested by the race for depreciation between the pound and the dollar.
Unless tho movement is checked, questions loom ahead to disturb Europe. Sovereigns fetched £1 10s BJd in Lon. don yesterday l , the highest since Britain went off the gold standard. The city editor of tho Sunday Express says the cause of the rise in gold is the imminence of a gold-hoard-ing movement in France, where the people have lost confidence in all forms of paper obligations. One of the great French industrialists is understood to hold about £5,000,000 in a London bank.
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Bibliographic details
Manawatu Standard, Volume LIII, Issue 231, 28 August 1933, Page 7
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209CONFUSED CURRENCY Manawatu Standard, Volume LIII, Issue 231, 28 August 1933, Page 7
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