STOCKS RISING RAPIDLY

Taranaki Daily News, 24 June 1931, Page 5

STOCKS RISING RAPIDLY

NEW LIFE AFTER QUIETUDE BRITISH MARKET OPTIMISM government ACCEPTS plan “WORST CRISIS AVERTED” By Telegraph—Preps Assn.—Copyright. London, Jupp 22. President Hoover’s plan caused brisk activity not only mi the Stock Exchange, but also in all the commodity markets, many of which have been galvanised into new life after long periods of stagnation and despondency. All metals rose substantially, tin by 75s per top, copper by 535, lead by 21s 3d, zine by 255, and silver by 1 5-10 d per ounce. Even rubber rose a farthing a pound. On the Stock Exchange gilt-edged securities, which were already strong, showed a further advance. Australians shared in the improvement. The chief advances were: Common wealth 6 per cents., £B3; 5 per cents., to £7O 10s; Victorian 3 per cents., to £47 10s; 3| per cents., to £55; and New South Wales 5? per cent?., to £77, G per epnts-, to £O5; New Zealand 4} per cents., to £9l 2s od. Bradford wool ■ was slightly better and quotations slightly higher. There were big rises in uiany Indus; trial and foreign bonds, the most notable being an 8 paints rise in German 5$ per cent. The Berlin Bourse opened sensationally, showing a rise <?f 30 per cent, on some shares over Saturdays prices. There was even and general public buying- ' , . e „ Mr, MacDonald in the House of Commons said that thp Government cordial’ ]y welcomed President Hoover's striking declaration and desired immediately to state that it subscribed whole-heartedly to its principle and was prepared to co-operate in the elaboration of details in view of giving it practical effect Without delay, Germany regards president Hoover’s proposal as coming, not at the eleventh hour, but at five minutes to twelve, saving the country from the worst crisis since 1923.. Senator Borah, formerly a bitter foe of debt revision, interviewed over the Atlantic telephone by the Daily Mail, approved the proposal. He said it did not need special Congressional action. Hi did not anticipate that the moratorium would be prolonged beyond the year. Senator Borah added that Mr. Hoover had already received the approval of some of the Allied Powers. The Paris correspondent of The Times says that the plan is believed to apply tb both categories of the Young Plan payments, excepting the unconditional annuities already commercialised. This means that France must renounce a large part of the reparations payment already budgeted. REACTION IN AMERICA LARGE GAINS IN UNITED STATES “NOT TIME FOR CONFERENCE.” New York, June 22. The stock market reacted violently on Monday. The early gains were from two to fifteen dollars per share. Late profit-taking wiped out some gains and the market closed 2 to 10 points stronger. Thp commodity market was stronger, cotton scoring almost three dollars per bale advance.' At Vancouver the Stock Exchange produced strong price advances. The Secretary pf State, Mr, JT. L, Stimson, to-day stated that an international conference was put of the question. If President Hoover’s debt moratorium proposal was to have the desired effect he declared that a speedy, acceptance of the proposal by Germany’s creditor nations was necessary and there was for an international discussion.' Mr. E. W. Beatty, president <?f the Canadian Pacific Railway, declares that President Hoover’s action will afford a striking opportunity for a world economic recovery.