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GOVERNMENT MAKES PROFIT WASHINGTON, D. C, July 28. A 4,-609,187 profit was made by the governments ,000,000,000 exchange stabilization fund up to the end of March, the treasury reported today. Between June 30, 1938, and March 31, the fund earned approximately ,100,000 through its operations in the worlds money markets. The fund was established in 1934 and is used to maintain stability of the dollar in international exchange. In the June-March period the fund was particularly active because of the repeated European political crisis. The United States co-operates with Great Britain, France, Belgium, Holland and Switzerland in preventing fluctuations of their respective countries. Each nation buys and sells currency to bolster or depress the money market as is deemed proper by government financial experts. The funds balance sheet disclosed that the United States at the close of March had j 0,191,003 of gold on balance with the -Bank of England, an increase of approximately 1 9,000,000 -since June, 1938.
