CONSTANT STREAM OT SPECULATORSRUSH TO BUY GOLD SHARES CONTINUES

Greymouth Evening Star, 21 September 1949, Page 5

CONSTANT STREAM OT SPECULATORS—RUSH TO BUY GOLD SHARES CONTINUES

LONDON,. September 20 (Rec 11.30 a.m.).—Crowds of speculators seeking to buy gold shares, stampeded the London and Johannesburg Stock Exchanges when they reopened today. : - . On the London Exchange, gold shares rose an average oflss in as.many. - minutes... . " x/wi' ' Throughout the morning at least threequarters of the 4UUU brokers registered at the London Exchange and their staffs of clerks were concentrated on the gold section of the Exchange floor.

A constant stream rushed in out of the ‘ Exchange’s ■ doors and across Throgmorton street to the telephone boxes where hundreds of operators were nearly driven to distraction with a flood of . .telephone calls. The rush was almost all confined to gold, broker’s complained. Because of the “bald nature of the. devaluation announcement” they, predicted that the future of the industrial market would remain uncertain for some days. , Outside'the Stock Exchange kerbside punters gathered for the first time since the war. Many brokers were smoking cigars today. They said that the. gold rush yesterday and today had provided .them with the best business for years. . Some said that in . the unofficial business yesterday and in the official

business today they made more money than in the last two months. . . In Johannesburg, Gold shares went up as much as 50 per cent, in the first few minutes of trading. Gold trading on the Australian exchanges is the heaviest for at least seven months. On the Sydney Exchange over 40,000 shares,.in .25 companies changed hands at varying rates.

(Earlier Messages on Page 6.) ’ '