CONFIDENCE IN LONDON

Press, Volume CVI, Issue 31082, 10 June 1966, Page 15

CONFIDENCE IN LONDON

Change After Uncertainty (Special Crspdt. N Z.PA ) LONDON. June 9. A degree of confidence has returned to the London stock market after several days of uncertainty about sterling, the Bank Rate and the extent of the damage to the economy caused by the national seamen’s strike.

Sterling and the strike, now in its fourth week, failed to

keep down leading industrials mid-week and they showed gains of up to Is. Sentiment was helped too by a reassuring statement by Lord Cromer, Governor of the Bank of England, on the bank’s lack of concern about current pressure on the pound.

Steel shares were weak after depressing results from the industry brought in few sellers and falls.

Gilt-edged, which has been under a cloud, was beginning to show improvement.

Southland F.H. Southland Frozen Meat is to pay a steady interim, ordinary dividend of 1 2-3 per cent on August 1; ex dividend June 29. Last year total dividend was 8J per cent. —(P.A.)

Australian Guarantee Corp. (N.Z.), Ltd.—Directors ot the Australian Guarantee Corporation (N.Z.), subsidiary of the Sydney-based finance company, advise that in terms of the prospectus for issue of registered first debenture stock dated November 17, 1965, they are suspending acceptance of applications for short term stock in this issue comprising terms of three, six, nine and 12 months.