Money & Exchanges .sx SHARP RISE IN STERLING .sx LOAN CONDITIONS COMFORTABLE .sx Bank Rate 3 per cent .sx , 1st May , 1930 .sx WEDNESDAY Evening .sx There was no material change in credit conditions in Lombard Street to-day , short loans being in comfortable supply .sx The general rate for fresh accommodation over the night was 2 to 2 per cent .sx , and it was only in exceptional instances that anything higher was paid .sx Old day-to-day loans carried at variable rates with outside lenders were renewed at 2 per cent .sx Business in discounts was quieter than ever , with the clearing banks inactive and doing nothing in short-dated maturities .sx The buying rate for three months fine bank drafts was quoted at 2 per cent .sx , the usual Continental inquiry being reported at 2 per cent .sx The " hot " Treasury bills were called 2 per cent .sx to 2 per cent .sx The open market price of gold was raised 1d to 84s 11d per fine ounce .sx No gold was available and a demand from buyers had to be satisfied at the Bank at the statutory selling rate .sx No change occurred in silver prices , which were quoted at 13d per ounce for both cash and forward delivery .sx China and India both bought and sold .sx In Far Eastern exchanges , the Hong Kong dollar weakened to 1s 0d .sx FRANCS CHEAPER .sx Reaction in the Spanish Peseta .sx After a steady opening , sterling developed all-round strength in the Foreign Exchange market to-day .sx On New York the rate almost touched 4.86 at one time and closed at 4.86 , a net gain on balance of per cent .sx Among Continental currencies , French francs depreciated 3 centimes to 124.44 , while Dutch florins cheapened to 12.10 , German reichsmarks to 20.42 , Italian lire to 92.90 and Swiss francs to 25.25. Spanish pesetas reacted to 46.70 on the decision to increase the note issue .sx Swedish kronor at 18.14 was the only Continental currency to move against London .sx In the South American group , the Argentine peso further relapsed to 35d , but Brazilian milreis held at 3d .sx Appended is a list of the latest quotations of Continental and other exchanges :sx - The following approximate rates were quoted for forward business :sx - THE STOCK MARKETS .sx INVESTMENTS FIRM , BUT GENERAL TONE DEPRESSED .sx BRITISH FUNDS BETTER - BRAZIL LOANS FLAT - HOME AND ARGENTINE RAILS DECLINE .sx WEDNESDAY Evening .sx The rather brighter tone which developed in the Stock Exchange towards the close yesterday was not maintained to-day , and apart from high-class investment securities and certain Mining shares , which exhibited a fair degree of strength , conditions again became extremely gloomy .sx Rumours of trouble both at home and abroad were again current , and renewed uneasiness was occasioned by the fresh break in Wall Street .sx The effect of these adverse influences was to cause further liquidation in various directions and reduce prices to lower levels in most markets .sx As anticipated yesterday , reaction in British Funds was soon checked , and , on a renewal of demand encouraged by the monetary outlook and firmer tendency of the exchanges , quotations turned upward again .sx Some of the buying was thought to be on American account , and some evidence of this was afforded by the strength of the Five per Cent .sx War Loan .sx Home Corporation stocks continued in the ascendant , but India loans were dull , and lower prices were quoted for several Australian issues .sx In the Foreign market American influences continued to depress Brazilian and San Paulo loans , but other changes were usually small , and some recovery occurred in Chinese bonds .sx The Home Railway traffics were not expected to make a satisfactory showing , but the figures proved worse than anticipated , and a general decline occurred in the Group stocks as well as in those of the London lines .sx Foreign Rails also made a sorry showing , and Argentine stocks all lost ground on the weakness of the exchange , while Antofagasta suffered a fresh relapse .sx Liquidation was again in progress in the Industrial market , and , although occasional improvements in prices were