MONEY MARKET

Hawera Star, Volume XLVII, 12 March 1928, Page 5

MONEY MARKET

CONDITIONS IN ENGLAND.

DEALINGS IN SHARES. RISE IN WOOL EXPECTED. BY CABI.E -PRESS ASSOCIATION —COPYRIGHT Received 9.30 a.m. to-day. LONDON, March 10. Business on the Stock Exchange continuesl to be satisfactory. There was much speculative activity in industrials and some comparatively low-priced shares fluctuated as much as 10s to 15s in a day. But it was satisfactory to know that dealings in some of the leading industrials were not confined merely to gambling, and that large investors were buying them steadily, having apparently full confidence in the future of these concerns. The giltedged group showed remarkable strength, and prices had been firmer than for some weeks past. Even the surprise issue of Australia’s eight million loan had no effect, and the values of colonials generally were well maintained. It might have been expected that the poor public response to the issue would have caused a weakness in the colonial but there was no sign of .it. Financial writers seemed atT last to be recognising that the success of an issue did not depend on heavy public subscription, largely by stages. One usually severe critic of Australian loans confined his remarks about the present issue to the following: “The market is now quite accustomed to Australian offers being left with the underwriters. The new scrip will be absorbed in clue course, although the market has not been given as much breathing space between the issue of Australian loans as would appear desirable under the circumstances.” LONDON WOOL SALES. The opening of the second series of wool saies in London on Tuesday is being awaited with the keenest interest. There is a consensus of opinion among the experts that prices will advance. This is evidently the view of London brokers, for several of them visited Bradford this week, seeking second-hand parcels to re-offer at auction The quantity available, therefore! is likely to exceed 125,000 bales. At the corresponding sale in 1927 the offerings were 194,932, and about 145.000 were sold. The only element of doubt is the extent of the rise, regarding which various views have been expressed. One of the best informed wool correspondents writes: “Even a fortnight ago a general advance of five per cent, was forecast for both merinos and crossbreds. The position then was very strong, and I cannot see that anything has happened since to suggest any change of views, though some are talking about par to five per cent, advance for merinos. These contend that it has never been possible to sell merino tops at prices corresponding with what the wool has cost at London, and that a definite advance of five per cent, will put- another full twopence per pound on tops Whatever the actual movement in values turns out to be, that there will be good general competition for all wool catalogued is well assured. The trade generally is distinctly better, consumption being on a larger scale than for the past "three years, and the vital thin a is that this should continue.”