MORE GOLD FOR FRANCE

Evening Post, Volume CX, Issue 131, 1 December 1930, Page 12

MORE GOLD FOR FRANCE

EFFECT ON STOCK EXCHANGE

['• LONDON, 20th November. Dullness reigns over the London Stock Exchange. Business in most sections is on|:a small scale, but prices'generally are maintained. f The outflow of gold to France has tern-, porarily arrested-an improvement in values of ■British funds, but these remain in good demand. Further.-eviJence that there is plenty of money available for investment may be found in the. heavy over-subscription of the issue by the Central Electricity Board nf a 4% per cent, loan for £6,000,000 at" 95%. Although this is not a trustee stock, and yields less than 5% per cent., it ■was subscribed for more than tenfold in a few minutes. Applicants only received about 6 or 7 per cent, of the amount applied for. ECONOMIES EFFECTED. The action of the directors of the London, Midland, and Scottish Railway in reducing their fees by 25 per cent, is likely to be followed, though, perhaps not to the same extent, by three other great railway groups, which will submit proposals regarding their directors' fees at meetings to be held early in 1931. Although the actual saving in the case of the London, Midland, and Scottish amount to only £8750 a. year, and if other groups also reduce by 2o7per cent., the total reduction will be about £25,000. This step meets with general public approval, for it is taken as an Indication that the railway economies will , be from top to-bottom, and that lowlyI paid workers will not be the only sufferers. BRITISH SHIPBUILDING INDUSTRY. This Christmas is unlikely to be a merry one' for a large number of workers in Belfast, for Workman, Clark, Ltd., announce I the. closing down of their great shipyard ', there for two months from 20th Deeem- : beri They, are hopeful that the point of the depression has now been passed, and that, with the turn of the year, freight markets and shipping generally will show such improvement that, not only will vessels in hand be required immediately, but fresh ■orders will be forthcoming. PRESENT INDICATIONS. To summarise the good and, bad signs. '.Among the former is some slight improvement over previous months "shown by the October trade returns, greater stability of some wholesale prices since October, and improvement in tone and employment in most textile trades. The bad signs include poor October iron and steel production figures, an increase in unemployment in the heavy industries, and uncertainty over the coal and railway wages negotiations. To these must be added such adverse foreign developments as the recent French and Amelican. bank failures, and a further break in wheat prices.