Markets and Money

Sun (Auckland), Volume II, Issue 328, 13 April 1928, Page 15

Markets and Money

AMERICANS BUYING BRITISH SECURITIES GILT-EDGED STOCKS CAUSE OF THEIR FIRMNESS (United P. A.—By Telegraph- Copyright.) (Australian Press Association) Reed. 9.5 a.m. LONDON, Thursday. The Stock Exchange is at present interested in American buying of longdated British securities, which, so American bankers emphasise, will have a decided influence on further flotations of Australian loans in the United States. Such flotations, they aver, will be welcome, in view of their high interest yield, compared with similar American securities. The firmness of gilt-edged stocks is believed largely to be due to American purchases, as owing to the low yield of similar United States stocks, the Americans recently have been buying British stocks heavily, especially the 4 per cent. Funding Loan, as foreign holders do not have to pay British income tax on it. It was also reported that the Funding Loan was about to be granted official quotation on the New York Stock Exchange. As a result of this the buying price rose from £9oi to £9B, but the report granting quotation ■vvae not confirmed, and the price relapsed to £ 91. A "London cablegram of Sunday read aa follows:—The most noticeable feature of a short week on the Stock Exchange has been the remarkable strength of the gilt-edged section. Under the combined imluence of easy money conditions and the announcement that the nation’s revenue returns showed a surplus for the financial year of over £4,000,000, all the British funds showed improvement. War Loan, 5 per cent., reached £lO3 the highest quotation since 1924, and Colonials have been in good demand at higher prices.

ANOTHER HECTIC DAY NEW YORK STOCK MARKET

SALES EXCEED 4,000,000

(United P.A.—By Telegraph — Copyright) (Australian Press Association)

Reed. 9.5 a.m. NEW YORK, Thurs. The stock market opened with feverish activity, and every indication of breaking former records, but a feared increase in brokers’ loans caused some reaction in the closing hours. However, the sales totalled 4,351,600, being the 10th 4,000,000 day in the history of the exchange. The tickers ran 41 minutes behind during the day, but managed, to close 28 minutes behind the market. The curb market broke all records with 1,200,000 sales, and the ticker 31 minutes behind.

AUSTRALIAN PRODUCE (United P.A.—By Telegraph — Copyright) Rf-cd. 9.5 a.m. MELBOURNE, To-day. Following are current quotations: Wheat: 5s 7d, Gs Sd. Flour: £l2 7s Sd, £l2 12s 6d. Bran: £6 15s. Pollard: £B. Oats: Minins', Ss lOd to 4s; feed, os 6d. Barley: English, 5s to 5s 3d; Cape, 4« 2d. Potatoes: £ 5 to £6. Onions: £7 10s. SYDNEY, Thursday. The following - are to-day’s quotations on the Sydney produce market: Flour.—.£ 13. Bran.— £6 10s. Pollard. — £7 10s. Potatoes.— Tasmanian. £6 to £7. Onions.— £9 to £lO. LONDON METAL MARKET ( United P. .4 .—By Telegraph—Copyright.) (Australian Press Association) LONDON, Wednesday. 'Quotations on April 9 in parentheses.) Copper. —Spot. £6l 9s 4£d (£6l 14s 4 jd): three months, £6l 9s 4id (£6l ,as 7£d). Electrolytic Copper.—Spot. £66 10s 10s); three months. £67 (£67). Mire Bars.—Spot, £67 (£67); three months, £67 (£67). Lead.—Spot, £2O (£2O ss): three months, £2O 3s 9d (£2O 11s 3d). Spelter. —Spot. £24 15s (£25); three months, £24 15s (£24 ISs 9d). . Tln *—Spot, £230 13s 9d (£237 7s V d): three months, £231 11s 3d (£238 Is 3d). Silver.—Standard, 26 5-1 6 d (261 d) an ° 2 -.' fine, 28 5-16 d (28 5-16 d). RUBBER FALLS AGAIN British Official Wireless RUGBY, Wednesday. Spot rubber on the London market to-day fell a further 1-Sd to Sid.