RATE OF EXCHANGE
DEPRESSION IN NEW YORK. i«u Association —By Tilogmph—Copyright NEW YORK, January 10. (Received Jan. 11, at 8.30 p.m.) Sterling has reached 4.27| dollars, which is one and a-half cents below the rate yesterday, when the market appeared to ' be encouragingly firm, ascribable to Mr MacDonald’s moderate speech. ‘ Sterling had been unsteady for the past week, . but the tendency seemed to be haltingly upward. Observers are unable to account for to-day’s decline in view of yesterday’s firmness. The Japanese yen to-day joined the ranks of the currencies of foreign countries which reached new»low levels, the depreciation showing a drop of 5j cents from parity. The decline in the yen has been fairly steady since the Japanese earthquake, and heavy pujfchases of building reconstruction materials in the United. States is now assigned as one important reason underlying the fall The Japanese Government to. finance those purchases haad approximately 500,000,000 dollars credits in New York ami London, and these hnd been augmented through the , sale of yen for dollars.—A. and N.Z. Cable.
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Bibliographic details
Otago Daily Times, Issue 19067, 12 January 1924, Page 9
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172RATE OF EXCHANGE Otago Daily Times, Issue 19067, 12 January 1924, Page 9
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