LONDON GILTS

Press, Volume CVI, Issue 31150, 29 August 1966, Page 15

LONDON GILTS

Decline In Prices

(tt.Z.F.A'Beuter—Copyright)

LONDON, August 25.

Gilt-edge prices are now generally back where they were before the previous week's technical rally. Some are even lower, especially those towards the “shorter” end of the list Current economic difficulties and the rising trend of interest rates brought in sellers on Tuesday and Wednesday when most of the losses occurred. Interest Rates A particular factor on the interest rate front has been the increasingly keen competition from new debentures carrying, in the case of British Oxygen, coupons of up to 8} per cent while gilt yields still seldom exceed 7| per cent Some dealers think the bottom has not yet been reached especially as the queue of debentures waiting to be launched stretches to Christmas. There, was a little support for New Zealand stocks early in the week but little interest in other Commonwealth loans.

G*org( Caurt.—RecommendeiJ annual ordinary dividend of George Court, Auckland turn. (•her and draper, is a steady 7i per cent; ex dividend September 28.—(F.A.)