London, July 17.
Sterling on the London foreign exchange market this morning ruled weak in terms of dollars and very firm in relation to francs, After opening with a decline of fifteen points from yesterday's New York on London close to 497.10, the cross-rate on New York advanced iwo' points to 497.12 during the next hour. At the close of the market reaction of seven points brought the rate to 497.06.
French francs moved up two points to 130 at the outset, while another gain of 118 points, recorded an hour later, brought the rate to 131.18. At close of trading a further advance of 82 points to 132 was registered.
Fine gold lost 2d. to 139/114.
Quiet and steady conditions prevailed for silver. Prices were fixed for both "spot" and forward at 20d., up wd. from yesterday. India bought while speculators sold.
The rubber market was subjected to the usual Saturday closure—
Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.