shown , the great majority of movements were adverse to holders , and some of the falls , especially among Internationals , were substantial .sx After a dull opening , Oil shares hardened on a little Continental support , but Rubbers remained neglected .sx The Mining markets were relieved from dulness by an improvement in South African Gold descriptions .sx GILT-EDGED .sx Five per Cent .sx War Loan in Good Demand .sx Business became more active in the market for gilt-edged securities , and British Funds moved upward again on a renewal of demand .sx The Five per Cent .sx War Loan was steadily bought and rose to 103 .sx The Three and a-Half per Cent .sx Conversion Loan was up at 81 , as was the Five per Cent .sx Conversion Loan at 105 , while the Four and a-Half per Cent .sx Conversion Loan hardened to 102 .sx The Funding Loan gained at 94 .sx The Four per Cent .sx Consolidated Loan at 92 and Victory Bonds at 96 were also each better .sx Old Consols advanced to 59 and Local Loans strengthened to 68 .sx India loans were quiet , but rather dull , and the Three per Cent .sx and Three and a-Half per Cent .sx each declined to 50 and 59 respectively .sx Australian loans were not much dealt in , but tended downward .sx Commonwealth Four and Three-quarter per Cent .sx , 1940-60 , was down 2 to 63 .sx New South Wales Three per Cent .sx , 1935 , was lowered 4 to 55 , and falls of a point were shown by Queensland Five per Cent .sx , 1945-75 , at 64 .sx Derby Four and a-Half per Cent .sx scrip was in good demand and rose to 1 premium .sx FOREIGN STOCKS .sx Firmer Tendency in Chinese Bonds .sx Dull conditions again prevailed in the Foreign market , but it was only in Brazilian bonds that any very marked weakness was shown .sx Brazilian Rescissions further fell 2 to 32 and the Five per Cents .sx of 1895 relapsed 2 to 41 .sx The Six and a-Half per Cents .sx also finished 2 lower at 55 .sx The old Funding lost a point at 75 , as did the Five per Cents .sx of 1913 at 39 , while declines of occurred in the Four per Cents .sx of 1889 at 31 , the Five per Cents .sx of 1903 at 30 and the Funding of 1914 at 58 .sx San Paolo Coffee bonds were offered down 2 to 59 and the Seven per Cent .sx issue fell 1 to 73 .sx Uruguay Five per Cents .sx of 1896 were quoted 2 higher at 97 and Chilean Six per Cents .sx of 1928 further recovered to 83 .sx In the Far Eastern section , Chinese bonds developed a better appearance and improved in several instances .sx The Five per Cents .sx of 1896 hardened to 100 and the Four and a-Half per Cents .sx of 1898 moved up to 85 .sx The Five per Cents .sx of 1912 gained a point at 44 .sx Japanese loans remained dull .sx The Five per Cents .sx eased to 92 and the Four per Cents .sx of 1899 gave way to 78 .sx City of Tokyo Five and a-Half per Cents .sx were off at 96 .sx European loans were quiet , but German Five and a-Half per Cents .sx were realised and fell to 78 .sx The Potash bonds were firmer at 102 .sx Rumanian Consols were offered and receded to 40 .sx Spanish Four per Cents .sx further recovered a point to 53 .sx Turkish Unified was in demand and rose to 9 , but Egyptian Unified was sold and fell 1 to 72 .sx POOR HOME RAILWAY TRAFFICS .sx The Home Railway traffics proved very disappointing and served to depress the market , although the volume of selling in progress was small .sx Midland and Scottish revenue was down by 133,000 and other decreases were North Eastern 115,000 , Great Western 56,000 and Southern 38,000 .sx Great Western was steadily offered and relapsed 1 to 55 , while Midland and Scottish declined to20 .sx Weakness was also displayed by the Preference stocks .sx North Eastern First Preference dropped 1 to 47 and the Second Preference lost a point at 31 .sx The Preferred was lower at 11 and the Deferred weakened to 4 .sx Southern Deferred gave way to 18 .sx The London group lost further ground and Underground shares were easier at 22s 6d .sx District finished 1 down at 72 and Metropolitan relapsed 1 to 55 .sx FOREIGN RAILS .sx Antofagasta and Leopoldina Further Fall .sx No great activity developed in the Foreign Railway