London, July 16.
Irregular conditions were witnessed on the London foreign exchange market this morning with sterling ruling weak in terms of dollars and firm in relation to francs.
The cross-rate on New York opened with a drop of three points from yesterday's New York on London close to 496.65, while a further decline of eighteen points, recorded an hour later, brought the rate to 496.47. At 1 o'clock a rally of five points to 496.52 was registered.
After an initial loss of one point to 128.03, French francs advanced 34 points to 12837 during the next hour. At 1 o'clock a further gain of fourteen points to 128.51 was recorded.
Bar gold declined a halfpenny to 140/1d.
Silver ruled quiet. At the official fixing, both "spot" and forward were quoted at 19}żd., unchanged and down bd. from yesterday. There was only small support, Barely steady conditions prevailed in the rubber market. At 1 pin. there were buyers for Oct.-Dec. contract at 9%d. per lb, down id. from yesterday's close.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.