LOSSES ON ’CHANGE

Greymouth Evening Star, 1 May 1937, Page 9

LOSSES ON ’CHANGE

WORLD-WIDE DEPRESSION DEFENCE LOAN FAILURE [BY CABLE —PRESS ASSN. —COPYRIGHT.] (Recd. May 1, 11 a.m.). LONDON, April 30. The Australian Associated Press City Editor says: Although there are signs of substantial discriminating buying, the markets are very weak. Gold shares were again sold. Oils and industrials were depressed. The weakness of the markets has now spread throughout the world. Continental bourses, especially Paris, were all severely hit. Wall Street was subject to wave after wave of selling. Even Stock Exchanges as far away as Bombay have broken badly. City men declare there is poetic justice in the result of the first instalment of the defence loan, of which only 20 per cent, is believed to have been taken up. The loan opened at half per cenjt. discount?' The City wonders whether the Chancellor will at last realise he cannot maintain gilt-edgeds, if the assaults on equity and the taking of risks are to be an element in the business.

Four powerful mining finance houses, namely the Central Mining Corporation, Rand Mines Limited, Consolidated Goldfields of South Africa, and the Sir Abe Bailey group, agreed to support the shares in which they are interested, to the extent of four million sterling, resulting in the markets closing on a more cheerful tone. GOLD AND EXCHANGE LONDON, April 30. Gold 140/3, dollar 495 1-16, franc 110 11-32'. CHANCELLOR CHEERFUL. [BRITISH OFFICIAL WIRELESS] RUGBY, April 30. : The Chancellor of the Exchequer, speaking at Bristol, said the principles which underlay the new profits tax introduced in the Budget, had been generally recognised as right, and that as his proposals came to be realised, it would be seen they did not impose on industry a burden beyond its capacity. Mr Chamberlain indicated that the employment figures for next week would be a pleasant surprise. He ended his speech by welcoming the efforts of President Van Zeeland to achieve the lowering of barriers to international trade. This mission, he thought, would meet with a larger measure of goodwill than would have been possible even a short while ago.