MARKET HEARTENED.

Auckland Star, Volume LXVIII, Issue 100, 29 April 1937, Page 7

MARKET HEARTENED.

Mr. Chamberlain's Statement on Profits Tax. DISCONTENT NOT REMOVED. (Received 10 a.mjp LONDON, April 28. The statement by the Chancellor of the Exchequer, Mr. Neville Chamberlain, in the House of Commons debate on the company profits tax provisions of the Budget heartened the markets. Industrial shares particularly were more cheerful.

The Australian Associated Press City representative understands, however, that neither the City nor many Conservatives are completely satisfied and will press for important amendments and concessions. PRICES TUMBLE.

HEAVY SELLING IN NEW TORE. (Received 2 p.m.) NEW YORK, April 28. Stock prices tumbled from one to six points, another heavy wave of selling turning the Stock Exchange floor into a bedlam. Brokers struggled to execute the flood of '"bearish" orders.

Wall Street is plunged into pessimism at the downward trend, blaming the situation on a variety of factors, the chief being President Roosevelt's warning to the Civil Service against speculation two days ago. Another reason is the President's efforts to curb the speculative orgy. BRIGHTER BOURSES. CONTINENT PICKING UP. (Received 11 a.m.) LONDON, April 28. There seems to be no sticking power in the markets, was the gloomy conclusion of City men after this morning's rally tailed off into a dismal selling afternoon. A heartening change of sentiment is reported from the Continent. Vienna, Budapest and Prague Bourses made good most of yesterday's heavy falls.