BANK-RATE UNCERTAINTY

Sun (Auckland), Volume III, Issue 739, 12 August 1929, Page 10

BANK-RATE UNCERTAINTY

LONDON STOCK EXCHANGE NERVOUS MORE CONFIDENCE NOW (Australian and N.Z. Press Association) LONDON, Saturday. The members of the Stock Exchange resumed business after the bank holiday in a cheerful fra vie of mind, thanks chiefly to the improved conditions of the money market following the rise of the Paris exchange above the gold export point, and the consequent cessation of the drain of gold from the Bank of England. With the fear of an advance in the bank rate thus allayed there was a general improvement in prices, giltedged stocks naturally leading the way. But the rise in the New York Federal Reserve Bank rate edme like a bolt from the blue, and rapidly transformed the cheerful position into one of depression and anxiety. There was general apprehension that an early rise in the London bank rate must follow. Consequently business yesterday was almost at a standstill, with dealers marking down prices as a precaution. Fortunately there was no pressure to sell, and a measure of confidence was restored in the afternoon by the Bank of England’s statement that the y»«e in the New York bank rate did not necessarily connote an advance in London. As a consequence most markets rallied and a somewhat better feeling was noticeable at the close, but uncertainty still prevails regarding the future, although it is generally believed that the Bank of England will do its utmost to avoid an increase in the bank rate, as an advance would seriously interfere with the country’s trade. LONDON MEAT MARKET SMITHFIELD QUOTATIONS The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated August 9, advising Smithfiekl delivered prices averaged for the week ended that date as follow: New Zealand Wethers and Maidens.— Canterbury quality, selected brands, ofiih and under, 6id a lb.; 571 b. to 641 b. 6d: 6olb. to 721 b, 5 5-Sd. Other brands, 561 b and under, 6 1-Sd; 571 b. to 641 b 52d- 65Ih’ to 721 b., s£d. ’ Ud eW Zealand Ewes.—64lb. and under, New Zealand Lambs.—Canterbury quality, 361 b. and under, 85*d; 371 b. to 421 b. 8d; 431 b. to 501 b., 7 7-Sd; seconds, Sd* Selected brands, 361 b. and under, 8 5-Sd-3<lb. to 421 b., Sd. Other brands, first quality, 361 b. and under, 8 3-8 d; 371 b to 421 b., 7 7-8 d; second quality, 301 b. to 321 b average, S\d. Argentine Lambs.—First quality, 35'b and under, 73r1; 371 b. to 421 b., 7 l-Bd. Argentine Chilled Beef.—Ox fores 4 1-Sd; hinds, 73d. ’ 4 Australian Frozen Beef.—Ox crops. ov**r 1001 b., 4d; hinds, over 1601 b., 5 3-Sfi. New Zealand Frozen Pork.—Porkers GOlb. to Solb., Sd; Sllb. to 991 b., 73d; 1001 b! to 1201 b., 73d. Baconers, 1211 b. to ISOib Sid. Lamb. —Market generally unchanged, but lower prices resulting. Slight 'improvement in demand. Mutton.—Also meeting with better inquiry, but trade is still slow. New Zealand Porker Pigs.—Nominal prices. New Zealand Pigs.—Small stocks meeting with fair MINING NEWS LUCKY SHOT. —The manager reports: “During the past week work in the low level crosscut has been confined to getting the timber in position for driving east on the main reef. The portion of the reef broken out to get the timber in shows strong colours and dabs of gold. The stope on the reef above the winze has now been seen freely in the ore broken down foi* the whole of that distance, and several pieces of picked stone have been selected during the week.”