SEE-SAW EXCHANGE

New Zealand Times, Volume XLVI, Issue 10507, 7 February 1920, Page 8

SEE-SAW EXCHANGE

NEW YORK PANICKY REMARKABLE DROP IN OOEIAN FREIGHT'S. RELEASE OF GOLD ESSENTIAL. By Telegraph—Press Assn.—Copyright Australian and N.Z. Cable Association. NEW YORfA, February 4.y u . The New York exchange' market was' very panicky to-day. The sterling rat o reached the unprecedentedly low level of 3 dollars lOf cents. It recovered later to 3 dollars 25 cents.. The stock market reacted, sharply, and virtually all issues sold .at largo losses. Cotton fell, off 25 to TOO points on the report that Britain had stopped all -cotton imports.

The exchange situation has caused a drop in ocean freight .rates. The rate for carrying'Wheat across tho Atlantic was 75 cents a hundredweight in 1910Space can , now bo obtained for 35 cents. Tho hope is expressed that the British Financial Conference will remedy the exchange situation. Exporters here believe it will bo necessary for England and Franco to release largo gold stocks before tho exchange market can be stiffened. PRICE OiF GOLD. (Received February 6, 9.10 p.m.) LONDON, February 5. The price of gold is £6 7s Id per ounce. South Africa, South America, and India are buying. REDUCING PAPER MONEY. Am. and N.Z. Cable Assn, and Heater. LONDON, February 4. Tho “Evening Standard’’ states that as the result of the Financial Conference an international conference will Tie recommended. It will probably be held in London, or in Paris if more convenient. It is understood that tho Treasury has decided to reduce the flotation of paper money by twenty millions, and further decreases Will be made. Bankers have decided to keep a tight hold on advances until' credit Is improved by increased production and economy. APPEAL FOR SURRENDER OF GOLD.

LONDON, February 4. The “Daily Express’’ appeals to everybody to surrender gold ornaments, plate, and jewellery, in order to liquidate the debt to America and restore the exchange. ° CANADA’S POSITION. (Received February 6, 11.43 p.m.) OTTAWA, February 5. The Minister for Finance conferred with loading bankers on the exchange situation.’ The opinion was expressed, that Government action could not lessen the unprecedentedly heavy discount on Canadian money since the causes were international. " AMERICAN SENATOR’S PROPOSAL TO STABILISE THE MONEYS OF THE WORLD. (Received February G, 11.45 p.m.) ■ ' WASHINGTON, February 5. Senator Thomas, declaring that’ the exchange situation was seriously threatening America’s export trade, introduced a resolution to create a monetary commission to confer with simitar commissions from other nations in an attempt to stabilise the moneys of the world, LATEST RATES OP EXCHANGE. (Received February 6, 11.10 p.m.) LONDON, February 5. - The latest foreign exchange rates are as under:— Paris, francs 49.03 Stockholf, kron 18.17 Christiania, kron 19.27 Montreal, dels New -York, dois. , 3.25} Calcutta, rupees 2.73 OANADAE~POPULATION. 1.. ' , Australian nncl N.Z. Cable Association. (Received February 6. 11.45 p.m ) OTTAWA, February 5. The Department of Trade and Commerce has estimated Canada’s population at 8,835,102.