MONEY AND MARKETS

Evening Star, Issue 20062, 31 December 1928, Page 5

MONEY AND MARKETS

LONDON STOCK EXCHANGE IKE YEAR REVIEWED SATISFACTORY TRADING. Press Association —By Telegraph—Copyright. LONDON, December 28. The year is drawing to a close with the conditions on the Stock Exchange far more satislaetory than appeared likely a fortnight ago. _ The stagnation then prevalent has disappeared, and for the last ten flays there has been a fair amount of activity, both in investment and speculative stocks, though yesterday’s less lavourahle report ol the King’s progress brought about a more subclued tone, with a slight reaction in the prices of gilt-edged stocks, which previously had shown great strength. Tho favourable position was largely to the bullishness of the New York Sleek Exchange, whose operators have been buying largely here,, chiefly industrials. Among the results of their activity there has been extraordinary gambling in Ford Motor shares, ol which 2,800,000 of LI each were issued hero a few weeks ago. Dealings in these stocks opened at a lew pence premium, but New York buying steadily rushed them up to over LI premium. Tin’s has since dropped to just over L 3. It is calculated that practically tho whole issue is now held on tho other side of tho Atlantic. Summing up the financial result ol 1928, the financial edition ol tho ‘Spectator ’ says that the year lias been profitable for flic financial community generally, including tho banks and the Stock Exchange, it lias been satisfactory to holders of public securities generally, but sympathy must bo extended to the holders of home railway securities, which experienced a heavy IaII. In this connection it may be noted that in bankers’ magazines 365 representative securities showed for the year an increase in aggregate value amounting to 3.8 per cent, fixed interest, stocks having advanced 1 per cent, and valuable dividend securities about S per cent. LANCASHIRE COTTON TRADE. Lancashire is looking .forward hopefully to a steady expansion of trade as a result of tho treaty between Britain and China. One of’the main reasons of the industrial distress in Lancashire since tho war has been tho slump in trade with the Far East, of which cotton goods form the chief export and which diminished to one-quarter of tho pre-war volume. Sir Kenneth Stewart, who was delegate to the Tariff Conference af Peking which preceded the treaty, says that the .immediate effect of the treaty will bo distinctly favourable. The new rates and duties will not he in the least likely to damage the Lancashire trade, even though in some instances they are higher than at present.—Australian Press Association.