OUTLOOK FOR STERLING
THE AUTHORITIES ANXIOUS RELAXATION OF BAN (United Press Association) (By Electric Telegraph—Copyright) LONDON, Dec. 23. The authorities' anxiety regarding the outlook for sterling and their determination to do the utmost to prevent further undue depreciation in the pound-dollar rate was illustrated by the decision to withdraw the relaxation of the ban on foreign lending. The American authorities approval of the protection of the exchange fund from unnecessary gold losses is read into Mr Morgenthau's later announcement that Congress will be asked to authorise the extension of the dollar stabilisation fund. , , ■■ .' Sterling relapsed, sharaly after the first shock of the reintroduction of the ban, combined with continued French repatriation of capital, but steadied when nervous selling subsided. ... .. Australian conversion scrip, after depressing the rest of the colonial loans by falling to 4 per cent, discount finished 3J per cent, discount. New Zealand stocks are buoyant owing to the good,November trade figures. Foreign bonds are uneasy.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ODT19381227.2.52
Bibliographic details
Otago Daily Times, Issue 23692, 27 December 1938, Page 8
Word Count
157OUTLOOK FOR STERLING Otago Daily Times, Issue 23692, 27 December 1938, Page 8
Using This Item
Allied Press Ltd is the copyright owner for the Otago Daily Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in