British Funds Firm

Manawatu Times, Volume LV, Issue 6836, 18 April 1932, Page 7

British Funds Firm

BUT KREUGER FRAUDS AFFECT MARKET United Press Association.—By Eleetric Telegraph.—Copyright. Received Sunday, 9.5 p.m. LONDON, April 16. Thanks to the cheapness of money, the gilt-edged section of the Stock Exchange is fairly active, and as the monetary position seems likely to. become even more favourable, British funds may advance until their yield falls below 4. per cent. At present their average yield is 4.18 per cent. Many people confidently , expected that the bank rate would be reduced last. Thursday. Certainly the-domestic conditions seemed to warrant a downward movement, but once again the Bank of England directors were compelled to exercise caution owing to the disturbing position abroad, especially the uncertainties regarding the KrcugerToll position, which gets worse every day. Other adverso foreign factors in the situation arc the acute depression on Wall Street, the financial crises in. many European countries, and the disclosure at Geneva that Greece must default and that Bulgaria can only pay half the interest due to bondholders. Under these conditions it is not surprising that foreign stocks have been irregular. Industrials generally arc dull.

Forecast of Budget Changes BEER TAX TO BE LOWERED. BUT TEA TO PAY IMPOST DUTY LONDON, April 15. Mr Neville Chamberlain (Chancellor of tho Exchequer) has completed his plans for the Budget on Tuesday. The Daily Telegraph’s political contributor predicts that there will be no change in tho standard rate of income tax, but that there will be slight changes in the allowances, a reduction of the beer tax, and the reimposition of the 4d per lb. import duty on tea.

Greece Repudiates SUSPENSION OF DEBT PAYMENTS WANTED. GENEVA, April 15. M. Venizelos told the League of Nations that Greece would be unable to balance her Budget without suspending her debt payments abroad. He hoped that this would bo only temporary.