• Short Summary

    The United States dollar came under renewed pressure on London money markets on Monday (9 July).

  • Description

    GV & SV Scenes inside foreign exchange room (5 shots)

    SV Sign 'International Arrivals'

    GV Passengers at London Airport

    GV & SV Travellers changing money at airport bank (2 shots)

    MV Englishman being interviewed

    MV American girl interviewed

    SV German man interviewed

    SV Viewer at auction room looking through paintings

    MV Director of Christies being interviewed

    QUESTION: "Have you encountered any problems because of the falling value of the pound?"

    ANSWER: "Not many problems, but I have been getting less marks while I've been in Germany."

    QUESTION: "When did you last change pounds?"

    ANSWER: "This morning."

    QUESTION: "And what sort of rate did you get?"

    ANSWER: "5.75."

    QUESTION: "And how does that compare with what you were getting before?"

    ANSWER: "Well, two weeks ago when I went out I was getting over six."

    QUESTION: "Did you have difficulty actually changing pounds?"

    ANSWER: "No. No one refused to accept them. I wasn't changing pounds, I was changing travellers cheques."

    QUESTION: "Did you have to make any economies because of the lower rate you were getting?"

    ANSWER: "You bet."

    QUESTION: "You really did?"

    ANSWER: "Yes, I did."

    QUESTION: "How were you cutting down?"

    ANSWER: "By not eating and not drinking."

    QUESTION: "Have you been affected by the falling value of the US dollar?"

    ANSWER: "No, not yet. We just flew in."

    QUESTION: "Are you worried about the amount of money you're going to get for your dollars?"

    ANSWER: "Yes, I am, because I am afraid I'll have to go home before I've seen all I want to."

    QUESTION: "How long were you intending to stay?"

    ANSWER: "Two months."

    QUESTION: "And you don't think you've got enough money to last?"

    ANSWER: "No, I only brought 400 dollars."

    "I'm from West Germany, from Stuttgart. We are exporting goods to this country and as I said, we find our position very difficult in London."

    QUESTION: "Could you show us one of your valuable marks that everyone wants to have?"

    ANSWER:"Well, that's it, This is what I am just changing now, about to change now."

    QUESTION: "Have the recent weaknesses in the poind and the dollar affect the sales of works of art at Christies?"

    ANSWER: " It's true to say that whenever there are weaknesses in currencies, whether they are the dollar or the Deutschmark, the works of art always increase in price. Merchant banks and the Japanese have tended to buy far more in the last eight months. Many merchant banks put quite a considerable proportion of their portfolios into works of art. One of the effects of this is that our turnover this year will be at least GBP 36 million compared with GBP 25 million last year."

    Initials ES. 2343 ES. 0.19

    Script is copyright Reuters Limited. All rights reserved

    Background: The United States dollar came under renewed pressure on London money markets on Monday (9 July).

    Both the dollar and the poind opened slightly stronger than Friday's (6 July) close, the upward movement was attributed to the statement made in Basle later on Sunday night by a meeting of governors of Western Central Banks that the "necessary technical arrangements are in place" to intervene to maintain orderly conditions in the market.

    Dealers were expecting that clarification on what exact measures were to be taken would be forthcoming later in the day. However, when no details were apparent, the dollar began to slip back to close the day in London just slightly above its low Friday close.

    Closing prices on Monday in London against the poind sterling were as follows: US dollars 2.5593, French Francs 10.1450 and the West German Mark 0.9150. Against the France and the Deutschmark, sterling showed a alight improvement on Friday's close.

    Fluctuations in foreign exchange rates affect the ordinary tourists in a more direct way that other members of the public. Visnews reporter Ivor Gaber, spoke to people at London Airport about the problems the changing currency rates were causing them.

    An Englishman, just returned from West Germany was the first tourist he spoke to.

    He next spoke to a young American tourist who had just arrived.

    Finally he spoke to a West German businessman.

    The instability of international currency in recent years has led many individuals and institutions to turn to alternative forms of investment. Ivor Gaber spoke to Mr. John Herbert, a Director of the famous London auction rooms, Christies.

    SYNOPSIS: The foreign exchange room of the Midland Bank in London on Monday. Following the announcement in Basle by the Governors of Western Central Banks that measures would able taken to maintain orderly conditions, the poind and the dollar opened well. But when no details of the measures emerged, the two currencies began to fall back.

    At London Airport the effect of currency price changes was being felt by tourists. Visnews reporter Ivor Gaber spoke first to an Englishman who had just returned from West Germany.

    Works of art are an alternative investment to currency. Ivor Gaber spoke to Mr. John Herbert, a Director of London auction rooms of Christies.

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    Media URN:
    Reuters - Including Visnews
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