NO SIGN OF PANIC

Waikato Times, Volume 118, Issue 19665, 27 August 1935, Page 7

NO SIGN OF PANIC

BRITAIN’S FINANCES.

EFFECT OF WAR RUMOURS. INVESTORS KEEP THEIR HEADS. United Press Assn. —Elec. Tel. Copyrtgtu (Recived Aug. 27, 11 a.m.) LONDON, Aug. 26. Discussing the effects of the possibility of war on Britain's financial position the Daily Telegraph’s financial editor says:— “Last week the Stock Exchange recognised the existence of a very awkward situation, and jobbers took the precaution of reducing prices, while investors and speculators, botli professional and private, kept their heads. The paucity of the selling surprised the most experienced dealers. “There seems no reason why this steady attitude, should not toe maintained until the League of Nations’ decision is known. If the world thought this country was steering to war the effect on the rate of pound sterling would be seen very quickly, but the tendency of sterling recently has been to appre•ciate, which is more notable because it is contrary to the usual seasonal trend.

“There is evidence that leaders ■of the rank and file in the city and the investing public are calmly surveying all eventualities in a realistic frame of mind.

"The worst that the city looks for is a certain measure of hostilities in Abyssinia and a fresh period of grave uncertainty in Europe, but it recognises that nothing which is likely to happen need change the fundamental basis of British progress.”

WELCOME TO MUSSOLINI. A FLOURISH OF TRUMPETS. MECHANISED TROOPS’ EFFICIENCY United Press Assn.—Elec. Tel. Copyright (Received Aug. 27, 2.50 p.m.) ROME, Aug. 26. Signor Mussolini arrived at Bolzano this afternoon, amid a flourish of trumpets.. He stood erect In his car to receive the plaudits of the citizens. He afterwards read reports from General Baistrocchi, Under-Secretary for War, who paid tribute to the etliciency of the mechanised troops.

APPOINTMENT FOR DUKE. 'POST IN EAST AFRICA. United Press Assn.—Elec. Tel. Copyright (Received Aug-. 27, 2,0 p.m.) ROME, August 26. The Duke of Bergamo, at present commanding a brigade at Bolzano, has been appointed to a staff post in East Africa. CONDITIONS IN ABYSSINIA. MERCHANTS PANIC-STRICKEN. NATIVES FLEE TO THE HILLS. United Press Assn. —Elec. Tel. Copyright. (Received Aug. 27, 1.10 p.m.) LONDON, August 26. Sir Percival Phillips, the Daily Telegraph’s Addis Ababa correspondent, announces that a Swiss chef attached to the Court has taken a holiday in view of the Empress’ abstention from meat for a month, beginning to-day. The ftrlests continue intercessory services. Foreign merchants are panic-stricken by the Bank of .Ethiopia’s refusal to sell foreign exchange, as a result oi which the thaler has fallen 4s in the pound. Many merchants are fleeing to the coast, and others are closing their shops. Hundreds of natives, apprehending an early air attack, are taking refuge in the liiil villages, accompanied bj their wives. The Italian Legation has despatched its luggage to Djibouti, indicating its eventiual wilhdrawal. France is strengthening the railway defences.