DAY BY DAY.
When the cables announced a few days ago that the value of the Value of sovereign in New York tho had ■fallen to 4.26 dolSovereign. lars, rallied to 4.34 and closed at 4.32, very few gave the news much consideration, but its significance has soon become evident. In May the lowest value of the sovereign was 4,62 dollars, .30 or Is 3d higher than the closing rate quoted above, and in it may be found an explanation for the recent rise in the price of petrol, affording a direct example of the effect of the rate of exchange on prices of goods. The industrial crisis in England, which has lessened her exports to America, has affected the rate of exchange between the two countries, with the result that American goods have become dearer correspondingly throughout the Empire. This striking evidence of interdependence will no doubt tend to induce more consideration of the finance of tho Mother Country whose supremacy as the world’s counting house has for some time been threatened by America. A further effect is stated in to-day’s rendering necessary the purchase of German metal goods for England,
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Bibliographic details
Waikato Times, Volume 91, Issue 14128, 4 August 1919, Page 4
Word Count
192DAY BY DAY. Waikato Times, Volume 91, Issue 14128, 4 August 1919, Page 4
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