BETTER VALUES.

Press, Volume LXVII, Issue 20351, 25 September 1931, Page 11

BETTER VALUES.

LONDON STOCK EXCHANGE. GENERAL ADVANCES REPORTED. (unman omciii wireleus.) RUGBY, September 23. Stock markets finished the first day's business since Saturday in a cheerful and active mood. There had been almost a record attendance of members on the London Exchange and dealings were conducted free from all restrictions, a policy which was more than justified by tlie steady, buoyant tone displayed. Practically all markets showed general advances. Leading British funds, in accordance with expectations, opened generally about three points down on Saturday's dealings, but they closed decidedly firmer. The outstanding feature of the day's business was the substantial rises in industrial securities. These were caused not only by bear cornering, but by the considerable volume of buying orders recorded throughout the Hohio industrial group. Iron, steel, and textile shares took the lead in this department. Commodity markets reflected tho general strength. In the leading foreign centres, with the exception of Copenhagen, where it now stands at over 20s, the pound today is worth slightly loss than yesterday. The position on the London foreign exchange market is practically unchanged, and rates are again more or less nominal. Among the latest nominal rates were: Paris 105 francs, New York 4.14 dollars, Milan 83.5 lire, Berlin 18.5 reicbmarks Substantial Gains.

When tho London Stock Exchange and the provincial exchanges tor day, substantial gains wore recorded throughout the home industrial group, iron and steel shares being particularly strong. Motor and electrical descriptions, breweries, newspapers, chemicals, textiles, and tobacco all benefited from tho optimistic conditions. British funds were marked lower, as was, of course, anticipated, in consequence of the ri?e in the bank rate. Commodities generally have risen, the leading oils being considerably higher, and rubber and tins firm. Everywhere dealings wore conducted in a calm and cheerful atmospliore. Wholesalers everywhere declared that any rise in food prices al present would bo entirely unjustified. Should it become necessary tho Government will, of courso, take steps' to control prices. Tho Chancellor of the Exchequer, Mr Philip Snowden, has given a definite assurance on that point, but so far not a single shop price has been altered. The rule everywhere is ''business as usual," and the only exception to it is that the purchases of foreign exchange for tho transfer of funds by British subjects are not permitted except for the purposo of financing normal trade requirements, and reasonable travelling or personal purposes, or for contracts existing beforo September 21st. The only untoward event was the failure of a small apd unimportant firm on the Consols market.

There wero numerous dealings in British funds, slightly above the level to which they were marked down in the morning. Little business was done In Australians! and N§w Zealands, of which the prices were similarly marked down, liko all fixed-interest securities, owing to the reduced value of the pound, and the higher bank rate. INDIAN BANKS CLOSED. NO cause for panic. (Received September 2uth, 1.30 a.m.) CALCUTTA, September 24. The banks' throughout India again remained closed to-day. They are expected to reopen to-morrow. Tho Government of India has issued a statement that no anxiety should be f§lt about the internal financial situation.- It declares that there is ample money to meet all demands, and that there is no cause whatever for panic. A declaration from London that the rupee remained linked with the pound had a reassuring effect. Sir George Schuster (finance member of the Viceroy's Executive Council) declared in the Assembly that tho Government would stand behind the banks in the event of a run to-morrow.

PREMIUM ON GOLD. SAVING THE CANADIAN DOLLAR. OTTAWA, September 23. In an effort to stop the decline of the Canadian dollar, which is quoted at 90 cents on the New York market, the Government has notified all Canadian gold mines that it will pay a premium for bullion, to prevent its shipment to the United States.

GARDEN LABOUR SAVERS. THE PLANET Jr. AT REECE'S, BRITISH STEEL WIIEELBAItRQWS 455. No matter whether you cultivate in a big or small way, your wants are most completely catered for at Recce's. Seed sowing soon starts . , . buy your Planet Jr. at Recce's who make a speciality of servicing and spare parts for all models. No. 4 Planet Jr. combined HiU and Drill Seeder and Hoe, £5 7s Cd. Seeder only £4 7s 6d, No. 25, Hill and Drill Seeder, double and single wheel Hoe combined, £6 10s, AH British Steel Wheelbarrows, last a litetime, 45s at REECE'S, 061 Colombo street.