BRITISH MARKETS BUSY.

New Zealand Herald, Volume LXVIII, Issue 20987, 25 September 1931, Page 9

BRITISH MARKETS BUSY.

INDUSTRIAL SHARES RISE. FOOD PRICES NOT ALTERED. LONDON. Sept. 23. When the Stock Exchange was reopened to-dav there was a full attendance of members. The markets showed considerable activity, especially industrial stocks and South African goldmines. Jobbers marked down the prices oi British funds to a level corresponding with the decline in the value of the pound Sterling, but they quickly hardened several points. There was little business in Australian and New Zealand stocks, prices of which were similarly marked down. The only untoward event was the failure of a small and unimportant firm on the Consols market. On the London and provincial exchanges substantial gains were recorded throughout the home industrial group, iron and steel shares being particularly strong. Motor and electrical shares, breweries, newspapers, chemicals, textiles and tobacco all benefited from the optimistic conditions. Commodities generally have risen, the leading oil shares being considerably higher, and rubber and tin are firm. Everywhere the dealings were conducted in a calm and cheerful atmosphere. Wholesale dealers everywhere state that any rise in food prices at present would j be entirely unjustified. Should it become necessary the Government will, of course, take steps to control prices. The Chancellor of the Exchequer, Mr. Snowden, has given a definite assurance on that point, but so far not a single shop pri.ee has been altered. ( The rule everywhere is " business as ; usual," and the'only exception to it is j that purchases of foreign exchange or transfers of funds by British subjects are | ntjt permitted, except for the purpose of financing normal trade requirements, reasonable travelling or personal purposes, or under contracts existing before beptember 21. . . The substantial rises m industrial securities were caused, not only by bears covering, but by the considerable volume of buying orders recorded throughout the home industrial group. Iron, steel and textile shares look the lead in this department. All the Exchanges in the leading foreign centres reflected the general strength, with the exception of Copenhagen where sterling now stands at over 20 sl.ill.ngs. The pound to-day is worth slightly less than yesterday. The stock markets finished the first day's business since Saturday in a cheerful and active mood. There was an almost record attendance of members on the Exchange, and dealings were conducted fn» Lorn "II .■estriction, a pol,c.v which was more than justified by the steady and buoyant tone displayed. Practically all the markets showed general advances.