PUBLIC BUY STOCKS.

New Zealand Herald, Volume LXVIII, Issue 20986, 24 September 1931, Page 9

PUBLIC BUY STOCKS.

BROKERS KEPT BUSY. PRICE OF GOLD HIGHER. CONFIDENCE IN FUTURE. By Telegraph—Press Association —Copyright. (Received September 23, 8.45 p.m.) LONDON. Sept. 22. There was remarkable activity on the unofficial street market outside the Stock Exchange to-day. The higher prices for commodities caused the public to buy many industrial shares, and some brokers did more business in a few hours than in a week while the Exchange is open. South African goldmining shares were particularly in demand, after the price of gold had been fixed nominally at 99s 7d an ounce, which is 15s 2d higher than yesterday's price, and is tho highest since December, 1921. The advance has been much greater than was expected. There arrived from South Africa to-day 250,000 sovereigns and £484,000 in bars, for which tho owners refused an offer, believing that a better price will be I obtainable later. The Stock Exchange will be reopened to-morrow. The Times says no better proof of the unshaken confidence in Britain's future is possible than an early resumption of Stock Exchange business, but the issftie is still between the pound savers and the pound smashers. It is too early to say whether the new dangers will produce a more national outlook among the Socialists. MONETARY CONFUSION. ECONOMIST'S WARNING. COMPETITION IN DEPRECIATION. (Received September 24. 1.15 a.m.) LONDON, Sept. 23. Sir Walter Layton stresses the probability of depreciation and greater disorganisation of other currencies than of sterling. He says the latest events do not indicate what will happen to the pound. He advises British investors to refrain from hasty sales of Government stocks. Ho urges an immediate international agreement to prevent disastrous competition to depreciate currencies. LANCASHIRE BENEFITS. COTTON SHARES ADVANCE. HOPE FOR BETTER EXPORTS. (Received September 23. 8.45 p.m.) LONDON. Sept. 22. Lancashire expects a double stimulus as a result of the rise in the price of silver, namely, reduced costs of production measured by external currencies, and increased power in tho Eastern markets. All the leading cotton mill shares advanced on the Manchester Stock Exchange, representing the markings up based on hopes of improved exports. One authority said he thought that if the dollar exchange dropped a few more points Lancashire would be able to ship cotton goods to the United States profitably. BRITAIN UNPERTURBED. TRIBUTES IN FRENCH PRESS. NO RUSH TO BUY GOODS. PARIS, Sept. 22. A feature of the press comments is their general tribute to British calmness in face of the financial crisis. For example, Lo Matin says: "True to his traditions, the Briton is keeping his end up and not rushing to the shops to use all his cash in buying up goods." DELIGHT IN MOSCOW. END OF CAPITALISM SEEN. MOSCOW, Sept. 22. The newspapers gloat over Britain s financial plight as being the stroifgest portent of the disintegration of world capitalism, and arc specially jubilant over the Navy's part in hastening the crisis. The newspapers predict that a financial catastrophe will envelop the whole world. CHECK ON PROFITEERING. ASSURANCE BY GROCERS. LONDON, Sept. 22. A deputation from the National Federation of Grocers' Associations assured the President of the Board of Trade, Sir Philip Gunliffe-Lister, that the grocers throughout the country would protect the public from profiteering.