MARKETS EXPECT PEACE PERIOD

Southland Times, Issue 23806, 2 May 1939, Page 3

MARKETS EXPECT PEACE PERIOD

STRONGER TONE IN LONDON ABSENCE OF SPECULATIVE ACTIVITY (United Press Assn.—Telegraph Copyright) LONDON, April 30. City business men regard Herr Hitler’s speech as a masterpiece of demagogy, leaving the essentials of the situation unchanged. Some, like a writer in The Financial Times, consider that the world is likely to have a long period of peace punctuated by recurrent alarms, but the majority pitch its expectations lower. All, however, agree that there will be a breathing space for the immediate future, and consequently the markets closed stronger. There is a marked absence of speculative activity. The modest levels of values checked bear selling, and the belief that the official control of supplies will immediately follow an outbreak of war restrained the bulls. Butter continues to mark time. Invisible stocks are considerably lower than last year, but prospects are plentiful. Supplies from the Continent are likely to prevent any- substantial change in prices. Trade, however, should be healthier over the next few weeks.

The Investors’ Chronicle suggests the Budget was framed in the naive belief that intensified rearmament was possible without the dislocation of business and declares that the Budget should be framed with a view to penalizing the consumption of products competing in rearmament.

Sugar has again taken the limelight from other commodities and continued to rise as a result of the combination of political anxieties with the tight statistical position of continental governments, which has encouraged traders to lay in stocks. The wool trade is slack and clothing requirements have declined so substantially that many Merino firms have difficulty in keeping their mills running. The forthcoming London sales are bound to reflect the increased' demand for crossbreds and it is expected that slipes suitable for uniforms will open 10 per cent, higher. New Zealand offerings are 28,900 bales and Australian 20,800 bales.

MINING CLUTHA RIVER (United Press Association) DUNEDIN, May 1. The Clutha River wash-up was 106 oz for 124 hours. OKARITO-FIVE MILE BEACH DUNEDIN, May 1. The Okarito-Five Mile Beach washup was 220 z. Bdwt for 101 hours. MATAKI AUCKLAND, May 1. The Mataki return for the five-day period ended April 28 was 15oz for 7200 yards. PROMINENT SHOW HORSES SOLD LUCY GLITTERS AND FREE LANCE

Two of Southland’s best-known show horses, Mr and Mrs H. R. Williams’s Lucy Glitters and Free Lance, have been sold to North Island buyers and were shipped from Bluff yesterday on the Wainui. Their records in the show ring last year were outstanding. They were exhibited at six shows from Dunedin south, Free Lance being champion four times and Lucy Glitters gaining the honour on the other two occasions. Lucy Glitters, who was bred by her owners when they were in Gisborne, has been purchased by Mrs H. B. Johnston, of Kamano, Feilding, who intends to exhibit her at Manawatu shows and use her for hunting. Mr George Coop, of Gisborne, a wellknown exhibitor of show horses in Poverty Bay and Hawke’s Bay, is the new owner of Free Lance, who is to be exhibited at shows in those districts. Free Lance was acquired by Mr and Mrs Williams from Npkomai station.