THE BLIGHT OF WAR

Waikato Times, Volume 86, Issue 13082, 17 January 1916, Page 2

THE BLIGHT OF WAR

INFLUENCE ON 'CHANGE

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Like other : industrial communities, the Stock Exchange is grievously suffering from the influence of war, says Sir Henry Lucy in the Sydney Morning Herald. As was shown by the

magnificent subscriptions to the war loan, there is abundance of loose cash

in the country awaiting investment. But the stock that habitually provided opportunities for business are regarded with indifference or suspicion. The greatest shock suffered by the Stock Exchange was the announcement made the other day that London and North-Western Railway stock has fallen below par. Business was recorded at the price of _99£. It is true, the quotation immediately spurted to the extent of 10s. But it fell back to par. On the Stock Exchanges throughout the country there is something almost sacred about L. and N. W. railway stock. It is the Consols !of the railway market. Eighteen months ago it. stood at £l4ll. Even after the blight of war had spread over the markets it did not fall below £lO2, a handsome premium on the price of issue. And now it has been below par. This fact indicates a state of things that finds reflex in the offices of many firmß of big standing, and in homes long accustomed to the atmosphere of affluence. Establishments, business and domestic, have been cut down, meaning unemployment for thousands of workers. The Stock Exchange itself, regarded as an investment, has sorely suffered. Its shareholders find a small and privileged stock, 18 months ago difficult to purchase, is now, at greatly reduced price, almost unsaleable. One result of this condition of hopeless depression in that a considerable number

of members of the Stock Exchange and a large contingent of clerks have 1 gone to the front, and are now shoutI ing battle cries in the trenches ini stead of prices on 'Change.