STOCKS FIRMER

Wairarapa Times-Age, 8 July 1939, Page 8

STOCKS FIRMER

INFLUENCE OF POLITICS ON LONDON MARKETS EXCESSIVE AMOUNT OF NEW ISSUES. NO QUESTION OF N.Z. LOAN AT PRESENT. 3y Telegraph—Press Association—Copyright. (Received This Day, 12.5 p.m.) LONDON, July 7. The sharp rebound in prices which followed unconfirmed rumours that a Russian pact was certain demonstrated the dependence of the markets on political developments. While gains have been small on balance, the markets closed tlw week with a definitely firmer tendency. Gilt-edged stocks show fractional gains, which New Zealand and Australian securities scarcely shared. The gilt-edged market suffers from an oversupply of new issues. It is hoped that its resources will bo husbanded until the Government can reconsider the advisability of funding the expanding Treasury bill issue. A New Zealand loan, therefore, at present is out of the question.

EMERGENCY STOCKS SUGGESTION BY ECONOMIST. ONE METHOD OF ASSISTING NEW ZEALAND. (Received This Day, 12.5 p.m.) LONDON, July 7. The editor of the “Economic Journal.’ Mr J. Maynard Keyes, in a letter to “The Times,” urges the expenditure of a hundred million sterling on vital reserves, declaring that with ships idle and wheat cheap, the money will not be wasted even if the emergency passes. He asks: “Why not assist New Zealand by offering to purchase forthwith whatever quantity of goods she can ship. Even if gold be lost, the gold so spent will go twice as far as during an emergency.”