DECLINING DOLLAR

Poverty Bay Herald, Volume LX, Issue 18236, 3 November 1933, Page 11

DECLINING DOLLAR

U.S. GOLD POLICY STOCK MARKETS ACTIVE (Elec. Tel. Copyright—United Press Assn.) (Received November 3,2 p.m.) NEW YORK, Nov. 2. With the gold price set. at 32.30 dol- ; lars here, and the London bullion quotation rising to 31.52 dollars, the dollar was weak, declining to 485 cents against sterling in late trading, and also weakening against the franc, so that the dollar was worth only 64.23 cents in gold on that basis. , Further depreciation of the dollar against foreign exchanges encouraged the transfer of funds into commodities and equities which would benefit directly from rising commodity prices, particularly petroleum, rubber, sugar, and mining shares. Gold and silver mining stocks suffered from late sales for profit-taking, despite rising prices for both metals. Spot silver advanced to SO 7-8 cenls an oz., the highest since April, 1020. Plans for purchasing imported gold |by the Government, it is understood, | are being formulated to supplement , purchases of domestic newlv-niined ; metal. The Government hopes thus to ’■ avoid the necessity of direct dealings ■ in foreign gold and exchange markets, leaving such to individuals choosing to ship gold here. It is understood ; that this will also be paid for by the reconstruction Finance Corporation in 00 day notes.