LATE COMMERCIAL

Press, Volume LXXIV, Issue 22516, 26 September 1938, Page 9

LATE COMMERCIAL

EXCHANGE BUSINESS LIFELESS FURTHER BUTTER DECLINE (Received September 25, 6.40 p.m.) LONDON, September 24. Stock exchange business is absolutely at a standstill. Investors are idle because the formulation of a definite policy in face of the present uncertainties is impossible. The banks are retaining- larger cash balances. Few private persons appear to have followed their example by hoarding cash against a rainy day, as the note issue is slightly expanded:-' French hoarders appear to be* putting their faith in dollars, and'to some extent in Swiss francs. The demand for both has been so large during the week that control must have been lost of a considerable .portion of the gold holding. Mistrust in France, however, appears net so much due to war fears as to new difficulties of French finances, which are • slowing down business activity. . After the general rise last week rubber was almost the only commodity on which the- market was prepared to take the bullish view, based on industrial rather than on political considerations. . Metals are subject to waves of uneasiness. Copper was affected by the liquidation of speculative Continental purchases made, last week- , Butter has further declined, owing to the continued lack of inquiry. . Prices appear purely nominal. Continental brands share .the , weakness with the Dominions. Canadian sold as low as 108s per cwt Cold stored stocks have passed the peak, and were reduced by 435S tons in August 'They stood at 31,109 tons on September 10, compared with 21,909 tons last year. The cold store situation, apart-from political uncertainties,. is disturbing the market, especially, as European production remains good. BRITISH STOCKS HEAVY GOLD DEALING FEAR OF HOSTILITIES ? (UKTTED P»ESB iS»OCIATIOa—COPT»IO*T.> LONDON, September 23. Markets have tended to drift downwards without evidence of much selling pressure, except in gilt-edgeds. Sterling has. again come under pressure, and the flood of international gold transactions has been "unprecedented. . Another £9,250,000 of gold has arrived ' from Belgium, whose .National Bank is shipping the bulk of its .metallic reserve to London from fear of a possible invasion. On the other hand, Switzerland is repatriating her gold stocks from London. Hungary, evidently fearing the possibility of hostilities with Britain as part of the German bloc, has also repatriated her London gold balances, while Sweden continues to turn sterling assets into "gold for repatriation. The Irish Currency Commission has decided to sell £2,250,000 of gilt-edged to buy a corresponding amount of gold. SHARE QUOTATIONS LONDON, September 24; .- London share quotations are:—Clutha River Company, buyers Is 6d, sellers Is 9d; Mplyneux River Company, buyers 7Jd, sellers 10Jd. ' \ TREASURY BILLS (BKITISB OFFICIAL WTET.I.T3S.) LONDON, September 24. The total amount applied for in tenders for £50,000,000 sterling Treasury bills was £58,215,000. The average rate per cent, for bills at three months was 19s 7.07 d, - as, against 18s 10.75 d a week ago.