Commerce, Mining, Finance

Evening Star, Issue 23000, 4 July 1938, Page 6

Commerce, Mining, Finance

Overseas Markets Recover Factors Inspiring Hope Better Tone At Wool Auctions ’Another substantial improvement in Wall Street on Saturday, accompanied by a heavy turnover, carried Dow Jones industrials to the highest point this year. Responding to the improved American sentiment, Australian issues gained further ground locally this morning, and .although movements were generally restricted, the advance confirmed the recent better tone. New Zealand stocks remained lethargic, while business was good. An improvement in commodity markets lends weight to the hope that America is on the road to recovery. The rapid advance in the rubber trade has been the outstanding feature of the week, reports the London week-end commercial cable, while another bull point has been the brightening in the outlook for base metals. Prudent observers are not yet persuaded that Wall Street’s recovery will be lasting and London would feel more comfortable if the Street slackened its tempo. Wool-selling experiences at recent Brisbane auctions are a reflection of the general trend in world commodity markets.' The better tone evident may be attributed to the more optimistic feeling prevailing in the United States that an industrial improvement is not far away.