STERLING TOPPLES IN U.S.

Taranaki Daily News, 30 November 1932, Page 7

STERLING TOPPLES IN U.S.

LOWEST EVER RECORDED’

CANADIAN DOLLAR WEAKNESS

RALLY BY FRENCH FRANC

By Telegraph—PresJ Assn.—Copyright New York, November 28.

Sterling toppled to a record low price in terms of the United States dollar today, giving ground early in the day to 3 dollars 18 cents for London cables (the 1920 low point), and later falling below that figure. It had broken about four cents from Saturday’s closing price well before noon, and foreign exchange dealers said that London and New York were the principal sellers of stock. Sterling closed 3 7-*8 cents weaker at 3.18 5-8 cents for cables.

The Canadian dollar was down one and three-sixteenths cents at the start, opening at 83J cents in United States funds. The weakness is attributed partly to sympathy with sterling and to seasonal influences. The Canadian dollar closed at 84 cents.

The European gold currencies are steafy, the French franc rallying three points. The closing price Was 91J cents for Paris cables.

A London cable states that sterling opened on the foreign exchange market at 3 dollars 21 cents and dropped to 3 dollars 19J cents, the lowest ever officially recorded.