London, Nov. 2.
"The skipper has been changed for possibly a more able navigator, but ihe rocks are still there" was the reaction of leading foreign exchange operators, when interviewed today over the appointment of M. Paul Reynaud to the French Ministry of Finance.
At the same time, many well-informed quarters welcomed the appointment as M. Reynaud is a man with definite views and enjoyed the reputation of being prepared to act rapidly and energetically.
These considerations probably were uppermost in the minds of numerous bear operators as, immediately dealings began on the exchanges today, the latter made a concerted rush to cover.
Both the French and British Controls supplied francs liberally, thus holding the spot rate at a slightly higher level, but forward discounts contracted to 1125 centimes for one month and 4123 centimes for 3 months, compared with the over-night closing rates of 2125 and 5875 centimes respectively.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.