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AWKWARD WEEK.

LONDON STOCK EXCHANGE

EFFECT OF LOWENSTFJN AFFAIR.

LONDON, July 14. The Stock Exchange lias passed through a somewhat awkward period. Tliis has not been due to anything here, hut to conditions .abroad —chiefly the unfavourable money developments in Now York, with the advance in the Federal Reserve Bank’s rediscount rate to 5 per cent and the forced liquidation in Paris and Brussels in connection with the Loewenstein affair. Even the gilt-edged market lias proved susceptible to these adverse influences, and although leading stocks have only showed fractional declines, there seems little hope of any early improvement in them for the present. In some quarters a fear is expressed that the rise in the Federal Reserve Bank rate will necessitate an increase in our hank rate, but a well-inlornied financial writer states that there is no need for anxiety. The Bank of England is in a stronger position than it has ever been since the outbreak of war. The exchange is certainly moving against us, but it is still a long way from the point when it would be profitable to export gold to the United States and it ;is evident that the situation compared with a year ago has altered very much in our favour. So it seems improbable that a rise in tho hank rate will be necessary. On the other hand, the present rate is likely to become more effective, and discount in the open market should have a further advance.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/MH19280717.2.4

Bibliographic details
Ngā taipitopito pukapuka

Manawatu Herald, Volume XLIX, Issue 3819, 17 July 1928, Page 1

Word count
Tapeke kupu
245

AWKWARD WEEK. Manawatu Herald, Volume XLIX, Issue 3819, 17 July 1928, Page 1

AWKWARD WEEK. Manawatu Herald, Volume XLIX, Issue 3819, 17 July 1928, Page 1

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