RECOVERY.

Auckland Star, Volume LXIX, Issue 66, 19 March 1938, Page 4

RECOVERY.

LONDON STOCK MARKET. GILT-EDGEDS RECOVER. IMPERIAL CHEMICALS' TOXIC. (Received 10 a.m.) LONDON, March 18. The etock market* maintained yesterday's recovery. Gilt-edged in some instances are half a point up. Gold shares and oils are also favoured. Imperial Chemicals' decision to increase the dividend a half per cent is a timely tonic. Net profit* reached the new record of £7,510,000. Gross profits expanded from £9,000,000 to over £10,000.000. the defence contribution absorbing over £1,000,000. EARLIER REPORTS. LONDON, March IS. The litter irrationality of the city of London in face of the present crisis was exemplified by yesterday's market movements. which were as violently upward as they had downward the previous day, though the full extent of the previous day's heavy losses was not quite recovered. Sentiment was similarly better in the foreign exchange markets. Francs recovered to about 150. Refugee funds finding their way to New York or into bullion caused an appreciation of the dollar. Gold touched over £7 sterling an ounce. Commodity markets also were less nervous. Wool was well cleared at the London sales in face of active demand from the home trade and the Continent, including Russia. There were tew withdrawals. The Continent bought freely of good quality Merinos, prices generally being unchanged on the opening rates. Rubber and mining shares were firmer.