CONFIDENCE RETURNS.

Manawatu Standard, Volume LIX, Issue 145, 22 May 1939, Page 5

CONFIDENCE RETURNS.

LONDON STOCK. EXCHANGE. NEW ZEALAND LOANS. LONDON, May 20. The Stock Exchange concluded its most encouraging week since the markets cracked on the invasion of Albania, though the volume of business still remains below normal. Britos have crept up very gently, hut there is a. growing return to confidence in both the domestic and international situation. Every section of tho market has made some gesture of improvement and most inuustrials arc 5 to 10 per cent, dearer on the " Tim gill-edged revival has broadened into an impressive advance, carrying Dominion stocks with it. . Tiio Investors’ Chronicle says that the market ranks Canadian stocks iusnoi-t., their yiold being round 3* per cent., wit t South African and Indian next at about 31 por cent., then Australian and finally Now Zealand. Neither New Zealand noi Australia compare with the. other Dominions, stales the paper, as they havo run up debt per bend about double that of Canada’s and treble that of South Africa’s. Tliev have not Canada s geograpnjcal security nor South Africa’s sheet anchor of gold. . . , New Zealand presents a special nsk, as Mr Savage must soon choose between a sincere social policy and default. lorluriutely there is no Lang.sm about Wr Savage.- On tho contrary, lie has done his utmost to avoid default, including exchange control, but he may lmve to swallow his hopes before tho big refunding ln Tho°fact that Mr Nash is coming to London suggests that the Government is willing lo learn; indeed, New Zealands attachment lo the Empire may oiitwc.gh tho more material advantages of Canada and South Africa in the estimation of intho stock markets, commodities ehow no decisive trend and business icmains quirt. April copper statistics forced tho price to (he lowest level of the yeai, the United States figures being especially bad. Tho market is satisfied with the rubber quota decision. BRITISH TREASURY BILLS. (British Official Wireless.) RUGBY, May 19. The total amount applied for in tc « ders for £30,000.000 of Treasury bills was £60,775.000. Tho average rate per cent, for bills at three months was 13s 3.Di11, compared with 13s 4.61 d a week ago. WALL STREET TURNOVER. NEW YORK, May 19. Tho turnover on the New York Stock Exchange to-day amounted to 400,060 stocks and shares.