HEAVY SELLING.

Taranaki Central Press, Volume IV, Issue 348, 1 February 1937, Page 5

HEAVY SELLING.

English Investors Not Showing Optimism. i Press Association—Copyright. London, January 30. ' The second week of bank chairI men’s speeches should have been a ■ tonic to the markets but. investors reI fused to respond to their optimitic ' pipings. Instead they sold stock so ! heavily that gilb-edged securities ex- '. perienced the worst setback since ■ the black days of Ei bruary, 1935. I The main influence seems to hav I been the conviction that interest i rates must rise over a long period, I combined with fears of increased taxi ation. Nervousness over the currency I situation contributed to the unsettlement, which extended to Dominion I issues and many industrials. | Commodities did not escape the pre- ■ vailing depression. Most metals had I been carried to rather high levels in relation to anticipated production There was no new factor in the oil market to encourage the “bulls.” Rubber shares enjoyed a temporary spurt following the committee’s recision to raise the quota but it was not maintained owing to the continuance of the United States strike.