LONDON MARKETS

Otago Daily Times, Issue 23703, 10 January 1939, Page 9

LONDON MARKETS

DEALINGS IN STERLING SPECULATORS ROUTED STOCKS GENERALLY DULL (United Press Association) (By Electric Telegraph Copyright) LONDON, Jan. 8. The early results of the employment by the British authorities of heavy artillery to defend sterling were visible on Saturday, suggesting favourable reception abroad. Speculators against sterling are in full flight. The move produced spirited bidding for sterling. Dollars, which were fluctuating freely, touched 4.68,1, and francs l'(7J. Banking circles now believe that the pound is impregnable against any conceivable pressure, as the exchange equalisation account’s gold resources are estimated at £450,000,000, far exceeding foreign “ hot ” money. Other floating external liabilities are estimated at about £200.000,000 at present. General Dulness The London stock markets generally ended dully the three weeks’ account, broken into by the holidays. Butter Active Butter its firm and active. The sale of 20,000 boxes of New Zealand butter to Germany under the agreement negotiated by Mr Nash assisted to relieve stocks, while the announcement of the restriction of Australian shipments, which will be felt in Mai'ch and April, made buyers ready to carry and maintain stocks.

Cheese The cheese market is without any special feature.