DULL YEAR

Wairarapa Times-Age, 22 December 1938, Page 7

DULL YEAR

SYDNEY STOCK EXCHANGE DEALINGS FALLING-OFF IN BUSINESS. CRITICISM OF NEW ZEALAND * POLICY. By Telegraph—Press Association—Copyright. SYDNEY, December 21. Reviewing conditions on the Stock Exchange, which closes for the vacation tomorrow, a leading member said today that there had been a marked falling-off of business this year due mainly to the drop of £14,000,000 to £16,000,000 in the wool cheque and, to a lesser degree, to the unsettled international position which had caused many anxious moments. On the other hand, there had been no real selling pressure, but merely a desire to mark time and await developments both at home and abroad. This state of affairs was likely to prevail into the New Year. He then referred to the position in New Zealand, saying that ,in consequence of the Dominion Government’s financial measures, he doubted whether New’Zealand investors would be able to buy on Sydney for some time. There had been some buying and some selling, and, but for the emergency measures, the buying would probably have exceeding the selling by New Zealand. He added that if Mr Savage and Mr Nash read the reports of their treasurer, they would find that the Australian market took up a large amount of New Zealand loans, but, under the present conditions in New Zealand, no Australian would think of it.

Experienced financial men here look upon New Zealand’s action as unwise. It would have been far better to have free actions between New Zealand and Australia, trusting to Australia, at some future time, being again willing to take up New Zealand loans.