NEW ZEALAND STOCKS

Evening Star, Issue 22626, 19 April 1937, Page 12

NEW ZEALAND STOCKS

SMALL DECLINES SUFFERED RESULT OF ‘ EVENING STANDARD'S ' ATTACK Press Association—By Telegraph—Copyright LONDON, April 18. (Received April 19, at 12.15 p.in.) New Zealand stocks suffered small declines as a result of the attack by the ‘ Evening Standard,’ which the ‘ Financial News ’ describes as “ unfortunate rumour-mongering for which there is little call, in view of the statements by Sir Austin Harris last July.” Mr Nash has gone to Berlin, and is unable to reply to further attacks from the same paper on April 16, extending over a column. The ‘ Daily Gerald’s ’ City editor devotes an equal amount of space to refuting assertions that there is no justification for purchasing New Zealand securities at the present prices, but that, on the contrary, they should be sold. It says: “ The Government’s measures, so far from impairing New Zealand’s credit, have improved it. There has been a sharp movement of capital to New Zealand. Butter is the crux of the situation. If the farmers are assured of a good price the Government’s 40-hour week and public works programme can be safely carried out. Admittedly the dangers of the guaranteed price scheme, if placed too high, may lead to over-production and inflationary borrowing, but the present world price suggests that the guaranteed price is satisfactory provided the Government resists the temptation to pay a surplus to farmers when the world price exceeds the guaranteed price.” BUTTER. The butter market is at present sensitive. The fluctuations are wide, but there is little general speculation. APPLES. The apple market is strong. Marked preference is shown tor coloured varieties.