MONEY AND MARKETS

Evening Star, Issue 22461, 5 October 1936, Page 9

MONEY AND MARKETS

STOCK EXCHANGE ACTIVE STIMULATED BY FRANC DEVALUATION BUTTER FRIGES RECOVER Press Association—By Telegraph—Copyright LONDON, October 4. (Received October 5, at 11.50 a.m.) The stock markets account ended cheerfully after what might have been a disturbed week following the revaluation of the franc. The success of Friday’s working of the international monetary arrangement, assisted by the absence of repercussions in Paris, where the Bourse is reopening after a week, stimulated Loudon security markets. Gilt-edged securities which were affected by undue bearishness earlier in the week, completely recovered. Dominion stocks are firm. Iron and steel shares appreciated on Sir Samuel Hoare’s hint of acceleration of rearmament, and industrial stocks reflected the market’s view that devaluation did not threaten British industry. The continuance of British trade recovery is instanced in the fact that over £1,000,000,000 more is circulating in trade and industry than at the corresponding time last year. According to the Bankers’ Clearing House cheques and bills dealt with last week were £162,291,000, making a total increase in the first three-quarters of the year of approximately £1,130,000,000. WOOL. Emphasisiug the strength of the wool market as evidenced at the Australian sales, experts point out that Yorkshire is thereby showing the buyers’ confidence in present values, and topmakers feel that the Japanese cannot remain aloof much longer. BUTTER AND CHEESE. Butter has been fairly active this week, Australian and New Zealand recovering to 105 s, but subsequently declined to 104 s, partly as the result of the denial of the report that America intended to impose a dumping duty against Continental butter, also the fact that buyers had acquired a fortnight’s stock. Cheese recovered iu sympathy with butter.