RENEWED FIRMNESS.

Star (Christchurch), Volume XLIV, Issue 298, 16 December 1931, Page 1

RENEWED FIRMNESS.

Sterling Shows Increase on Overnight Price. NEW YORK QUOTATION. United Press Assn.—By Electric Telegraph—Copyright. (Received December 16, 12.40 p.m.) RUGBY, December 15. Sterling opened this morning with renewed firmness, the New York cable rate having risen from its overnight closing price of 3.431 dollars to 3.46 i dollars. The French franc rose from 871 to 88 3-16. RUMOURS DISPOSED OF. Fiduciary Issue to Remain Stationary. (Received December 16, 12.30 p.m.) RUGBY, December 15. 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, 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.” ■ RATE OF EXCHANGE. Commonwealth Bank Action is Criticised. (Received December 16, 10.20 a.m.) SYDNEY, December 16. Mr Davidson, general manager of the Bank of New South Wales, criticises the action of the Commonwealth Bank in reducing the rate of exchange on London from 130 to 125 per cent. The rate should be free and natural under normal conditions, but at the present high rate is only a means of shielding the community from the effects of falling world prices, he says. EUROPEAN TRADE. (Received December 16, 12.30 p.m.) LONDON, December 15. Further proof of the universality of the trade slump is seen in the French exports, which, since January 1, amounted to only £322,000,000, a decline of one-third, compared with last year. Germany’s November figures are £9,000,000 below the figures for November, 1930.