STERLING IN DEMAND
RISE MAY BE TOO RAPID. LOWER BANK RATE EXPECTED. (United Press Assn.—By Telegraph—Copyright.) (Rec. 5.5 p.m.) London, March 8. Although a number of industrial stocks relapsed owing to French selling, the firmness of British funds was maintained and several Australian State stocks improved 20/- to 40/-. The financial editor of the Morning Post says the removal of foreign exchange restrictions led to a stimulation of the foreign purchases of sterling, both spot and forward, as well as increased offers of shortterm foreign balances to banks with the result that the problem of the hour is to prevent sterling exchange rising too rapidly. The situation is peculiar and difficult, as trade activities will not permit the profitable economic use of large foreign balances. A reduction of the bank rate on March 10 seems a foregone conclusion.
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Southland Times, Issue 21648, 9 March 1932, Page 5
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138STERLING IN DEMAND Southland Times, Issue 21648, 9 March 1932, Page 5
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