MONEY CRISIS

New Zealand Times, Volume XLVI, Issue 10508, 9 February 1920, Page 6

MONEY CRISIS

AMERICA SUFFERS EUROPE CUTS DOWN PURCHASE OF MEATS. GOOD POSITION IN JANUARY. By Press Association—Copy righ! Australian and 2s f .Z. ; Cable Association. (Received February -8, 5.5 p.m.) NEW YORK. February 7. The Chicago Institute "of American Packers has announced that the demoralisation of the exchange has resulted in a large decrease in European purchases of American meats, especially during January, when purchases ceased almost wholly. It is believed a reduction in the price of packing-house in America is inevitable. WINNIPEG CRIES A HALT. TO CEASE PURCHASING FROM AMERICA. (Received February 8, 5.5 p.in.) OTTAWA, February 6. A message- from Winnipeg states that the Board of Trade, the Bankers’ Association, wholesale merchants and women’s organisations have unanimously resolved to • cease buying America's goods in order to check the disastrous discount of Canadian paper, and buy British goods instead! FOREIGN- EXCHANGES. LONDON. February 4. Foreign rates of exchange on London oh February 2nd compared with the first half of 1914 and last week’s quotations are as follow':

VIOLENT FLUCTUATIONS. NEW YORK, ‘February 0. After violent fluctuations the sterling exchange steadied at 3 dollars 35 cents. SILVER EMBARGO IN AUSTRALIA. Br Telegraph—Press Assn.—Copyright MELBOURNE, February 7. A proclamation prohibits the export of silver coins. Oversea passengers will in future Be, permitted' to take only £3 worth.

— . ..Julj,-1914..Feb. 2. Feb. 5. Paxis, francs 25.32jt 47.05 49,03 Stockholm, kron IS.w-iJ 18.02 18.17 Christiania, kron IS.'.’ii 19.63 19.27 Montreal, dols. ... 4.87J 3.93 3.751 New York. dols. 4.871 3.36i 3.25J Calcutta, rupees ls4d 30d to 3s Slid