STERLING TOPPLES

Waikato Times, Volume 112, Issue 18805, 29 November 1932, Page 7

STERLING TOPPLES

RECORD LOW LEVEL.

REACHED IN NEW YORK,

CANADIAN DOLLAR DOWN. United Press Assn.—Elec. Tel. Copyright. (Received Nov. 29, 10.30 a.m.) NEW YORK, Nov. 28. Sterling toppled to the record low price in terms of the United States’ dollar to-day, giving ground early in the day to 3 dollars 18 cents for London cables (the 1920 low point), later falling through that figure. It had broken about four cents from Saturday’s close well before noon, and foreign exchange dealers said London and New York were the principal sellers. The Canadian dollar was down one and three-sixteenths cents at the start, opening at 83£ cents in United States funds. The weakness is attributed partly to sympathy with sterling and also seasonal influences. European gold currencies are steady the French franc rallying one-eighth of a cent to 3 dollars 91J cents for Paris cables. DROP IN LONDON.

LOWEST EVER RECORDED. United I ress Assn.—Elec. Tel. Copyright. (Received Nov. 29, 9.20 a.m.) LONDON, Nov. 28. Sterling opened at 3 dollars 21 cents and dropped to 3 dollars 19J cents, the lowest ever officially recorded. CLOSING RATES IN NEW YORK. POUND AT 3 DOLLARS 18f CENTS. United Press Assn.—Elec. Tel. Copyright, (Received Nov. 29, 12.45 p.m.) NEW YORK, Nov. 28. The pound sterling closed at 25 cents weaker, at 3 dollars 18§ cents for cables and the Canadian dollar 11-16ths. lower, at 84 cents.