Orgy on the Bourse

Manawatu Times, Volume 61, Issue 235, 5 October 1936, Page 7

Orgy on the Bourse

Buying the New Franc MASS OF SHRIEKING HUMANITY XJalted Press Association— By Electrlo Telegraph.—Copyright. PARIS, Oct. 2. The Bourse celebrated the birth ot the new franc with an orgy of buying. Weeks of quiet were broken when throngs of brokers and clerks, jammed in an extricable shrieking mass, fought to buy on the rise. The authorities decided to keep rises between 15 and 20 per cent., and consequently business was almost confined to outside brokers. The market for international stocks soared. More Elasticity need in international TRANSACTIONS. . - & (British Official Wireless). RUGBY, Oct. 2. Speaking last night at a meeting ot the Association of British Chambers of Commerce at Cardiff, Sir Robert Borne, who was Chancellor of the Exchequer in 1921-22, but who is not a member of the present Administration, referred to the currency agreement between Britain, France and America. ‘•This arrangement,” he said, ‘‘is going to have an effect on the whole of the currency systems of the world. It will make it far easier to conduct business. The foundation on which this new system is erected is the fact that these countries have at hand for this operation an immense sum of money by which these exchanges can be regulated. I look forward in a future not too remote to seeing the whole international trade of the world completely revolutionised. I believe that instead of an inflexible regulation of money transactions wo shall have a much more elastic method by which the currencies of the world will be stabilised through the operation of these exchange funds. ’ ’ • No devaluation in Rumania « BUDAPEST, Oct. 2. Cabinet has decided not to devaluate the currency. Franc at 103 i Received Sunday, 9.10 p.m. LONDON, Oct. 4.

Dealing in the French franc wero resumed iu the London foreign exchange market this morning, opening on a new basis of about 1034, compared with Friday's closing level of 76 37-64. The present mean rates on tho principal centres are sterling on New York 4.93 1-16, Paris 105 i, Brussels 29.235, Amsterdam 9.14, Geneva 21.415, Berlin 12.325. About 378 bars of gold of an approximate value of £1,058,000 were disposed of at 141 s. Checking Excessive Price Increases NEW ZEALAND EXCHANGE TAX REMOVED. Received Sunday, 9.50 p.m. PARIS, Oct. 3. An official decree cancels from Saturday next tho compensatory exchange on New Zealand and Australian products. The cancellation of the Australian and New Zealand tax was accompanied by decrees limiting the Ckineso and Japanese exchange tax to 10 per cent., reducing duties on goods not subject to quotas by 20 per cent, in the case of raw materials, 17 per cent, in the case of semi-manufactured goods, and 15 per cent, in the case of manufactures. Duties on quota goods are reduced to 20 per cent. The decrees are aimed at checking excessive prices.