LONDON MARKETS

Dominion, Volume 30, Issue 298, 13 September 1937, Page 12

LONDON MARKETS

Immediate Outlook Unsettled

WALL STREET SELLING

By Telegraph. —Press abbb.—Copyright. (Received September 12, 6.30 p.m.)

London, September 11. The reviving cheerfulness of the London markets has received a savage blow from Wall Street. .Il is idle to deny that the wave ol selling there is causing considerable anxiety in view of the amount ot European money invested in America, which most people on this side of the Atlantic consider has several years of economic recovery ahead. The opinion ol many city business men, despite the week’s happenings, remains as optimistic about America as America is apparently pessimistic about Europe. The immediate outlook lor the markets in London is unsettled, but dealers are deriving some comfort from the comparative calmness. Gilt-edged are almost cheerful. Sino-Japanese loans have moved widely and erratically, while industrials have presented few features of interest. The initial cheerfulness in oils has not been maintained. Alines are irregular. Rubbers are slightly firmer, but the shares have not followed the whole improvement in the price ol this commodity, stocks of which have been increasing less rapidly than expected.

ANOTHER SHARP DECLINE

Huge American Losses

By Telegraph.—j/ress Assn.—Copyright-

(Received September 12, 6.30 p.m.) New York, September 10. The stock market suffered another sharp decline, prices dropping from one to thirty-five points and again closely approaching .1929 conditions. Market price losses totalled 1,500,000 dollars, making the week’s losses three billion. The fundamental reason for the heavy liquidation is not immediately apparent. War-scare causes are discouned, but intimations of current domestic business conditions for the coming autumn are considered unsatisfactory. Wall Street is extremely nervous.

FOREIGN EXCHANGES

Position of Sterling

London, September 10. The following mean closing rates on foreign exchanges were current to-day compared with those ruling on September 9: —

London, September 10. Gold.—£7/0/74 an ounce, line. Silver.—Spot. 1915-l Cd. an ounce; forward, 1915-16 d.

(Received September 12, 6.30 p.m.)

London, September 11

Gold. £7/0/7 an ounce, fine. Sterling exchange. London on New York, 4.945 dollars ; on Paris. 139 francs; on Batavia, 8.97 florins.

On New Zealand Currency Basis

The Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange on Saturday:— New Zealand Buying Selling on London T.T. 124 124/10/-

The Associated Banks (other than the Bank of New South Wales), quoted the tollowing dollar rates on Saturday on a NewZealand currency basis. They are subject to alteration without notice. U.S.A. Dot. Canadian Doi. Selling: (Per £1 N.Z.) (Per £1 N.Z.) T T 3.963 3.96 9-16 O'.D. 3.9613-10 3.97 Buying: O.D. 4.01 4.014

BUTTER MARKET QUIET

A Poor Demand Uy Telegraph. —Press Assn.—Copyright. (Received September 12, 6.30 p.m.) latntloil, September 11. 'Hie butter market is featureless and the demand poor. The bulk of stocks at the moment are in the hands of importers, who are endeavouring to hold the position in the face of the apnt' - of buyers. The immediate outlook is a fluctuating market. Cheese is equally quiet and irregular. British Treasury Bills (British Official Wireless.) London, September 10. The total amount applied for in tenders for £50,000.0011 Treasury bills- was £92,690,000. The average rate per cent, for bills at three months waa 10/2.62, as against 10/2.53 a week ago.

