SYDNEY STOCK EXCHANGE

Nelson Evening Mail, Volume LXXII, 22 December 1938, Page 3

SYDNEY STOCK EXCHANGE

MARKED FALLING-OFF OF BUSINESS LEADING MEMBER’S COMMENT t I* A.— H* Electric THt-ur tt uli Goo* «iirli tl SYDNEY. 21st December. Reviewing conditions on the Stock Exchange, which closes for the vacation to-morrow, a leading member said today that there had been a marked fall-ing-off of business this year due mainiv to the drop of £ 14.000.000 to £16,000.000 in the wool cheque and, to a lesser degree, to the unsettled international position which had caused many On the oilier hand, there had been no real selling pressure, but merely a desire to mark time and await developments both at home and abroad. Ting state of affairs was likely to prevail in’o the new year. POSITION IN NEW ZEALAND He then referred to the position in New Zealand, saying that, in consequence of the Dominion Government's financial measures, he doubted whether New Zealand investors would be able to buy on Sydney for some time. There had been some buying and some selling, and, but for the emergency measures, the buying would probably have exceeded the selling by New Zealand. He added that if Mr Savage and Mr Nash read the reports of their treasurer, they would find that the Australian market took up a large amount of New Zealand loans, but. under the present conditions in New Zealand, no Australian would think of it. Experienced financial men here took upon New Zealand s action as unwise. It would have been far better to have free actions between New Zealand and Australia, trusting to Australia, at some future time, being again willing to take up New Zealand loans.