British money; especially the pound sterling as the basic monetary unit of the UK
<noun.possession> [ adj ]
highest in quality
<adj.all>
Sterling \Ster"ling\, n. (Engin.) Same as {Starling}, 3.
Sterling \Ster"ling\, n. [OE. sterlynge, starling, for easterling, LL. esterlingus, probably from Easterling, once the popular name of German trades in England, whose money was of the purest quality: cf. MHG. sterlink a certain coin. Cf. {East}. ``Certain merchants of Norwaie, Denmarke, and of others those parties, called Ostomanni, or (as in our vulgar language we tearme them), easterlings, because they lie east in respect of us.'' --Holinshed. ``In the time of . . . King Richard the First, monie coined in the east parts of Germanie began to be of especiall request in England for the puritie thereof, and was called Easterling monie, as all inhabitants of those parts were called Easterlings, and shortly after some of that countrie, skillful in mint matters and allaies, were sent for into this realme to bring the coine to perfection; which since that time was called of them sterling, for Easterling.'' --Camden. ``Four thousand pound of sterlings.'' --R. of Gloucester.] 1. Any English coin of standard value; coined money.
So that ye offer nobles or sterlings. --Chaucer.
And Roman wealth in English sterling view. --Arbuthnot.
2. A certain standard of quality or value for money.
Sterling was the known and approved standard in England, in all probability, from the beginning of King Henry the Second's reign. --S. M. Leake.
Sterling \Ster"ling\, a. 1. Belonging to, or relating to, the standard British money of account, or the British coinage; as, a pound sterling; a shilling sterling; a penny sterling; -- now chiefly applied to the lawful money of England; but sterling cost, sterling value, are used. ``With sterling money.'' --Shak.
2. Genuine; pure; of excellent quality; conforming to the highest standard; of full value; as, a work of sterling merit; a man of sterling good sense.
Starling \Star"ling\ (-l[i^]ng), n. [OE. sterlyng, a dim. of OE. stare, AS. st[ae]r; akin to AS. stearn, G. star, staar, OHG. stara, Icel. starri, stari, Sw. stare, Dan. st[ae]r, L. sturnus. Cf. {Stare} a starling.] 1. (Zo["o]l.) Any passerine bird belonging to {Sturnus} and allied genera. The European starling ({Sturnus vulgaris}) is dark brown or greenish black, with a metallic gloss, and spotted with yellowish white. It is a sociable bird, and builds about houses, old towers, etc. Called also {stare}, and {starred}. The pied starling of India is {Sternopastor contra}.
2. (Zo["o]l.) A California fish; the rock trout.
3. A structure of piles driven round the piers of a bridge for protection and support; -- called also {sterling}.
{Rose-colored starling}. (Zo["o]l.) See {Pastor}.
The sterling value of overseas equities and bonds was also greatly increased. So, it all worked out well in the end, but, nevertheless, the fundamentals of UK equity market valuation are stretched.
Three-month sterling cash closed a little softer at 6 1/8 per cent following the small shortage of Pounds 1bn forecast by the Bank of England.
Every boards' compensation committee opens with: "Here is a graph of the compensation of the 50 largest companies in America, and our sterling CEO is in the third quartile."
The state has seized some of Walker's property, including two sterling silver decorative saddles valued at $100,000 apiece.
Cutting base rates will do nothing to divert the current bullish sentiment from sterling."
The reason is sterling's probable entry in the exchange rate mechanism (ERM) of the European Monetary System (EMS) this year.
Three-month money in the sterling cash market rose to 9 1/16 per cent from a previous close of 9 per cent on Thursday night.
Yields on closely watched, three-month Eurodeposits were 9.125% for sterling investments, in contrast to 3.375% for mark instruments and 6.75% for dollar investments.
But the range of borrowers and maturities suggests pockets of demand for sterling bonds rather than the wave of international buying required to help fund the public sector borrowing requirement.
Entry and sterling's devaluation are "a safe bet," says Ronald H. Holzer, vice president and chief dealer at Harris Trust & Savings Bank in Chicago.
The dollar sank, hampered by weak fundamentals, a general move to marks and sterling, and a U.S. durable-goods report that fell short of market expectations.
Other benefits include a waiver of the 1 per cent commission on sterling and dollar travellers cheques while the annual 1 per cent fee on the bank's self-select personal equity plan is halved.
In sterling terms, the rise was from 100p per share to 255p.
John McCarthy, chief dealer at the New York office of the Amsterdam Rotterdam Bank, said apart from the impact of the sterling selloff, the dollar did not do much during most of the session.
Nonetheless, many analysts suspect that the Bank of England has an upper limit in mind and predict that the market will force the issue by trying to push sterling still higher.
Currency dealers unloaded sterling and bought dollars and West German marks following news of Nigel Lawson's decision to leave Prime Minister Margaret Thatcher's Cabinet.
At the close in New York it stood at 3,266.26, up 8.91. On the currency markets, there was no clear sign of central bank intervention to support either the dollar or sterling in generally thin trading.
The late New York quote for sterling was $1.5645 compared to $1.5585 Thursday.
Despite Britain's role as a major oil exporter, sterling continued to fall, slipping 0.3% against the dollar to $1.5735 from $1.5788.
One of the clearest beneficiaries of sterling's devaluation has been the UK's threadbare textiles industry.
A CHART yesterday of sterling's movement against the dollar mistakenly showed the dollar against the D-Mark.
Despite the unpopularity of Mitterrand and slowly rising unemployment, the currency fundamentals are more favourable to the franc than they ever were to sterling.
The dollar gained against the British pound in London, where sterling fetched $1.7550 vs. $1.7680 late Tuesday.
The U.S. unit also firmed against other currencies on the back of sterling's tumble, as market participants switched out of pounds.
By the close of trading in London, the deal stood at a yield spread of 46 basis points. Municipality Finance, the local government financing vehicle of Finland, launched its debut in the sterling sector of the market.
They say they can no longer afford to carry the increased cost of imports after sterling's devaluation. But while the sector is likely to continue to underperform the stock market by between 12 and 20 per cent, it is unlikely to collapse.
"I don't think anyone can go short sterling and make money," said Mahiko Nagai, an interbank trader at Manufacturers Hanover Trust in Tokyo.
Labour has backed the participation of sterling in the exchange rate mechanism of the European Monetary System, and has said it will not devalue from the central DM 2.95 parity.
Mr Lamont took up the proposal immediately on his return from holiday on August 24. It was around this time that the Bundesbank was advised of the UK's wish to borrow D-marks. But by this time sterling was spiralling downwards.
The severe weakness of the dollar has left sterling oil prices at around their lowest for some 20 years, according to oil analysts.