AUSTRALIAN STOCKS FIRM

Taranaki Daily News, 13 June 1932, Page 9

AUSTRALIAN STOCKS FIRM

STOCK EXCHANGE IN LONDON

GENERAL CONDITIONS UNSETTLED

COMMONWEALTH THE EXCEPTION

“PRAISEWORTHY. ACHIEVEMENT.”

•Qy Telegraph—Press Assn.—Copyright.

Rec. 5-5 p.m. ’ London, June 11. General conditions on the Stock Exchange remain unsettled and several disturbing events ' have prevented , an improvement. The revolution in Chile, the failure of au important firm in the metal market, widespread liquidation in Wall Street, political uncertainties .in Germany and the weakness of sterling exchange, all have contributed to make operations cautious. Consequently there is a general air of stagnation in the markets and movements of prices have been mostly downward. A pleasant exception is Australian Government stocks, which maintain their firmness, and in some cases have improved. Discussing Australia’s economic position, the Morning Post’s financial editor described the change as a most remarkable and praiseworthy achievement. Many thought that as Australia had lived on borrowed money. for so many years the effort to turn the import balance into an export surplus would be a - task quite beyond .its powers. Sometime- the bickerings of politicians, which were' often accorded greater prominence in cabled news than were any evidences of solid progress, might have observed the fact that the task was being tackled whole-heartedly by the Australian people once they were shown the way. The faith of those investors who had held their-Australian-securities right through the period of difficulties was now seen to be justified and in view of the falling returns of high-class domestic securities there would seem to be room—if . the. New South Wales election went in the direction generally anticipated —for a further improvement in Australian stocks as providing one of the- few channels where the investor could" look for integrity on the part of the borrower./There, were still difficulties to be surmounted, the Morning post 'considered," but" a great beginning had Been made.