LONDON EXCHANGE

Otago Daily Times, Issue 20969, 7 March 1930, Page 9

LONDON EXCHANGE

MUCH FEELING AROUSED. AN ASTONISHING CIRCULAR. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, March 6. (Received March 6, at 11 p.m.) The Daily Mail says considerable feeling has been aroused on the Stock Exchange owing to the issue of a circular by Mr Buckmaater Moore, one of the largest stockbrokers in the city, advising the sale of “ almost all the British industrial companies operating at Home, particularly shares in the older industries, and 1 the investment of a very large proportion of any funds in American and Canadian securities.’*

The signatory, Mr 0. T. Falk, declares in the course of the document: “ 1 believe that the industrial prosperity in England is much more than temporarily depressed, and it is quite unreasonable to expect us to regain our industrial leadership. The future of the financial position is another matter, and depends not the least on the action of investors. If they invest well we may maintain financial prosperity, despite the decline in our industries. The advantages in Canada and America will be so overwhelmingly great in the next decades that they will offer a most attractive field -of investment.”

Leaders of the city strongly protest against the issue of such a sweeping recommendation. Sir Arthur Duckham declared that the circular displayed absolutely unwarranted pessimism. “My advice to investors is stick to Home industries,” he said, “ which arc certainly as healthy as the American.”