ATTACK ON STERLING

Waikato Times, Volume 112, Issue 18777, 27 October 1932, Page 7

ATTACK ON STERLING

RECOVERY RECORDED. 3 DOLLARB 32 CENTS TO THE £ GOVERNMENT STOCKS FIRMER. (Official Wireless.) (Received Oct. 27, 12.30 p.m.) RUGBY, Oct. 6. The recovery of sterling which occurred 1 at the latter part of yesterday, continued this morning. The dnllar rate opened at 3.314 and

NO NEED FOR ANXIETY. REACHING ITS NATURAL LEVEL. SIR 'H. HORNETS ASSURANCE. United Press Assn.—Elec. Tel. Copyrlgnt. (Reoelved Oct. 27, 12.45 p.m.) LONDON, Oct. 26. “People are unnecessarily perturbed about the fall In sterling which, without the support of the Equalisation Fund, is reaching its natural level In relation to the amount of trade with the outside world,” said Sir Robert Horne, a director of Lloyd’s Bank, and formerly -Chancellor of (the Exchequer. “The difficulties are small in comparison with the advantage of having sterling at Its natural level, except in one respect in which there is the possibility of great difficulty—namely, a level 'currency obtaining throughout the Empire. Unless there is a definite agreement between the communities within the Empire, it is obvious that any system of preferences can be broken up by changing currency values; consequently, one of the first essentials is to fix radio of currencies which should no,t be difficult."