Par. Sept. 9. Sept. 10. N. York, <lol. to 4.868 4.94 13-16 4.9-M Montreal, dol. to £ 4.866 4.941316 4.946 Paris, t'r. to £ 124.21 136 139 1-16 Brussels, bel. to 48.611 29.301 29.38 Geneva, fr. to .(? 23 225 21.54 21.535 8.991 Amst’dam, fl. to £ 12407 S.985 Berlin, mks. to £ 24.43 12.33 12.325 St’liolm, knr. to 18.159 19.395 19.395 C’hagen, knr. to £ IS.159 22.40 22.40 Oslo, knr. to £ 18.159 19.90 19.90 Vienna, sehgs. to £ 34.585 26.50 26.50 ’Prague, knr. to £ 134.25 : 142.625 141.75 Hel'fors, mks. to £ 193.23 : 226.125 226.25 Madrid, pes. to 25.225 ——- — Lisbon, esc, to £ 100 110 3-16 110 3-16 Milan, lire to £ 92 94 94 Athens, drae. to <• 375 *5471 •5471 Bucharest, lei to £ 813.60 *670 •670 Belgrade, din. to £ 276.31 216 216 Rio de J., p. to mil. 4.899 t4i 741 B. Aires, p. to pesa 47.62 M. Video, p. to peso 51 3913-16 3913-16 Calcutta, p. to rup. 18 181 181 Shanghai, p. to dol. 18 X14J X14S H.-Kong, p. to dol. —— 15 15 Y'hama. p. to yen 24.582 14 14 Batavia, fl. to £ 12.107 8.965 8.975 ♦ Unofficial. f Official. x Nominal.

£N.Z. to £stg. 100 O.D. 123/10/124/8/9 Australia T.T. 101 100/10/£A to £ N.Z. 100 O.D. Fiji T.T. oo/7/>; 89 £F to £N.Z. 100 O.D. New York T.T. 3.9989 3.9044 Dol. to £N.Z. . O.D. 4.0089 3.9684 Montreal T.T. 3.9991 3.9666 Dol. to £N.Z. . O.D. 4.0111 3.9700 Austria T.T. — 20.77 Seligs, to £N.Z. O.D. — 20.78 Belgium rp -p 23.806 23.496 Bel. to £ N.Z. .. O.D. 23.881 23.507 Czechoslovakia ... T.T. —— 112.96 Crs. to £N.Z. . O.D. —— 113.01 Denmark T.T. .18.203 17.893 Knr. to £N.Z. . O.D. 18.263 17.899 France T.T. — 110.81 Frs. to £N.Z. . O.D. —— 110.85 Germany T.T. — 9.8.30 Mks. to £N.Z. . O.D. —- 9.83.J Holland T.T. 7.326 7.176 FIs. to £N.Z. . O.D. 7.366 7.180 Italy T.T. — i O.oi) Lire to £N.B. . O.D. — 75.40 .1 ava T.T. 7.295 7.145 FIs. to £ N.Z. .. O.D. 4 7.149 Norway T.T. 16.182 15.892 Knr. to £N.Z. . O.D. 16.242 15.898 Sweden T.T. 15.785 15.490 Knr. to £N.Z. . O.D. 15.845 15.496 Switzerland .... T.T. 17.480 17.210 Frs. to £N.Z. . O.D. 17.585 17.215 Noumea T.T. — 110.06 Frs. to £N.Z. . O.D. —— 110.10 Papeete T.T. — 110.01 Frs. to £N.Z. . O.D. — 110.05 Hong-Kong .... T.T. IS 7-16 18 13-16 N.Z. <1. to Dol. . O.D. 18 13-32 18 13-16 India and Ceylon . T.T. 222 22 21-32 N.Z. <1. to Rup. O D. 22 11-32 22 21-32 Japan N.Z. d. to Yen . T.T. — 17 33-64 O.D. — 17 33-64 Shanghai T.T. — 18 7-6-1 N.Z. <1. to Dol. . O.D. — 18 7-64 Singapore T.T. 34 23-32 35 13-64 N.Z. d. to Dol. . O.D. 34J 35 13-64 Chefoo T.T. 18 35-64 N.Z. d. to Dol. . O.D. 18 17-32 Manila T.T. 29 49-64 30 17-64 N.Z. d. to Peso . O.D. 20 43-64 30 17-64