CLOSING DOWN

Gisborne Herald, Volume LXVI, Issue 20031, 1 September 1939, Page 5

CLOSING DOWN

LONDON STOCK EXCHANGE MOVE AS LAST RESORT REACTION OF MARKETS FIRMS GO TO COUNTRY (Reed. Sept. 1, 11.30 a.m.) LONDON, Aug. 31. The London Stock Exchange will be closed to-morrow. In view of transport difficulties during evacuation, the Stock Exchange has decided that members would not be obliged to open their offices. The settlement of open bargains will be suspended until further notice. The chairman of the Stock Exchange in announcing war emergency plans last night, said that if it was impossible to carry on business in the city, accommodation would be secured at Denham, but this step would be taken only as a last resort. The stock markets have reacted, and the War Loan opened a point worse. City circles do not attach much significance to the downward trend, pointing out that it is a natural result of an over-bullish tendency -of the past few days, which they think is unjustified. # Operators are now adopting a more ready attitude more in keeping with the situation. In addition to the Stock Exchange, the rubber market is closing tomorrow, while the Baltic, sugar and cocoa markets are closing on September 2,

Business has been so idle that a number of firms have sent their employees to the country until the situation is clarified.

Many large City firms already are working in the country, refusing to risk the lives of their staffs in London. Stockbrokers are arranging for their staffs to leave London as soon as possible until the Stock Exchange reopens, probably in Buckinghamshire.