STEADY INCREASE

Poverty Bay Herald, Volume LXVI, Issue 19886, 13 March 1939, Page 5

STEADY INCREASE

_——«. INVESTMENT BUSINESS LONDON STOCK MARKETS WOOL PROSPECTS GOOD BUTTER VALUES FIRM (Elcc. Tel. Copyright—United Press Assn.) (Reed. .March 13, 9 a.m.) LONDON, March 11. The London Stock Exchange had another good week, the improvement being fully maintained with a steady expansion in the volume of investment demand. Investors are taking more interest every day and more business U being done than at any time since the first half of 1937. A gratifying feature is the number of small investors all over the country who are now buying. With prices steadily advancing, there has naturally been some profit-taking sales, but new buyers have come forward and the markets consequently have gained in liquidity. The influences behind the improvement are chiefly the better foreign political outlook, the hope of a trade recovery encouraged by Ministerial and other speeches, the reduction in unemployment, a sharp advance in the steel output and satisfactory revenue returns which are taken as a further indication that the Budget will not show a serious addition in taxation. Gilt-edged securities continued their upward "movement, with the 3£ per cent war loan nearing £99, the highest level for a long time. The commodity markets and base metals are conspicuously and continuously firm, the turnover in lead and spelter being the biggest since December. Tin is reserved, though cheerful pending the international committee's quota decision, while copper market dealers are still not quite satisfied over the statistical position, though prices respond to buying by the United States. Wool is firm. The prospects for Tuesday's wool sales are generally regarded as good. The Bradford tops market is exceptionally firm, though business is small. The impression is that the market will open fully equal to the closing prices of the last series, with any movement likely to toe 5n favour of sellers. The butter trade has been slow, but importers have little on hand so that prices are comparatively steady. Cold store stocks are still heavy, but in view of the light arrivals expected in the next few weeks, the position is regarded as not unsound, though Continental production is beginning to increase.