DEPRESSING WEEK

Sun (Auckland), Volume III, Issue 799, 21 October 1929, Page 10

DEPRESSING WEEK

LONDON STOCK MARKET REVIEWED AUSTRALIAN ISSUES FALL Australian and N.Z. Pres? Association Reed. 9.5 a.m. LONDON. Saturday. The Stock Exchange had a distinctly depressing week. After a fairly cheerful beginning, holies of improvement were shattered by a fresh outbreak of liquidation, which grew more intense, daily. It came from all quarters, the result being that a wave of pessimism swept throughout the markets. Scarcely any section escaped, investments being as depressed as speculative shares. Gilt-edgeds began the week with a show of strength, stimulated by the improving monetary condition, the Bank of England’s acquisition of gold, and the steadilyadvancing sterling dollar; but these factors did not check the liquidation which set in. and later a downward movement of prices fully offset the slight advances of earlier in the week. Australian stocks dropped -persistently all the week, in consequence of the elections. There were drops ranging from 5s to £1 per cent., compared with the previous Thursday’s cabled quotations in 13 issues, loans of every State, as well as the Commonwealth, being affected. It should be pointed out, however, that the falls arc not tne result of any extensive selling; but with the markets depressed, dealers are unwilling to take stock except at lower levels.