THE POUND STERLING

Otago Daily Times, Issue 19373, 8 January 1925, Page 7

THE POUND STERLING

PROPOSED RESTORATION TO PAR. etnanctAl authorities m AMERICA. Press Association—By Telegraph—Copyright. WASHINGTON, January 6. (Received January 7, at 5,5 p.m.) The officials are informed that the hitherto unexplained visit to New York of the Right Hon. Montagu Norman, Governor of the Bank of England, is connected with a proposal by which the British Government and tho financial interests would restore the pound sterling to its gold parity in the near future. Mr Norman is not expected to negotiate with the Chi ted States Government, as that is unnecessary, but dose co-operation between tho London and New York money markets is essential. Responsible British agencies believe that they can bring sterling to par at any time, but the problem is to keep it there. Mr Norman is understood to be gathering estimates of the trend of capital and gold movements which might result from a par sterling, and is arranging tentatively for an adjustment of the monetary and banking machinery to meet the new demand. Some Washington people believe that a sterling parity would hasten a re-distribu-tion and require the export of gold from the United States.—Reuter. NEW YORK, January 6. (Received January 7, at 5.5 p.m.) Sir George Paish, the well-known British financial authority, has arrived here, on route for Washington.—Renter.