GLOOMY BROKER

Sun (Auckland), Volume III, Issue 915, 7 March 1930, Page 9

GLOOMY BROKER

ADVISED CLIENTS TO INVEST ABROAD INDIGNATION IN LONDON LONDON, Wednesday. ' The “Daily Mail” says considerable ! feeling has been aroused ou the | Stock Exchange owing to the issue of a circular by Buckmaster and Moore, one of the largest firms of -itockbrokers in the city, advising the sale of shares in “almost all British ndustrial companies operating at Home, particularly shares in older industries and the investment of a very large proportion of any funds in American and Canadian securities.” The signatory, O. T. Falk, says in the course of the document: “1 believe that the industrial depression in England is much more than temporary. It is qul e unreasonable to j expect us to regain our industrial leadership. "The future of our financial position is another matter, which depends not least on the action of investors. If they invest well they may maintain financial prosperity in spite of the decline in industries. The advantages of Canada and America will be so overwhelmingly great in the iext decades that they offer a most attractive field for investment.” City men strongly protest against j the issue of such a sweeping ecom mendation. Sir Arthur Duckham said the circular displayed absolutely unwarranted pessimism. "My advice to investors,” he said, “is to stick to home industries, which certainly are as sound as American.” Mr. Oswald Toynbee Falk is a partner in the stockbroking firm M Buckmaster and Moore. He is a director of the National Mutual Life Assuri ance Society and other companies. He j was one of the Treasury delegates to . the Peace Conference in Paris m 1919 and was awarded the C.B.E.