POUND STERLING

Southland Times, Issue 21579, 17 December 1931, Page 7

POUND STERLING

RENEWED FIRMNESS

THE FIDUCIARY ISSUE.

(British Official Wireless.) Rugby, December 15

Sterling opened this morning with renewed firmness, the New York cable rate having risen from the overnight closing price of 3.431 to 3.46} dollars. The French franc also rose from 87J to 88 3-16.

With regard to the announcement that the fiduciary issue, which was raised by £15,000,000 to £275,000,000 in August, is to remain at the existing figure, the Daily News says the fact that no further increase is deemed necessary over the Christmas period should have a reassuring effect abroad, where opinion has been quoted as unnecessarily apprehensive of a possible further increase for Christmas currency purposes and a suggestion of inflation. The fact that the present permission to maintain the £15,000,000 increase lasts until January 31 should finally dispose of this. GOLD STANDABD SOUTH AFRICA’S ADHERENCE. (Rec. 7 p.m.) Cape Town, December 16. The Prime Minister, General Hertzog, speaking at Dingaan’s Dav celebrations, declared: "As long as there is a Nationalist Government South Africa will remain on the gold standard.’’