LONDON STOCK EXCHANGE

Nelson Evening Mail, Volume LXI, 5 December 1927, Page 5

LONDON STOCK EXCHANGE

ACTIVITY TN INDUSTRIAL SHARES . (By Electric. Telegraph—Copyright) (Australian & N.Z. Cable Association) LONDON, 3rd Dec. The Stock Exchange has been generally steady, with considerable activity in certain departments, notably some of the more or less speculative industrials, in which there has been a revival of activity. •

The gilt-edged market has been dull owing to the t'ompetitionaof new issues, especially the Palestine loan of £4,475,000, 5 per cent;., at looi, and the Irish Free State issue. The success of the former was never in doubt, the terms being so attractive, with the addition of a British guarantee, that one financial newspaper described it as a Christmas gift to the investors, who rushed to apply for ii. Dealings commenced yesterday and a premium of 1] was quickly established.

Jt. is satisfactory to note that this new issue competition has not affected other dominion stocks, which, on the contrary, have been in demand, especially the new Commonwealth issue, which after opening at a half per cent, discount now stands at only one-six-teenth below the issue price.

A feature is the steady upward course of the pound sterling. Measured in terms of United Slates dollar today's price was the highest, on record since Mill, but, the rate has not yet reached a point at which gold can profitably be shipped from America to Knghtnd, but financial circles expect shipments may be possible before \cvy long.

The "Financial Times" New York correspondent, says thp feeling is growing that England will take gold from the United States before the end of the first two months of 1928. Bankers think a hundred million dollars or more could be shipped without disturbing the New Vbrk market.

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