U.S.A. SLUMP

Grey River Argus, 19 November 1946, Page 5

U.S.A. SLUMP

MORE WALL STREET SELLING. NEW YORK, Nov. 15. A heavy selling movement swept the New. York Stock Exchange late this afternoon after the news of the possibility of a coal strike. The market turned sharply downward, with liquidation so fast that the tapes ran late. Selling was especially pronounced in steel, coal, and rails. The flurry spent its force as closing time approached, and prices were slightly above the day’s bottom. Losses ranged from fractions to a point

AUSTRALIAN ATTITUDE.

SYDNEY, Nov. 17.

The Federal Cabinet to-day discusses the Bretton Woods money agreement. The Prime Minister, Mr. Chifley leads a group in Cabinet which favours ratification of the agreement. The Transport Minister, Mr. Ward leads a group which is bitterly opposed to the agreement. Mr. Ward fears that international financiers may influence Australia’s domestic policy by threatening to withhold credits. Mr Chiflev argues that inflation in America makes the international plan essential for Australia.