Foreign Losses

Wanganui Chronicle, Volume 74, Issue 229, 28 September 1931, Page 7

Foreign Losses

THE DEPRECIATED STERLING GREAT ANXIETY IN FRANCE (By Telegraph—Press Association—Copyright] Received Sept. 27, 8.10 p.m. PARIS, Sept. 26. The fall of the sterling continues to cause great anxiety. It means an enormous depreciation in tho value of the sterling holdings of the Bank of France and other banks. Meetings have been held between M. Flandin, Minister of Finance and Treasurery officials. M. Moret is believed to be concerned immediately with the rescue of the National Bank credit, which recently continuously lost deposits. It is expected that the bank will be absorbed by the Credit Lyonnais. GERMAN BANK CLOSES THE STEELING RESPONSIBLE Received Sept. 27, 5.5 p.m. BERLIN, Sept. 26. The banking house of Schpenbergcr and Company, Berlin and Amsterdam, has closed owing to losses caused through the depreciation of tho sterling. WALL STREET WHIRL PRICES CHURNING BROKER DROPS DEAD. NEW YORK, Sept. 2q. Prices churned violently on Friday as Wall Street strove to get its bearings. Turning strong in tae final hour the market more than cancelled earlier losses of one to eight dollars, apparently basing the rally on the reports that the exchange authorities intend to discipline professional bears who insisted on raiding tactics. In the excitement one broker dropped dead of a heart attack on the Exchange floor. POUND AND DOLLAR NEW YORK, Sept. 25. The pound sterling closed at 3 dollars 80 cents, and the Canadian dollar at 92| cents. SYDNEY MARKETS ADVANCING PRICES SYDNEY, Sept. 26. The Stock Exchange again animated. Nine maturities of consolidated stock sold at higher rates, one to the extent of £2. An increase took place in Australian banks and a number of industrial com panics. Tho wheat price continues to advance, 2s Bjd being offered. Sheepskins rose id a lb. and hides were id per lb. deader. Increased quantities of mutton are being shipped abroad and butter shipments since July 1 have more tLan doubled compared with the corresponding period of last year. Fine wool at Newcastle reached 14|d per lb. KNOCK-OUT BLOW FRENCH TOURIST TRAFFIC. PARIS, Sept. 25. The present pound quotation promises to be almost a knockout blow to France’s valuable tourist traffic. The German crisis, which resulted in u tax of £5 being levied on Germans leaving the country for a holiday has also kept thousands from France. The lavishly expensive Riviera resorts to which tens of thousands of Britishers resort in tho winter will be practically deserted. Incidentally fewer wealthy Americans arc crossing at present. The favourable exchange is a great inducement to the French to visit England and French tourist agencies are already urging them to spend their holidays at home. ITALIAN BANK RATE RAISED TO 7 PER CENT. Received Sept. 27, 5.5 p.m. ROME, Sept. 27. The bank rate has been raised per cent, to 7 per cent. IMPROVED BUSINESS LONDON STOCK EXCHANGE SPECULATION RESTRICTED Received Sept. 27, 5.5 p.m. LONDON, >Sept. 26. The Stock Exchange rule forbidding all but cash dealings, had the desired effect in restricting speculation. The total turnover, owing to the improvement of the sterling and British funds, moved up. Foreign exchanges showed an improvement all round of Id to 3d in the value of the sterling.