LONDON -STOCK MARKETS

Dominion, Volume 31, Issue 162, 5 April 1938, Page 14

LONDON -STOCK MARKETS

Government Finance

By Telegraph—Press Assn.—Copyright.

London, April 3. Although the stock and share markets finished for the week on a more cheerful note than of late, there have been times when, in the words of a witty broker. “It is difficult to sell a guinea for 21/-.” Fortunately there.are now signs of the investing publie beginning to realise that good securities are going cheaply. Sustained recovery, however, is problematical, for the American economic and financial situation continues to cause increased anxiety in London. The British Government’s revenue figures have pleased the City. The healthy appearance of Government finances is largely due to the excellent yield from income tax, contrasting with the decrease in the surtax, which supports stories of large-scale evasion. The entire Press, under the leadership of “The Times,” is conducting a campaign against it. There is no doubt that the Chancellor of the Exchequer will drastically tighten up the loopholes, observes the “Economist.” Estimates of expenditure for. 1937-3 S were £924,176,000, but the natural increase in the revenue may be £40,000.000. Thus the Chancellor will have to find at least a further £12,000,000, either by increased taxation or by the various forms of financial sleight of hand of which the Treasury is a master. Bundi Dredging Bores The chairman of the Bundi Tin Dredging Co.. N.L., Mr. W. A. Anderson, told shareholders at the annual meeting in Sydney last week that results of boring on the company’s holdings .in New Zealand appeared to be satisfactory. A cable which he read stated that four bores, of an average depth of 20 feet, had been put down, and a report on the gold values was being awaited from the School of Mines. N.Z. Pound Abroad Based on figures quoted by the Bank of New South Wales, the New Zealand pound, compared with its original par value, is equivalent to approximately:— 10/1 in London. £l/0/1 in Australia. 1(1/4} in U.S.A. 1(1/53 in Canada. £ 1/0/7} In France. 16/41 in Italy. 9/8 in Germany. 11/9} in flava. £l/8/1} in Japan.