British Market Recovery

Manawatu Times, Volume 62, Issue 34, 10 February 1937, Page 5

British Market Recovery

REACTION TO HITLER’S SPEECH United Press Association—By Electric Telegraph.—Copyright. LONDON, Feb. 7.* Herr Hitler’s speech, while scarcely a “bull” point, removed immediate tears and enabled markets to overcome some ot the previous week’s sluggishness, oils staging; a “boomlet” which many consider lirmly rooted in thu good old principles of supply and demand. Cotton shares were also lively, and there was some request lor iron and steel. Gold shares are firm. The immediate outlook is not promising for most markets, but it is difficult to look three months ahead. The attacks on the franc are so insistent that M. Auriol was obliged to explain Jiat Parliament was opposed to further devaluation. The flight of capital, which had assumed serious proportions early in the week, is showing some signs of slackening. Butter remains nervous. There is definite lack of speculation, the elasticity in the Empire product contrasting with the firmness of Continental, even inferior Polish realising 88/-. This disparity between Empire and Continental seems absurd, but supplies of Continental are on the short side. Cheese also is featureless. It is stated that if certain importers were allowed a free hand there would be a comparative shortage. New Zealand cheese is in such a position, that slight speculative buying would lift the market several shillings; without such speculation easier prices are possible in the near future. The curtailment of shipments from New Zealand has lifted lamb prices. The trade in beef is satisfactory, Dominion supplies benefiting from this factor.