CHEERFUL TONE

Poverty Bay Herald, Volume LXIII, Issue 19138, 6 October 1936, Page 13

CHEERFUL TONE

LONDON STOCK EXCHANGE G ILT ■ EDGEDS RECOVER DEVALUATION REACTION (Elec. Tel. Copyright—United Press Assn.) (Reed. Oct. 5, 3 p.m.) LONDON, Oct. 4. The stock markets concluded cheerfully after what, might have been a- disturbed Week following t,lie revaluation of the franc. The success of Friday’s working of the internal ional monetary arrangement, assisted by tho absence of repercussions in Paris, where the Bourse is reopening alter a. week, stimulated the London security markets. Gilt-cdgeds, which were affected by undue bearishness earlier in the week, completely recovered. Dominion stocks were firm. Iron and cteels appreciated on the hint given by tho First Lord of the'Admiralty, Sir Samuel IToare, of ail acceleration of rearmament , and industrials reflected the market’s view that the devaluation did not threaten British industry. Tho continuance of the British trade recovery is instanced in the fact that over £1,000,000,000 more is circulating in trade and industry than at the corresponding time last year. According to bankers’ clearing house, cheques, the bills dealt with last week were £162,291,000, making a total increase in the first three-quarters of the year of a pproximately £1,130,000,000.