A WONDERFUL CHANGE

Nelson Evening Mail, Volume LIV, 13 December 1921, Page 1

A WONDERFUL CHANGE

ON LONDON STOCK EXCHANGE | LOWER BANkIuTE POSSIBLE I (By Electric Telegraph—Copyright-.) (Australian ami N.Z. Cable Association.) t LONDON, Doc. 10. , The Slock Exchange during; the past i week has shown a wonderful change in ■ sentiment- from depression to hopefulI ness. The result has been, a very eon- > .siderable increase in business, especially in high-class investment secqri- - ties,’ in wliidSjl the turnover has been ) much larger than for many months' past. The demand for them is still unabated, and‘prices are steadily ris- , jpg, This improvement is mainly duo •to the, encouraging report from ■ Washington of improvement in tho dollar exchange, and a revival of the rumour that the income tax will he ■ reduced in. the spring lias also coutri-, • bated to tho better tone. Little at> . lent ion is being paid to Mr de Valera’s attitude, which is regarded only as a tactical move, nut likely to prevent a settlement. Miscellaneous industrial stocks arc also hardening, especially textiles. . . Extreme ease continues m the mo- , nov "market. Yesterday’s Treasury hill allotted CM 8s 2d discoun t—a low* rccoial. This makes the present batik . rate of o per cent relatively too high, The possibility of an early reduction in being discussed. 1 : Interest hi foreign exchanges still continues to centre in, Germany, France, and America. The violent . fluctuation in the mark has ceased, and tho (juntatioftt has steadied at 780 ■ to tlm .Cl. in expecation of a favourable ' result of Herr .Eathenau’s negotia- , tions. Exchange, on France continues to improve, owing to speculative co- ’ verivig hv those who sold some -time .|,r o when it was feared that Germany vmu’ld default with the reparation payments. That America is hopetul oi 1 a settlement! of the reparation problem is shown bv the steaclv buying of sterling which has raised the cable trans- ' for”rate to 4.10 dollars, the highest point iii two years. 1. - - tmm wu—m 11 t 1 "* _ .* j