FURTHER DEVALUATION

Wanganui Chronicle, Volume 79, Issue 238, 8 October 1936, Page 7

FURTHER DEVALUATION

UNITED STATES CURRENCY ROOSEVELT SEEKS POWERS USE IN EMERGENCY [By Telegraph—Press Association—Copyright) Received Oct. 7, 5.5 p.m. WASHINGTON, Oct. 6. Mr. Roosevelt indicated in a Press interview to-day that if he were reelected he would ask Congress to extend his legal powers to devaluate the currency, which normally expires on January 30, 1937. He stated that the primary purpose of the American currency policy was to protect domestic values, for which reason emergency powers should be invested in the Government to prevent the destruction of domestic values through the unexpected action of other nations. The niference is drawn from the reference to emergency, that he is not contemplating further devaluation under existing conditions. TH? AIR CLEARED BRITISH STOCK MARKETS CONFIDENT [British Official Wireless) Received Oct. 7, 5.5 p.m. RUGBY, Oct. 6. A feature of the foreign exchange market was the resumption in dealings in the Italian lire, the rate being quoted at 92 to 94. When the lire was last dealt in on September 25, tho closing rate was 64 3-8. The stock markets were quieter but the tone was confident, the currency devaluations on the Continent having cleared the air. British Government stocks were quieter, following the announcement that underwriting is about to take place for the Manchester Corporation 3 per cent, loan of £5,000,000, repayable 1958-63. GERMAN CURRENCY EXPORT MARKS SUGGESTED BERLIN, Oct. 6. Share prices rose owing to increasing nervousness concerning the future of currency. Well-informed circles, however, believe that devaluation is not imminent, but the creation of an export mark, which would be exclusively for use abroad for the purchase of German goods, is considered more likely.