Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-22
LONDON EXCHANGE.
OPENS TOMORROW
Adjusts Itself Slowly to New
ConditionS-NeW York Trad
ing Normal Again.
Continued From First Page.)
measures already adopted were unnec-
essary If gold payments were suspended.
Few Market Dealings Made.

measures already adopted were unnec-
essary If gold payments were suspended.
Few Market Dealings Made.
Today found financial London slowly
adjusting itself to the new conditions.
With the stock exchange closed dealers
assembled N force in Throgmorton
street for few operations In interna-
tional securities, the committee having
announced it has no objection to mem
berS dealing outside the house.
Business was small and quotations on
the transatlantic favorites showed a
wide spread.
Brazil Traction was 10 to IL. against
IL Saturday; Radio was 1913 against
1925, nickels 10 to liz against 10,
Steels 80 to 81 against 70 to so, Hydros
10 to IS against IL.
There still were no official rates In
the exchange market, but the unofficial
New York cable transfer rate was is to
4.20, Paris was los and Berlin 1917 to
1912.
Snowden ReaSsures Britons.
Chancellor Philip Snowden went on
the air to assure the nation that the
fall in the pound sterling would be
limited" and to invoke its confidence
in the governments ability to weather
the crisis
The consequences of the suspension.
he said, ARE bound to be disagreeable.
In some ways they may be serious. but
they Will not go the way of the post
will not go the way Of the (post-war)
war; franc or the mark.
The British budget is now the most
securely balanced budget in the world.
There Is no longer any risk Of an in
ternal imitation and there are no longer
any grounds for distressing the essential
scundness of our financial position"
He expressed regret at the plight Of
some Americans among other foreigners
VINO still have money deposited here
and will be able to take it back-if
they wish to take 1t back-in de-
'preciated pounds and will therefore
suffer a loss in terms of their own
currencies. We deplore that loss and
have done all we can to avert it.
Sees No Cause for Alarm.
"But for the great majority of our
people in Great Britain there is no
cause for alarm or panic. I want to
say most emphatically there Is not the
slightest cause for anxiety about the
money you have in banks, or your
money In savings banks. Avoid a
panic.
I'VE mean to do our duty. You can
DO yours by not getting, ratified, by car
rylng on calmly and steadily with your
daily occupations in confidence. Britain
Will emerge from the present crisis
as she has emerged from graver emer-
gencies In the pasta stronger and
more prosperous nation than before"
Newspapers affirmed and denied a
report that movement was under way
TO draft leaders of the Labor opposi-
ton into the national ministry, now
composed of Conservatives, Liberals
and ostracised Labor members.
The possibility Of an early election
.loomed once more on the strength of a
meeting of back-bench Conservatives
who declared unanimously in favor of
an immediate appeal to the people on
protective tariff issue. They pledged
unqualified support to Mr.. Macdonald
in the event that he led the way.
Acts to Bar Profiteering.
Drastic regulations under an emer-
gency powers act, such as were effected
at the time of the British general strike
in 1926, will be enforced to prevent
profiteering in food and an unwar-
ranted rise in general retail prices, it
was authoritatively learned.
The treasury issued an order pro-
hibiting until further notice the pur-
chase of foreign exchange or transfer
of funds by British subjects except for
financing normal trade requirements
for contracts existing before Septem-
Der 81.
The order also exempts reasonable
travelling expenses or personal purchases.
NEW YORK TRADING NORMAL.