BRITISH STOCKS

Manawatu Standard, Volume LIII, Issue 309, 27 November 1933, Page 7

BRITISH STOCKS

A GENERAL RECOVERY. NEW ZEALAND ISSUES FIRM. AMERICAN POLICY' HAMPERS. (United Press Association—By Electric Telegrapn.—Copyright.) Received November 27, 8.5 a.m. LONDON, Nov. 25. The stock markets have recently presented a very dull appearance, which is not surprising when. the uncertainties of the international situation are considered. A well-informed financial writer says the investment market is still apprehensive regarding the outcome of the dollar depreciation policy, and the French position is creating some misgivings, while the virtual collapse of the Disarmament Conference is also a disturbing factor. Amid these surroundings, the favourable trend in Home developments, reflected in the brighter trade, and the hopeful revenue returns fail to . have any beneficial effect.

Such were the conditions prevailing till Thursday, when brokers and jobbers began to take a more optimistic view and there was a general recovery in' prices, though business was not very active and satisfactory. Australian and New Zealand stocks generally remained firm when British funds showed weakness. Australia’s position is now regarded as most satisfactory and the newspaper comments are unanimously laudatory. For instance, the Stock Exchange Gazette has an article headed “Australia Advances.” Although President Roosevelt’s policy of the depreciation of the external value of the dollar is hampering the economic recovery of the world, it has had no great effect hitherto on Great Britain, but, as the Economist’s Trade Supplement points out, the scope for further expansion of this country is definitely limited in the absence of an improvement elsewhere. Moreover, the present level of activity cannot be maintained long in the face of serious deterioration in other countries. For example, a further fall in the value of the dollar arid a renewed decline in the purchasing power of the agricultural countries might seriously weaken our export position.