IS THE END IN SIGHT?

Pukekohe & Waiuku Times, Volume 5, Issue 187, 30 June 1916, Page 3 (Supplement)

IS THE END IN SIGHT?

WHAT THE STOCK EXCHANGE INDICATES. AN UNUSUAL ADVANCE I.V CONSULS. For the last three months, rumours have been rife of an impending coordinated effort by the Allies on all fronts, and one unfailing indication n such a movement is the manner .n which the market prices of standarl British securities have sho.vn an upward tendency during the early part of this month. Taking the case of Imperial consols, which bear interest n* 2.1 per cent., we find that nn April St'i they were quoted at £57, at which price they remained firm for s< me time. The first news of the naval battle in the North Sen caused a few timid investors some a'ann, but more reassuring reports lifted the price I nek to theold level, while on .lime 3rd buyers w<?rc offering £57 7s 6d. A steady rise set in the following week, mil, despite the depressing announcement of Lord Kitchener's death, the market was firm at £59 5s on Thursdav, Bth June, a rise of 32s 6d. By Saturday news of the Russian success caused un advance of 20s to £6O ss. As soon as the Stock Exchange opened on Monday morning, steady buying set in again, with the result that the quotations were still further advanced to £6l 7s 6d, an increase of 22s Od, or a total increase in ten days of L'l, which can be considered as very satisfactory indeed. The 3J p,er cent war loan was quoted at £BB 15s on June 3rd, a rise of 12s Od as compared with the previous week s quotation. The following week it firmed to £B9 17s Cd, while on -Monday, 12th June, the market closed it £9O os, an increase of £.'3 2s 6d in less than throe weeks. The i\ per cent war loan, being more stable, could not be expected to show any r.rprceiable change, but the buoyancy of the money market caused the price of 4-J per cents to rise to sympathy by 17s 6c! to £96 12s (id, at which they now stand. Whatever the effect the Jutland bn;tle and tho Russian advance in Gaiicia may have had on these prices, it cannot be denied that there are signs ,;i "something doing" on a big scale "". the near future, and financial circles are always the first to show :.ny symptoms of such a development. We may eertainlv hope to find, rr.rly next month, ii general western advance upon the German lines in France and Flanders, such a move lending support fco the Russian drive and at the f .tine time enabling the Italians to renew their advance in the Trcntino. In coordination with these developments, u movement in the Balkans would not bo ill-timed, and, as the British forces vn Mesopotamia would by this time be acting in co-operation with the Russians, we mav hope that the early autumn will see the beginning of the end or this titanic conflict. Be that as it may, well-informed financial institutions seem to be under the impression that there will shortly be a great improvement in ihe general situation, and. as an indication )t their opinions, further quotations ot standard securities in London will w awaited with interest.