MONEY MARKET.

Gisborne Times, Volume LXVIII, Issue 10711, 8 October 1928, Page 5

MONEY MARKET.

BRITISH STOCK EXCHANGE UN CHEERFUL MOOD. United Press Assn, by El. Tel. Copjrignt (Australian Press Assn.) (Received Oct. 7, 0.i 3 p.m.) LONDON, Oct. 0. The Stock Exchange continues in a cheerful mood and activity in the industrial market shows signs of shifting to new groups. Iron and steel, for instance 3 are showing signs of revival, while artificial silk shares have gone out of favor, owing to indications of over-production. Speculation is at present rampant and is expected to continue, unless there is some violent change in the money position. Signs are not wanting that some of the 'profits realised in industrials are being consolidated and re-investecl in gilt-edges, which are very firm, despite the monetary uncertainty of the past week having marked far the heaviest net loss of gold since the return of the gold standard. The bulk went to Germany. The “Statist” points out there lias been an efflux of eight millions worth of gold during the past three weeks. It says that, it certain special factors were not operating, it would bo time to consider the advisability of bringing the bank rate machinery into play. As to now issues, as the winter approaches there is ample evidence of great activity. New offers of capital are contemplated- This follows phenomenal activity practically throughout the year. For the first nine months of the year new issues totalled £269,25-1,000, compared with £201,857,000 for the same period last year. This year’s figures are the highest since the boom year of 1920, when the nine months issue totalled £314,574,000, and the full year’s aggregate was £419,*438,000. It is significant that, out of £13,306,000 issued in September, only seven and a half millions were for domestic purposes and nearly seven bullions for foreign countries outside the Empire. The “Economist." which has often called attention to the inadequacy of British statistics on production,* commerce and national wealth, publishes an important supplement, giving the result of the recent inquiry by Mr G. D. Rokeling relative to the degree of national prosperity for the past eight years. Mr Rokeling first made an index of the production based on the volume of raw material worked up by industry, the consumption of coal and the number of productive workers. He then combined this with the index of the net real income from foreign investment and then divided tlio resulting figures by the index of population in order to give tho index of real national income per capita. Thus computed, Mr Rokeling’s index numbers on national prosperity for the vears 1920 to 1927 work out at 101, 77, 89,. 93, 100, 100, 91, 105..;