STABLE EXCHANGES.

Manawatu Standard, Volume LVI, Issue 259, 30 September 1936, Page 9

STABLE EXCHANGES.

LARGE AREA BENEFITS. (British Official Wireless.) RUGBY, Sept. 28. Events abroad following the French Government’s decision regarding the franc and showing a wide extension of currency realignment in sympathy with the policy affirmed by the French, British and United States Governments for a revival of international trade are recorded in the papers with approval and optimistic conclusions are generally drawn. As a result of adjustments made or generally believed to be in contemplation it is argued that a substantial area embracing most of Europe, nearly all of Africa, and the whole of North America and of Australia, and considerable parts of Asia, will enjoy stable exchange relations and be freed gradually of hampering currency restrictions. There were no dealings on the foreign exchange market to-day in tho currencies of France, Switzerland and the Netherlands, nor in Italian lire. Ciiief interest was in sterliilgdollar rates. Metals rose. Gold shares were in demand and the view that international trade is likely to benefit was supported by buyers of shipping shares. On the Stock Exchange the weekend developments caused no undue disturbance and on the whole the markets welcomed the exchange decisions, although operators remain cautious, awaiting the opening of the Paris Bourse. British funds were generally marked l-Bth to 7-Bths lower, with War Loan 3J per cents. 7-16ths weaker at £lO7 ss. Dealings started in the London County Council new 3 per cent, loan on a basis of a 3-Bths premium, hut quickly rallied to a 7-Bths premium. Homo rails showed advances. French railway lines were strong, and also Argentine rails. German Dawes and Young bonds were better. In the gold-mining section substantial gains were recorded following the lixing of the price of gold at 140 s 9d, the highest since May 2. About 427 bars of gold, of an approximate value of £1,200,000, were disposed of.