WORLD CURRENCIES

Otago Daily Times, Issue 23006, 8 October 1936, Page 9

WORLD CURRENCIES

THE DEVALUATION MOVEMENT NERVOUSNESS IN BERLIN BERLIN, Oct. 6. Share prices rose owing to increasing nervousness concerning the future of the currency. Well-in-formed circles, however, believe that devalu-tion is not imminent, but the creation of an export mark, which would be exclusively for use abroad for purchase of German goods, is considered more likely. ITALIAN BOURSES REOPENED ROME. Oct. '6. The bourses will be reopened tomorrow. DEALINGS IN LONDON (British Official Wireless) RUGBY, Oct. 6. (Received Oct. 7, at 5.5 p.m.) A feature of the foreign exchange market was the resumption- of dealings in Italian lire,' the rate being quoted at 92.94. When the lire was last dealt in on September 25 the closing rate was 64 3-8. The stock markets were quieter, but the tone was confident. Cum »cy devaluations on the Continent having cleared the air, British Government stocks were quieter, following the announcemen. that underwriting is about to take place for the Manchester Corooration of a 3 per cent, loan of £5,000,000, repayable 195863. AMERICA'S POLICY WASHINGTON, Oct. 6. (Recei. Oct. 7, at 5.5 p.m.) President Roosevelt indicated in a Dre.:s interview to-day that if he is re-elected he will ask Congress to extend his legal power to devaluate the currency, which normally expii -s on January 30, » "57. He stated that tb> orimary purpose of the American currency policy was to protect r 1 estic values, for which, reason emergency powers sl'j''* be invested ' the Government to prevent the destruction of domestic values through the unexpected of other nations. The inference is drawn from the reference to an emergency that he is not contemplating further devaluation under' existing conditions'. THE BANK OF FRANCE PARIS, Oct. 7. (Received Oct. 8, at 1.30 a.m.) To-morrow's statement by the Bank of France will show that there has been an increase of 17,000,000,000 francs, about £162,000,000, due to devaluation, and it is exoected to show a large increase in gold stocks, possibly 2.000,000,000 francs. Three aeroplanes have already brought cargoes of gold from Brussels in addition to a shipment which arrived at Marseilles.