There was an easier tone evident at the opening of the market bu: this tendency did not last long as buyers quickly appeared and before long the market was again active and firm: Ewos, after several weeks of narrow and indecisive movement came into prominence, and with buyers keenly competing rose from 18.80 to 19.60. Trusts and Yangtszes were likewise strong rising to $5 and $8 respectively. Docks were fractionally better at 110 ex the dividend of $4 while Lands were steady at 9.80. Explorations, in spite of a large turnover, shewed very little change. Kaipings advanced to 31% in sympathy with London while Power Prefs which have been adversely affected by the liquidation of two estates now believed completed rose to 128%.
Rubber shares were quieter, but there was no pressure to sell and Anglo-Javas and Rubber Trusts changed hands at about the previous day's prices. Stocks of rubber in the U.K. increased 998 tons to a total of 65,508 tons.
There was a spectacular rise in China Realty Debentures from Tls. 60 to Tls. 73 and even at the latter price the debentures are priced much lower than the Common shares now quoted at 40 cents. For the convenience of those interested Tls. 100 of China Realty Debentures are equivalent of 264 existing Common shares, Therefore at the ruling price of 40 cents the debentures are worth Tls. 105.60. One of two things must take place, either the Common shares decline to the level of the Debentures or the debentures advance to the Common share parity.
Official Averages 1939 Today's High Low Averages Change 166.94 105.32 General 154.98 +0.79 154.68 95.55 Rubbers 149.9314—0.2415 Total 130,265 shares, 560 bonds.
Text read from the printed page and cleaned; old type leaves the occasional error.