possible explanation of Soviet Russia's action yesterday in throwing £1,000,000 on tite New York market, which was subsequently purchased by the Uniled States Government, hat been made.
reported in usually wollinformed quarters here that a battle has been going on between the British and American Treasuries over the future value of the pound and the dollar, The British favoured depression of the present value (o about $430 to the pound, while" the Armericans maintained that the rate Should not be lower than $4.05, It is believed that a compromise will be reached whereby sterling Muctuate between $4.80 and $1.00, Presumably, the Soviet feared that a reduction value of the pound was and decided 10. sell ster! while it stood around $5—Reuter-
Text read from the printed page and cleaned; old type leaves the occasional error.