The influx of foreign gold, with the result ant rise in excess reserves. has risen to plague the financial situation, To those who advised the move in the first place, however. here is the consolation that the war in Europe would have upset. the Anyhow, the gold stock of more than $22,000.000.00. which is bow! 75 per cent. of the monetary gold of the world, and the member banks of the Federal Reserves of $6,860,000,000.
The price level in the United States has not been affected materially by the stroke of the pen hat ushered in the 59.06-cen'. dollar. For example, if the average level ' of Share prices may be thought to have a barome'vic significance. it is interesting 'o note that on Jan. 31. 3934, the "New York Times" index fifty representative stocks traded on the New York Sock Exchange closed at 93.33, which is approxi-MET a single point from the level Financing Defence Effort The proposed increase in the state glory limit of the Federal debt takes care of budgetary requirements up to June, 1942, but the outcome of the actual financial cost of aiding Bri ein Gbviously cannot be predicted with any degree of accuracy. There is no doubt that the Treasury will wilize every resource at its commend to borrow from banks and other insti'utions and from investors, large and small, as the main reliance on the financing of the defence effort necessarily will have to be hrough borrowing. Taxes will be stepped up {o bear part of the burden, but it is some comfort to know that there is no serious move at "he moment to seek aid in balancing the books by artificial monetary devices, Russian Navy Personnel Promoted Moscow, Mar, 22.
Admiral L, M, Galler, former Chief of the Soviet Naval Staff, has been elevated to the post of Naval Vice-Commissar, while Admiral I. S. Sackov, former commander of the Baltic Fleet has been appointed Chief of Staff with the post of first vice-Commissar—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.