INTERNATIONAL: Pound, Dollar & Franc

Pound, Dollar & Franc

Chaos but not panic gripped world money marts last week. With the British paper pound (which fortnight ago was golden) gyrating madly up and down between $4.40 and $3.45 not a single exchange in Europe could function freely. Berlin's exchange was "closed indefinitely." From Berlin to Bucharest the governments of Eastern Europe either banged shut their bourses or chained up bear traders with iron rules. Tokyo's exchange was shut. Chileans learned, not without grief, that half the Central Bank of Chile's "gold reserve" is in British pounds—i.e. has turned...

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