STOCK MARKETS AMAZE CITY

Southland Times, Issue 23978, 20 November 1939, Page 2

STOCK MARKETS AMAZE CITY

Nearly Every Section Is Firmer DOMINION STOCKS KEENLY SOUGHT (United Press Assn.—Telegraph Copyright) (Received November 19, 6.30 p.m.) LONDON, November 18. City commentators agree that the performance of the stock markets is amazing. Almost eveiy section is firmer. Especially is this true of giltedged Dominion stocks. The search for higher yields caused quite a run on Australian and New Zealand issues which are now in short supply. The Stock Exchange took rumours of internal dissensions in Germany less 1 seriously than did the Paris Bourse, where prices strictly responded in the belief that the Nazi regime was cracking. London was more influenced by growing .confidence in the overwhelming strength of the Allies. The announcement : ,of the British and French pooling of resources was made too late to affect the markets, but there is no doubt that it will be widely welcomed in the city which has long urged close economic co-ordination. The Times declares that Britain and France will henceforth conduct the war with complete unity of control. The prime purpose of the Anglo-French agreement is the protection of currency. Now it does not matter whether sterling migrates to France or francs go to London. The joint resources of Britain and France will stand behind the currencies and will ensure that foreign exchange is used only to purchase necessaries and to make the best use of raw materials, tonnage, production and other economic factors essential to victory. COTTON’S FIREWORKS Commodities are fairly featureless. Cotton failed to repeat last week’s pyrotechnics though it finished the week 20 points higher in sympathy with the advance in the United States. Rubber declined fractionally as a result of the quota increase, the purpose of, which is to facilitate the accumulation of rubber required for the Russian-American barter agreement. American consumption in October reached' the exceptional level of 55,800 tons. The British Government has announced that it is purchasing the whole of the West African cocoa crop, not because of any shortage in Britain, but apparently to assure the native growers of a firm market. Bradford welcomes thei possibility of increased releases of wool for civilian purposes as few firms are able to meet requirements. The trade is pressing for improved export facilities as it believes there is great opportunity of capturing enemy markets. It considers that exports could be speeded up without danger to the home position. RAW MATERIALS (Received November 19, 9.5 p.m.) LONDON, November 18. Friday’s closing prices were:— Cotton.—Spot 7.10 d per lb, December 6.60 d per lb. . ; . 1 . ■ Rubber.—Para 11 Jd per lb, plantation smoked 11 l-32d per lb. Copra.—Not quoted. Jute.—Not quoted. ; Linseed 0i1.—£36 a ton. Turpentine.—£3/2/- a ton.