SUCCESSFUL MEASURES.

Manawatu Standard, Volume LIX, Issue 45, 21 January 1939, Page 10

SUCCESSFUL MEASURES.

PROTECTION OF STERLING. Received January 21, 1.5 p.m. LONDON, Jan. 20. The recovery of sterling, despite increased international tension and an easy tendency on the London and Paris Stock Exchanges, indicates the success of the measures taken to protect the currency, culminating in the circulation of detailed instructions for the enforcement of the ban on sterling speculation, which closed various loopholes. While last week the Exchange Account lost gold appreciably on balance, this week’s intervention to prevent sterling rising above 4.683 dollars, resulted in a harvest of gold wiping out the previous losses. Adverse political influences overshadowed the stock markets. The outstanding development was the acute weakness of the majority of foreign bonds, following the reaction of German and Austrian bonds, which early weakened on rumours of a Gorman capital levy and further declined owing to the dismissal of Dr. Scliacht and the suspension of the Jewish refugee discussions, although firmness on the Perlin Bourse prevented a serious fall. Colonial issues were dull.