London, lov Messrs, Mocatta and Goldsmid in their weekly bullion letter During ast the market was entirely influenced by movements of the dollar/Sterling cross-rate and, though there w little bear covering at lower levels, there is no fresh feature or interest.
Stocks of silver in London at the end of the week amounted to 6,000, 000 ounces.—Reuter "Everything depends upon President Roosevelt. Presumably he will do his utmost to bring about a recovery before the May primary elections, but I am waiting to see", states one of the leading investment experts here.
Nevertheless, there was a distinctly more cheerful atmosphere apparent in the City to-day, which is mainly explained by the more conciliatory attitude that President Roosevelt is believed to be adopting towards big business.
Relaxation of the tension was reflected in the gold market to-da where the premium over the Ameri: can shipping parity fell to 11d. The dollar recovered to around 4.99, while the prospects of an improvement in America resulted in a recovery in commodities, especially in rubber and base metals, the movement being reinforced by buying based on a belief that consumers are at present under-stocked.
It would be untrue, however, to imagine that the City has recovered its nerve and the atmosphere is reflecting subsidence of the recent pessimism rather than an access of optimism—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.