STERLING RATE

Southland Times, Issue 21580, 18 December 1931, Page 7

STERLING RATE

NOW WORTH 3.44 J DOLLARS.

(United Press Assn.—By Telegraph—Copyright) Rugby, December 16.

On the Stock Exchange this morning leading British Government stocks were generally J to s higher with sterling quoted at 3.44} dollars.

CANADIAN DOLLAR

QUESTION OF STABILIZATION.

Ottawa, December 16

The Prime Minister, Mr R. B. Bennett, called the leading bankers to a conference to-day to discuss the stabilization of the Canadian dollar, which is now at a 20 per cent, discount in the United States, and plans were formulated for the establishment of a Canadian money market independent of New York. One authority advised that if Canadian drafts and cables on London were handled directly from Canada and not through New York the dollar would be selling in New York at 90 cents instead of 81. NEED FOR STABILIZING SILVER. Vancouver, December 16. The Minister of Trade, Mr H. H. Stevens, declares that it is a mistake to “bear” on the gold standard, and says that silver must, be stabilized as currency.