market , but the tone remained heavy , and Argentine stocks further declined on the weakness of the exchange , although the traffics were satisfactory .sx Buenos Ayres Great Southern fell a point to 57 , and losses of were shown by Buenos Ayres and Pacific at 43 , Buenos Ayres Western at 42 , Central Argentine at 51 , Entre Rios at 59 and Corboba Central at 10 .sx Antofagasta was again realised and further relapsed 1 to 31 .sx Brazilian stocks were quiet , but Leopoldina was lower at 18 .sx Paraguay Central " D " debentures receded to 17 .sx Canadian Pacifics continued depressed on dividend fears and closed 2 down at 32 .sx KAFFIR OPTIONS WANTED .sx Option business was not particularly brisk , but there was a fair inquiry for calls of Mining and Oil shares .sx Among the former , Randfonteins , East Rands , West Rand Consols , Consolidated Gold Fields and Chartered were favoured , but transactions were mostly in small lines .sx In Oils , there was a fair turnover in Shells , Royal Dutch , Burmahs and Mexican Eagles , the demand being both on London and Paris account .sx A few Internationals were inquired for , and business was done in Brazilian Tractions , International Nickels , Radios and Columbia Graphophones .sx Special Closing Prices of British Funds , Dominion and Foreign Government Stocks , Home , American , Foreign and Colonial Railways appear on Page Two Column One .sx Prices of Recent Issues and Option Prices Page Two Column Five .sx STREET DEALINGS .sx International Issues Close Weak .sx A large number of dealers assembled in the Street market , and for a time a fair amount of business was transacted .sx New York continued to offer the leading issues and prices developed further weakness .sx Towards the finish there was a slight recovery from the worst .sx Brazilian Tractions were freely offered , and at one time fell to 16 sellers , but made a partial recovery to 16 buyers .sx International Nickel provided another dull spot , declining to 14 , compared with the closing price of 14 .sx Among Rails , Canadian Pacifics were under pressure , falling at one period to 31 sellers , but improved slightly to 32 bid .sx United States Steel receded a further point to 114 , being a fresh low record .sx Gramophone shares were further realised .sx Radio Corporations declined from the closing level of 17 to 16 , while Columbia Graphophone closed at 1 .sx H.M.V. were marked down a similar amount to 1 .sx In the Telegraph section , Cables and Wireless Five and a-Half per Cent .sx Preference fell to 53 and Globes to 9 .sx International Telephone and Telegraph closed lower at 27 .sx Swedish issues were firmer .sx Kreuger and Toll " B " improved to 23 and the fully-paid debenture to 24 .sx In the Oil group , Shells kept steady around 2 and Royal Dutch at 19 .sx Elsewhere , Turner and Newall failed to hold their earlier improvement and declined to 26s .sx Among Rand Gold shares , Randfonteins at 21s 9d , East Rands at 11s 9d and West Rands at 10s 7d all finished the merest shade under the best of the day .sx In the Rhodesian market , the same remark applies to Chartered , which closed at 24s 4d .sx An Investor's Note Book .sx Renewed Wall Street Liquidation .sx Some Important Pending Dividends .sx Although it is now believed that open trouble will be avoided , the Stock Exchange will breathe a hearty sigh of relief when to-day's Settlement is safely out of the way .sx It was not to be expected that the suspension of an old-established firm like Pynchon and Co. , with world-wide ramifications , should pass without more or less serious repercussions on the Stock Exchanges and Bourses of Europe .sx Renewed liquidation from New York in Shorter's Court yesterday evening revived the fear that the full effect of recent troubles on Wall Street has not even yet come to light .sx Steels and Canadas .sx It is certainly disturbing to see United States Steels touching a new low level since 1924 and Canadian Pacifics - as to which there is fear of a cut in the annual dividend rate from 2 to 2 per share - at by far their worst since the stock-splitting .sx 4 .sx