ADVICE TO BRITISHERS

Hokitika Guardian, 7 March 1930, Page 5

ADVICE TO BRITISHERS

NOT RELISHED IN LONDON

United Press Association —By Electric Telegraph—Copyright.]

LONDON, March 5

The “Mail” says:—“Considerable feeling has been aroused on the Stock Exchange- owing to the issue of a circular by Mr Buckmaster Moore, one of the stockbrokers in the city, advising the scale of the shares of almost all of tbe British industrial companies operating at Home, and particularly the shares in the older industries, and tbe investment of a very large proportion of any funds in American and Canadian securities.” A signatory, Mr O. T. Folk, declares in the course of the document: “I believe that the industrial prosperity of England is much more than temporarily depressed. It is quite unreasonable to expect us to regain our industrial leadership. The future of the financial position is another matter. It depends not in the least on the action of the investors. 11 (they invest, wejl, they may maintain tlieir financial prosperity, despite the decline of industries. The advantages of Canada and America will he so overwhelmingly great in the next decade that they offer a most attractive field for investment.”

London cityies strongly protest against the issue of such a sweeping recommendation.

Sir Arthur Duckham (one of the “Big Four” who toured Australia'* declared that the circular displayed absolutely unwarranted pessimism. He added: “My advice to the investors is to stick at Home Industries, which certainly are as healthy as American industries.”