“BLACK MONDAY”

Wanganui Chronicle, Volume 80, Issue 279, 24 November 1937, Page 7

“BLACK MONDAY”

London Stock Exchange STOCKS HAMMERED WORST DAY OF DEPRESSION , PERIOD {By Telegraph—Press As«tociation—Copyright) Received Nov. 23, 10.30 p.m. LONDON, Nov. 23. The News-Chronicle’s financial writer says: “It was a black Monday on the Stock Exchange, which suffered its worst day of the depression, period. Prices of nearly all stocks shared in the remissionless slide, some of the worst affected being stable well-managed companies. Consols fell by a half to 75 5-8 and war loan by a quarter to 101. The market value of shares of 20 representative companies with a paid up capita’ ot £180,000,000 slumped £28,000,000, representing a fall of £250,000.000 from the highest prices touched in 1937. Nobody could explain the severity of the slump, though the Wall Street drop may have influenced it. AUSTRALIA SOUND WORLD’S BEST FIELD FOR INVESTMENT. FEDERAL TREASURER’S CLAIM Received Nov. 23, 11 p.m. SYDNEY, Nov. 23. Addressing the Millions Club, the Federal Treasurer, Mr. Casey, declared that Australia offered the best field for international investment throughout the world. The Commonwealth was at present short of capital. Between £70,000,000 and £80,000,000 had been spent in 1936 on buildings and public works, the exchange rate had been stable for six years, Budgets were now balanced, and the various Governments this year would apply £10,000,009 to the reduction of the public debt.