MARKET CRISIS

Hawke's Bay Herald-Tribune, Issue 93, 6 May 1937, Page 5

MARKET CRISIS

-Presi Aun.~

Moves From London To South Africa GOLD SHARES COLLAPSE

(By Teleeraph-

-Copyright.J

(Received 6, 1.45 p^n.) LONDON, May 5. Interest in, the market crisis has shifted from London to South Africa, where Mr. Swart, moving the adjoumment of the House, declared thqt reither the actiyities of ordinary business npr the full in the gold price juqtified Qie collapse of gold shares, for which reason "unwarranted markqt manipulation on the part of big groups was responsibW* General Smuts described Mr, Swart 'e contentions as absurd and fantastic. Not even a lunatiq, he said, would be* lieve that mining companies would run down the value of their own shareg, The slump originated as a result of a rumour that America would cease to buy gold. Mr. Swart 's mqtion wai defeated by 57 votes tq 20, The Australian Associated Press understands that Mr. Havengq, infprm' ed Mr. Neville Chamberlain, British Chancellor, that South Africa takes the gravest view of the fluctuatious in gold, and considqrs that prosperity is bound up in the prevention of shocks like that experienced during the past few weeks, He intimated that South Africa was anxipus for a world agreement on stabilisation, which, he. believed, was essential not only to herself, but to world recovery.