FOREIGN EXCHANGES

Southland Times, Issue 19223, 19 April 1924, Page 5

FOREIGN EXCHANGES

NOTHING SPECTACULAR. ELEMENT OF SURPRISE LACKING. (By Telegraph—Press Assn. —Copyright.) (Australian and N.Z. Cable Association.) NEW YORK, April 16. (Received April 18, 7.5 p.m.) The Foreign Exchange for the past fortnight has not been spectacular but generally holding gains. Sterling has reached 435.5 and the franc has fractionally passed six cents, representing a gain of a cent. The yen, however, has reached a new low level of forty cents as the result of the immigration controversy’. Meanwhile many investors have been wondering why the stock market has been so dull since the publication of the Dawes’ report but observers point out that whenever the effects are palpable they are generally discounted in advance. Thus the provisions being practically announced beforehand, the element of surprise was lacking upon their formal publication, hence the effect on the market has been negligible. FRENCH GOVERNMENT’S COUP. PROFITS OUT OF STABILISING THE FRANC. NEW YORK, April 17. (Received April 18, 11.5 p.m.) The Bank of France repaid the Morgan Syndicate 100,000,000 dollars loan. The franc was then quoted approximately at three and a half per centum against today’s six and a quarter cents. The French Government is reputed to have cleared enormous profits and are completely confident the franc will continue to rise. Other exchanges have remained virtually in the position cabled yesterday.