NEW BRITISH MEASURES

Press, Volume CVI, Issue 31124, 29 July 1966, Page 16

NEW BRITISH MEASURES

Little Help To Share Trading (Special Crspdt. .N.Z.P.A.) LONDON, July 28. The British Government’s “freeze” and “squeeze” programme has done little to improve market trading on the Stock Exchange here this week. The statement by the Chancellor of the Exchequer (My Callaghan) and the “full support and sympathy” reported from The Hague by the group of Ten for the British Government’s latest measures had no discernible effect on markets. The “Financial Times” said details of the cut-backs in public sector spending were an inhibiting influence. By mid-day yesterday the slide in share prices appeared to have slowed down. However in the afternoon observers reported that it had gathered momentum once again. Further Drop

At noon the “Financial Times” share index showed a further drop of 5.2 at 329.1 the lowest since September 20 lact VAST* With 'Wall Street “offcolour,” dealers marked top industrials lower. 1.C.1., Tubes and Metal Box were all down. Oil also slipped with Castrol 2s down. Falls in golds ranged up to 3s 6d. Gilt edged, however, held reasonably steady. Sterling moved up onesixteenth of a cent to 2.79 J against the United States dollar in foreign exchange markets but the improvement was almost entirely because of, some sources say, technical factors.