"MARKING DOWN"

Evening Post, Volume CXI, Issue 92, 20 April 1931, Page 10

"MARKING DOWN"

LONDON STOCK EXCHANGE

(Received 20th April, 10 a.m.)LONDON, 18th April. x The cheerfulness which prevailed on the Stock Exchange before Easter unfortunately has not been maintained. In the past ten days there has been a succession of untoward events of which the cumulative effect has been to depress the markets all round. Among these events may be mentioned the weakness of many commodity prices, the revolution in Spain, the unfavourable reports presented by numerous home and industrial concerns, several having been compelled to pass their dividends, the bad traffic returns from the home ■ railways, and a fresh relapse on Wall Street. Last, but not least, is the critical news from Australia, and, in addition to all the' foregoing, is tlie imminence'of the Budget,' and the 'fear of increased taxation. In the face of this array of unfavourable factors, it is not surprising that, prices have given way all round. The only satisfaction is that the declines so far are not serious. It might have been expected that Australian stocks would have improved on the announcement of the British Government's war debt concession, but this had little 'effect. Yesterday, however, the news of the Commonwealth Bank's ultimatum of.no further finance for the Government caused a general marking down, but there was little pressure to sell, and the action of trie Senate in rejecting the Fiduciary Issue Bill has to some extent improved the position.