RAPID RISE OF STERLING
WORLD TURNED ‘‘BULLISH’?
PRICE OF COLD DECLINING
DESIRE TO RESTRAIN RISE
BUYING BY UNITED STATES
British Wireless. Rugby, March 8. Sterling made a remarkable rise against other leading currencies on the market today. From the overnight level of 3.53 £ dollars the New York rate shot up to 3.72 J. The recovery automatically caused a reduction in the price of gold. The price of gold was officially fixed at 115/8, but dealings were made later at 112/7.
A New York message states that sterling soared 17j cents on Tuesday to 370 J cents for cable transfers, the highest since last fall. The Canadian dollar is 90 cents, or a quarter of a cent lower than Monday. Foreign exchange dealers said that New York was a substantial buyer of sterling, though most of the buying originated in Europe. The sharp rally, absorbed all the offerings made by the British Treasury, which was said to be eager to hold the price down.
“The world has turned ‘Bullish’ on sterling,” was the explanation of one buyer.
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Taranaki Daily News, 10 March 1932, Page 7
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176RAPID RISE OF STERLING Taranaki Daily News, 10 March 1932, Page 7
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