FOREIGN EXCHANGE
STABILITY OF VALUES. BRITAIN’S ATM EXPRESSED. (British Official Wireless.) (Received 12.H0 p.m.) RUGBY, May 3. Dealing with the foreign exchange problem, the President of the Board of Trade, Air Walter Runciman, said the Government desired to see foreign exchange and the sovereign reaching equilibrium through which stability would be maintained—that stability which was to some extent at their command through the proposals of the present Budget. Their object was not to deal with banking problems, except so far as they were, interwoven with - industry. They wished to enable the merchants, the manufacturers and the shipowners to be assured of their costs, at home and abroad, and this could only lie achieved by stability in Ihe relative values of British and foreign money.
It may be Hint, gold would be the fluctuating element and not sterling. Indeed it was so far the opinion of the world that the sterling area- was extending. They were finding their responsibilities growing outside tho area of their own country into the Empire and even the wider world. Attempts to replace London as tho financial centre of the world had failed. “I have no hesitation in staking whatever reputation I have, in saying that we will be far better off at the end of 10.°.2 than we were at the end of lOm.”
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Northern Advocate, 3 May 1932, Page 5
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219FOREIGN EXCHANGE Northern Advocate, 3 May 1932, Page 5
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