LOSSES ON ’CHANGE

Greymouth Evening Star, 28 April 1937, Page 7

LOSSES ON ’CHANGE

SHARE VALUES FALL

WORLD-WIDE SLUMP

[BY CABLE —PRESS ASSN. —COPYRIGHT.]

(Recd. April 28, 8 a.m.) LONDON, April 27.

Share prices are crumbling badly. Markets, which experienced the worst day since the Autumn of 1931, remain flat.

Dealers told the Associated Press City’s Editor there was almost an entire absence of support. Margins, even for leading industrials, were so wide as to make it almost impossible to do business.

Market capitalisation of typical businesses dropped so heavily, that the “Financial News” industrial share index was the lowest since July, 1936. Shells have fallen 14 per cent, since March 1, equivalent to fifty-six millions. Even the extra halfpenny a gallon just imposed on petrol did not lift shares. Then Roan-Antelopes dropped thirty million and Westwits thirteen millions, and John Brown’s two millions in the same periods. Bargain-hunters, who . normally cushion the markets, are holding off, as owing to the. profits tax uncertainties,.no one knows what price is reasonable, though it is generally considered that liquidation cannot go on indefinitely. The markets have received a succession of nasty shocks, and it will take time to recover. Many who were forced to sell have taken severe losses.

The Paris Bourse is also experiencing hard times. Yesterday, described as Black Monday, saw all clashes of securities'marked down owing to the growing pressure of M. Blum. Nervousness on Wall Street was also a depressing factor.

AUSTRIA-HUNGARY LOSSES.

(Received April 28, 1 p.m.) LONDON, April 27.

Sentiment on the share markets, which experienced such a bad day, completely changed after lunch. Prices began to turn upwards. A panic on the Hungarian Bourse resulted in the annulment of all transactions, involving losses of more than ten per cent.

The Vienna Bourse was severely affected in sympathy.