Last Monday, all businessmen were shocked to read in their morning papers that the British pound sterling was no longer based on gold (see p. 19). The Tokyo Stock Exchange had announced that it would not open. Tokyo was followed by Bombay, Calcutta, Johannesburg, London, Berlin, Amsterdam, Copenhagen, Vienna, Oslo, Stockholm, Brussels, Athens. The Paris Bourse opened, but limited all trades to 5% of all holdings and no dealing in foreign exchange. Montreal's Exchange opened similarly restricted. The New York Stock Exchange remained open but, as in dark November 1929, short...
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