SHARE MARKET
ARMS ISSUES ACTIVE. COMMODITY MARKETS LIVELY. DEALS IN COTTON, (United Press Association—B.v Electric Telegraph.—Copyright.) Received July 13, 10.10 a.m. LONDON, July 12. The immediate sequel to the French Government’s “baby bond” appeal has been a severe slump in the franc, contrasting with the optimism of the Government, which stated that the loan had met with a most favourable reception.
Reports current in the city suggest that the first result of the issue. is most disappointing and that the capital efflux from France has been renewed. The uncertainties of international politics have been responsible for the stock markets marking time. Giltedged securities are sullenly inactive, Sir Austin Harris’s speech doing, much to reassure holders of New Zealand issues. Business is not extensive, but the dealing margins have been narrowed. . The most active markets have been industrial issues, especially armament and heavy industry shares. Steel production for the first six months of 1936 reached a new high level. Speculators arc Inclined to neglect mine shares, which are drearily stagnant. Real fireworks have occurred in commodities, especially wheat and cotton. Despite the United States requiring to import 25,000.000 bushels of wheat those who arc well-informed consider that there is no foundation for the talk of a world shortage of wheat. Cotton imitated wheat by rising to new high levels at Liverpool amid great excitement. August futures were over 7d for the first time for seven years, and a further improvement in price is considered possible. THE WOOL POSITION.
The comparatively firm opening of the wool sales proved a tonic for Bradford, where .concessions can no longer be' obtained. The demand in London proved wider than had been expected. Germany was especially active. taking Merinos. . . Zinc has been the only disappointing commodity this week. The stock position is undoubtedly becoming worse. The outlook for tin lias definitely improved, the market taking a more hopeful view.
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Bibliographic details
Manawatu Standard, Volume LVI, Issue 190, 13 July 1936, Page 7
Word Count
313SHARE MARKET Manawatu Standard, Volume LVI, Issue 190, 13 July 1936, Page 7
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