THE LATEST.

Waikato Times, Volume 110, Issue 18440, 22 September 1931, Page 7

THE LATEST.

STOCK EXCHANGE CLOSED.

POSITION ON THE CONTINENT. STERLING NOT QUOTED. United Press Assn.—Elec. Te!. Copyright. (Received Sept. 22, 9.25 a.m,). LONDON, Sept. 21. The Stock Exchange will remain closed to-morrow and financial interests In the city are of opinion that it will remain closed for several days. Agents'ln London are quoting the following rates for the pound sterling: Paris 100 francs; New York, 4 dollars 20 cents. The Reichsbank in Berlin has fixed the sterling rate at 194 marks. TAKING THINGS QUIETLY. ALL APPARENTLY NORMAL. “CAN’T DEPEND ON THEORIES.” United Press Assn. —Elec. Tel. Copyright. (Received Sept. 22, 10.30 a.m.). LONDON, Sept. 21. s The city is taking things very quietly. Except for a crowd nf curiosity seekers watching the groups of temporarily-unemployed stockbrokers and clerks t mussing affairs in Throgmorton Street, everything appears perfectly normal and no one would Imagine that England Is in the midst of a financial crisis. The banks are carrying on business as quietly and calmly as usual, and little out of the ordinary is apparent in the produce markets, although prices of many commodities showed advances, notably cotton by |d per lb, rubber by 7-16ths of a penny, also metals, sugar and wheat. Business on foreign exchange is practically at a standstill awaiting events on the Continental exchanges. it Is recognised In well-informed circles that some depreciation in the value of the pound for the time being Is inevitable, but It Is unlikely to bo anything so great as the falls which occurred on the continent. No one Is prepared to hazard an opinion as to what the effect of the gold standard decision will have on Australian exchange. Australian banking circles consider It too early to say. Theoretically, of course, the 'Australian pound should improve, but as an Australian banker said: “You can’t depend on theories. 1 CURRENCY FLUCTUATION. RALLY IN STERLINQ. United Press Assn. —Elec. Tel. Copyrlgbt. (Received Sept. 22, 10.0 a.m.) NEW YORK, Sept. 21. Fluctuating widely the pound sterling dipped to a new low level for the present decade to 3 dollars 75 cents before rallying to around 4 dollars 35 cents. Bankers experienced difficulty 'in establishing a market for foreign currencies. In only a few Instances were the rates more than nominal. The Italian lira sagged two cents; Spanish peseta was off ten; French and Swiss francs were unchanged. Silver advanced li cents to 29J cents, the highest level since July. GENEVA, Sept. 21. The Bourses at Zurich, Geneva and Basle have provisionally suspended sterling quotations. The bourses at Brussels, Stockholm, Oslo and Copenhagen were not open to-day. ! RETURN TO PROSPERITY. TRADE REVIVAL THIS YEAR. FINANCIAL EDITOR OPTIMISTIC. United Press Assn.—Elec. Tel. Copyright. (Received Sept. 22, 10.45 a.m.) LONDON, Sept. 21. Commenting at length on what he describes as “ the real starting point 'of cheaper production and a return to prosperity," Mr Arthur Wade, financial editor of the Evening Standard', in an article, in that paper says:— " There is plenty or food in England, while in the Dominions them are willing suppliers for food wants and willing buyers of goods and manufactures in return. There is no need lo fear foreign exchange troubles in our own relations with the Empire. Inter-Empire trade and exchange transactions balance out very nicely and promptly. “ Personally I believe that a trado revival In England will begin this year,’*

EFFECT IN AUSTRALIA.

BANKERS’ VTEWS. » United Press Assn.—Elec. Tel. Copyright, (Received Sept. 22, 10.0 a.m.) SYDNEY, Sept 22. The bankers are disinclined to discuss the possible effects of Britain’s abandonment of the gold standard beyond admitting tthat the announcement did not come as a surprise. Mr Riddle, the governor of tha Commonwealth Bank, said the effeofc on Australia would depend chiefly on the ability of Britain to maintain Itg exchange. WISE STEP. CLOSING OF EXCHANGE. ' % LEAD TO BETTER BUSINESS. ; v J United Press Assn.—Elec. Tel. Copyright. (Received Sept. 22, 10 a.m.) LONDON, Sept. 21. Gold, nominal, 84s 92d. The closing of the Stock Exohanga is generally considered a wise step t« meet the unprecedented selling of foreign securities; also'the reduction in' the value of sterling will mean a rise in commodity prices and lead to better business on the Stock Exchange. POSITION OF STERLING. ON NEW YORK EXCHANGE. SHORT-SELLING PROHIBITED. _____ United Press Assn.—Elec. Tel. Copyright (Received Sept. 22, 10.15 a.m.) ■ H\ ''t A'.'HTj 'NEW YORK, Sept. 21. The Board of Governors of tha New York Stock Exchange, befora opening to-day, Issued a notice prohibiting short-selling of sterling* Cables show that on the foreign exchanges market sterling sold at four dollars, compared with Saturday’s close of 4 dollars 85 cents. The Canadian dollar dropped to a nominal value of 944 cents on the local and foreign exchange markets to-day, tha lowest in many years. Brokers, however, said there was practically no call for Canadian funds, and some banka went so far as to refuse quotations.

THE BRITISH SPIRIT.

EVOKES FRENCH ADMIRATION. United Press Assn.—Elec. Tel. Copyright, (Reoeived Sept. 22, 10.30 a.m.) PARIS, Sept. 21. The newspapers of all shades of opinion express admiration at the do- % termlned courage with which Britain Is facing the financial danger. j ■' ■ t- ■ ■ *- ; CALMNESS IN NEW YORK, THE STOCK EXCHANGE. AN ORDERLY SESSION. * ' i . y, . y United Press Assn.—Elec. Tel. Copyright. (Received Sept. 22, 11.5 a.m.). NEW YORK, Sept. 21. ;"v The financial markets here to-day presented a formidable front to the tidal wave of unrest which has swept lacross the Atlantic. The judgment of the officials of the stock exchange, who turned deaf ears to urgent ap- _ peals, both from home and abroad,' to " close the market was vindicated toy an unexpectedly orderly session. The market surged vigorously after an opening slump of from one ,to seven points, showing gains of from one to nine. Secondary reaction, however, in late trading cancelled much of the advance, the list closing Irregularly lower, with several losses of from one to four points. Canadian dollars closed at seven cents down.