BRIGHTER OUTLOOK

Gisborne Times, Volume LXVII, Issue 10474, 3 January 1928, Page 5

BRIGHTER OUTLOOK

STOCK EXCHANGE WIND UP IN GREAT STYLE. BOOM IN BRITISH FI NDS. TREASURY-BONDS CLOSED BIN '.. FORE ADVERTISED TIME. TALK OF REDUCED BANK RATE. DOMINION STOCKS SHARE FIRMNESS. ! ,

(United Pres; Assn.—xNmyrigbt > (Received 'January, 2, . 7.5 p,m.) : LONDON, Dec. 3L 1 The, Stock .Exchange wound ■up. the year dh great style yesterday, 1 with quite a boom in British funds, some of which closed not far from the highest point of the year. Business had been somewhat .restricted since the resumption on Wednesday as is usual at the end of the year, hut there was a firmness ail round, Just before the House closed an announcement was made that the list lor fresh applications of new Treasury 5 per cent, bonds.had beerifclosed two days before the, advertised time. This is evidence that the subscriptions have been very heavy and it had ’.he (fleet of causing ail lunds to advance. This news led to a revival of the talk of an early reduction in the hank rate/and cheaper money, andy brokers and jobbers separated for the New Year holiday in the happiest frame-of mind. Dominion stocks share the firmness, and it’is satisfactory, to see the New South Wales loan scripy quoted at ahoiit one-sixteenth premium. This is a good reply to the pessimists who have been uttering nasty criticisms about the State and its tinaneos because the underwriters had to take fi2 per cent, of this loan. Some measure of the upward tendency on the Stock Exchange during the year may he gathered from the fact that 300 representative securities selected hv the Bankers’ Magazine appreciated by just over 4 per cent. —A. and N.Z.C.A.

PROM I SING WOO l, PROSPECTS. NO DRASTIC FALL JN PRICKS EXPECTED. KEENER FOREIGN COMPETITION ANTICIPATED-. (Received .'January 2, 7.3 p.ru.) LONDDN, Dec. :’,J.

Discussing wool prospects, .the Yorkshire Observer says: - With the smaller supplies from Australia, and no compensation elsewhere, nc one expects any drastic fall in prices, for assuming that a slight reduction would he possible, competition which would thereby he encouraged, would prevent it proceeding far. The wish for cheaper wool is general, hut topmakers are not prepared to act upon the assumption that it will ho obtained. They are not deviating from the policy of being on the sate side by Casing quotations upon the actual cost of the raw material. It is reported on reliable authority that German and French stocks of raw material are only normal, and in the circumstances it is only reasonable to suppose that German and French competition will continue to lie considerable and prevent any undue sagging of Values. It is reported that the” United States importers are seriously considering the replenishment of foreign wools, and they may he keener competitors for raw material than they were in the first half of the season. Wo cannot expect Japan and Russia, to drop out entirely, and on the whole, Bradford will have its work cut out to get in on a favorable level.’’—A. and N.Z.C.A.

BRITISH TRADE AND INDUSTRY

BRIGHTEST YEAR PREDICTED

SINGE WAR

REC’R UDESOENCE OF OVERSEA COMMER CE EX RECTEI>.

BETTER RELATION BETWEEN EMPLOYERS AND 'WORKERS.

(Received January 2. 7.00 p.m.) LONDON. Dee. 3U

An optimistic view of British trade and industry is taken by Lord GainFord, president c-f the Federation ot British Industries. Ho says that, “taken as a whole, British industry looks forward to 1928 with less misgiving than any year since the war. It is now generally recognised there has been in recent years a great increase in our internal trade, hut that, comparatively speaking, our export trade has been depressed. Fortunately, there are fairly definite' grounds for hope that the next twelve months will see a recrudescence of cur overseas commerce. The period of falling .prie.es is at an end, so is the period of the artificial scarcity of gold, vhicli gave rise thereto. For the first Mine since the boom ol : 1910. gold has flowed into the Bank of England in response to natural exchange movements. Moreover, no less thru half the world’s tonnage of shipping under construction is being built round the shores ol the British Isles, which is most welcome news from tlr point of view of national prestige. I find grounds for optimism in the marked change in the atmosphere ol relations between employers and cm ployed, if only wo can retain and develop this spirit of sympathy and co-operation, there need be pttle fear for the future.’ I ’—A.'and N.Z.C.A.