LONDON STOCK EXCHANGE

Press, Volume XCIX, Issue 29179, 13 April 1960, Page 21

LONDON STOCK EXCHANGE

Sharp Drop In Prices (N.Z. Press Association-Copyright) LONDON, April 11. Share prices on the London Stock Exchange took widespread sharp falls today in the biggest slide since the Budget was presented to Parliament a week ago today. Leading industrial equities took some of the hardest knocks as the result of heavy selling. Fears of a new credit squeeze and the possibilities of new issues dominated the market but much of the selling of equities was believed to reflect week-end press references to the comparatively attractive yields offered by gilt-edged securities. , Motors, electricals, tobaccos, and breweries all lost ground as did bank, insurance, and hirepurchase finance shares. Steel shares, however, recovered some of their earlier falls and oil shares also closed higher after early uncertainty. South African Shares Gold shares were initially marked down following the weekend assassination attempt of the South African premier, Dr. Hendrik Verwoerd. But two of the biggest Orange Free State mines, F. S. Gebuld and Western Holdings, regained falls of about 3s. Of the mining finance houses, Johannesburg Consolidated Investment recovered Is 6d, then a further Is 3d. Union Corporation lost nearly 2s but finished Is ahead Coppers were irregular, while among diamonds de Beers finished higher.

Auckland Sale Of Hides

(New Zealand Press Association) AUCKLAND, April 12.

Tanners were again very active in the abattoir and country butchers’ sections of the hide catalogue at the fortnightly Auckland hide and skin auction today. Prices for hides, however, were in almost all cases lower than they were at the previous sale, losses ranging from jd to l)d per lb. Cow hides from Auckland abattoirs realised up to 22jd per lb. compared with the top price of 23gd at the last auction.

Salted sheepskins sold at generally steady levels, although there were some small fluctuations among the second-grade and damaged skins. The offering totalled 572 salted skins. The catalogue of 10,158 dry sheepskins also sold at generally steady values, sound half-woolled skins rose by U per lb to a top price of 34d, and sound lambs were up by a similar amount to 311 d. Shearling seconds firmed 2jd per lb to 20Jd, but second quarter-wools dropped 2Jd to 21d.