AMERICA AND GOLD

Waikato Times, Volume 113, Issue 18926, 21 April 1933, Page 6

AMERICA AND GOLD

STOCKS SKYROCKET. AVALANCHE OF BUYING. SHARES PUSHED UP. United Press Assn.—Elec. Tel. Copyright, (Received April 21, 2.30 p.m.) NEW YORK, April 20.

Heavy buying poured into the Stock Exchange at the opening, pushing prices of numerous shares one to two dollars, higher. Silver soared two to three cents an ounce. Profit taking in late trading reduced gains toy about half after an avalanche of early buying had sent prices up one to nine points. Billions were added to quoted values of stocks and staples. British currencies continued to skyrocket, the nominal opening quotation for the pound toeing 3 dollars 89 cents in United States funds, and the Canadian dollar 89£ cents. French francs rose approximately one-fifth of a cent' to 4.44 cents. Other currencies also rose. By noon British currencies had receded slightly, the - pound being quoted at 3 dollars 86 cents, four cents under the day’s high level. the german view. EFFECT OF DEPRECIATION. HOLLAND REMAINS ON GOLD. United Press Assn. —Elec. Tel. Copyright. (Received April 2i, 12.30 p.m.) BERLIN, April 20. Financiers associated with the Reiohstoank consider the fluctuations of the dollar cannot touch the dollar exchange in the long run. America Is the world’s greatest creditor and 1 therefore the continuous demand for . dollars will maintain the dollar quo- • tation near parity. America’s action is « necessary to prevent the irregular withdrawals of gold. It is unlikely ? to affect German currency which has stocks of foreign currency adequately < protected, tout the lasting depreciation - of the dollar would decrease German . exports and possibly necessitate a moratorium. HAGUE, April 20. Holland is not likely to abandon the gold standard.

CANADA A GAINER. ADVANCE IN ALL STOCKS. United Press Assn. —Elec. Tel. Copyright. (Received April 21, 1.20 p.m.) TORONTO, April 20. The dose of the Canadian markets to-day brought an optimistic picture with rises right down the line and nothing to l discredit the general opinion that financial and industrial circles in Canada will be gainers by the United Sates gold action. In Toronto the general list closed .near the day’s tops after the most exciting day experienced in four years. The pound pursued its upward course all day, closing at 4 dollars 39| cents on Wednesday, opened at 4 dollars 41J cents on Thursday and climbed gradually to 4 dollars 35 cents. MONTREAL, April 20. ' It Is reported that wide gains were recorded in stocks, though prices at the close were below the day’s top quotation. RECIPROCAL TRADE. MR BENNETT MOVING. United Kress Assn.—Elec. Tel. Copyright. (Received April 21, 1.30 p.m.) OTTAWA, April 20. With the exchange stumbling block largely removed, Mr R. B. Bennett, the Federal Prime Minister, reported that he is drafting definite reciprocity proposals to be made to the United States s-i the Washington Conference. WASHINGTON PARLEYS. SCOPE GREATLY ALTERED. BY AMERICA’S MOVES. United Press Assn.—Elec. Tel. Copyright. (Received April 21, 2.30 p.m.) S.S. BERENGARIA, April 20. As soon as Mr Ramsay MacDonald learned that the United States had gone off the gold standard he consulted Sir Frederick Leigh-Ross, the chief economic expert of the British Government. Mr MacDonald refused to comment cn the matter. It Is understood however, that the British mission feels that the situation with respect to the MacDonald-Boosevelt conversations in Washington, has been considerably altered. CURRENCY INFLATION. BILL BEFORE THE SENATE. DRASTIC PROPOSALS. . United Press Assn. —Elec. Tel. Copyright. (Received April 21. 2.15 p.m.) WASHINGTON, April 20. A drastic bill to' grant President Roosevelt , authority to expand tooth currency and credit and to decrease the gold value of (lie. dollar was put before the Senate late to-day on behalf of the administration, and action upon it to-morrow is virtually assured.

The inllalien amendment In the Farm Hill as completed by the Democratic. leaders, would authorise Iho Treasury lo enter into an agreement with the Federal Reserve system for the purchase of 3,000,000,000 dollars in Government obligations in an addition to those already held. The bonds would be held in reserve systems in portfolios for agreed periods' pf time.