FINANCIAL
A PESSIMISTIC REVIEW 7 . (Received this day at 8 a.m.f LONDON, October 13. From the City’s viewpoint, the present month is the dreariest lor many years, all causes combining to discourage investment in activity. Although at first the rumours regarding the extent of the Ha try group losses had an effect, they may now definitely be discounted. It is apparent the financial complications resulting therefrom will lie even more complex than was originally expected.
Meanwhile the Bank rate makes borrowing practically out of the question for speculators dealing on small margins. Other causes of depression are the general exhaustion of ready money following the end of the holiday season; also the continued uncertainty regarding the Government’s financial intentions which are not likely to he allayed before the House meets.
Mr Snowden’s recent statement emphasising the complete independence olf the Bank of England from the Government is generally regarded as tin' month’s solitary bright financial evenlt, but there are persistent rumours that the worst has not yet come, and the Bank rate may be raised a hall per cent, though there is no outstanding feature for this fortnight'.
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Hokitika Guardian, 14 October 1929, Page 6
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188FINANCIAL Hokitika Guardian, 14 October 1929, Page 6
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