FINANCIAL

Hokitika Guardian, 1 May 1937, Page 5

FINANCIAL

MARKETS WEAK

DROP ALL OVER THE WORLD.

(United Press Association —By Electric Telegraph—Copyright)

(Received this day at 9.55 ami.)

LONDON, April 80. The Australian Associated Prcs s city editor says, although there are signs of substantial, discriminating in buying, the markets are very weak. Gold shares again sold. Oils and industrials were depressed. The weakness of the markets has now spread throughout the world. Continental bourses, especially Paris, were all severely hit. Wall Street was subject to wave after wave of selling. , Even stock exchanges as far away as Bombay were broken barfly. City men declare there is poetic justice in the result. The fii -s t instalment of the Defence Loan of which twenty per cent, is believed to be taken up, opened at half per cent, discount. The city wonders whether the Chancellor will at last realise that ho cannot maintain gilt edgeds if assaults on equity and the taking of risks are to be the element in business.

Four powerful mining finance houses, namely. Central Alining Corporation, Rand'Minos Ltd.. Consolidated Goldfields of South Africa, and Sir Abe Hailey’s group, agreed to support the shares in which they have an interest to the extent of four, million sterling, resulting in the markets closing with a more cheerful tone.