STOCKS DOWN.

Auckland Star, Volume LXX, Issue 199, 24 August 1939, Page 11

STOCKS DOWN.

WORST SINCE APRIL. Tension Abroad Hits American , Markets. CAUTION IN BRITAIN. United Press Association.—Copyright. (Received 2 p.m.) LOXDOX, August 23. Increasing tension abroad, says a New York message, sent stocks down to-day on the worst break since April S. Grain stocks soared. Corn is up three cents. Wheat has reached the five cent limit at Winnipeg, and the American market has lifted three cents. Canada is prepared to ship wheat to Britain in the event of war, and the wheat pool withdrew offerings from the market. Sugar futures, another prime war commodity, rose several points. Bonas in New York continued to decline. United States steel is down two cents for a new 1939 low industrial average. The London Stock Exchange opened in a cautious atmosphere. There were few transactions. The general tendency is weaker. Gilt-edged stocks are further marked aown. The Institute of Lnderwriters announced an increased minimum war risk rate for risks "outside the war risks cargo pool," operative from August 24, to the Baltic 30/ per cent, Mediterranean 35/, Australia and New Zealand 15/ and 20/ home. German and Italian ships are excluded. They may be rated at the underwriters' discretion. Rates are lower than last September's, and approximately equal to those applying at the time "of Italy's annexation of Albania.

NO TIME LOST. Putting Defence Machinery Into Action. BRITAIN'S READINESS. British Official Wireless. (Received 1 p.m.) RUGBY, August 23. The announcement that the King is returning to London, which came this afternoon on a day of great political activity, gave the key to the mood in which the British- Government and the people are confronting the anxieties of the European situation.

No time is being lost in putting the nation's- constitutional and administrative defence machinery into a state of readiness to meet any emergency and honour the country's international obligations. Departmental orders issued to-day are the forerunners of legislative provision forecast last night and which, it may be anticipated from the conference with Mr. Arthur Greenwood, deputy-leader of the Labour party, today, will prove to be of an agreed character.

Messages received in London indicate these precautionary steps are matched in measures to be taken in other parts of the British Commonwealth.

Consultations between Mr. Chamberlain and Mr. Greenwood, and between the latter and Sir Samuel Hoare, Home Secretary, and the Chief Government Whip, who also conferred with the Prime Minister, may have related to the Government's wish to see the Emergency Powers Defence Bill pass through all stages in both Houses to-morrow. Sir Samuel also received a deputation from the Trade Union Council and later sawMr. Chamberlain.

Political circles consider it likely that Parliament, on the conclusion of tomorrow's business, will adjourn again. A further meeting might be called next week.

Steps have been taken to place the air raid system in readiness. All telephones, which are included in the air raid warning system are to be manned day and night.