U.S. FEARS FOR HER TRADE .sx WORLD REVISION OF TARIFF WALLS ADVISED .sx WASHINGTON , Thursday .sx - Rejoicing over the British elections , while general in Congressional circles , is modified by perturbation at the effect which import tariffs will have on American trade should they be enacted .sx Senator Fess hails the election as a stabilising influence throughout the world , but adds , " The winning party should put up the danger signal and not go too far .sx In the matter of a tariff they should take care that Dominion tariffs should not create trouble between the Dominions and other countries .sx " On the other side of the Upper House , Senator Hull , Democrat , thinks that the elections will be followed by another retaliatory high tariff in response to American high tariff leadership in the past ten years .sx He advises the re-examination of tariff walls among all nations , and a gradual lowering as the only available means of avoiding debt repudiation .sx With a new British tariff they could expect their large exports to be whittled down to a record minimum , not to mention prospective losses to Canada and other Dominions .sx ARGENTINA'S HOPES AND FEARS .sx BUENOS AYRES , Thursday .sx - Earnest hopes are being expressed here that any alteration in the Free Trade policy of Great Britain will not materially affect foodstuffs , but opinion is frankly fearful that Britain will rely more on the Dominions .sx The Dominions' reaction to the general election is dealt with on page 4 .sx TEMPORARY CHECK IN SHARE MARKET BUSINESS .sx LONDON STOCK EXCHANGE .sx BRITISH FUNDS OUT OF FAVOUR .sx The firmness which prevailed in the Stock Exchange yesterday was not maintained today , values being lowered following profit-taking .sx The set-back in sterling also had a weakening effect .sx British funds were out of favour .sx War 5 per cent .sx and Conversion 3 per cent .sx dropped back to 97 and 77 respectively .sx Funding Loans were also out of favour at 68 , a loss of .sx Home rails were weak .sx Great Westerns gave way to 54 , while Midland Scottish and North-Eastern Preferred receded to and 15 respectively .sx Argentine rails showed a general loss of a point .sx Among foreign bonds German 7 per cent and 5 were favoured and strengthened to 67 and 49 respectively .sx MINES WEAKER .sx Mines are weaker , notably Chartereds , which fell to 18/3 , a loss of several pence .sx Oils were weak , notably Shells and Anglo-Persian , which receded to 1 and 1 respectively .sx Royal Dutch were also out of favour at 13 .sx Rubbers were easier following the decline in the commodity to 21 .sx Anglo-American descriptions were weaker , with Nickels and Hydros and down respectively .sx INDUSTRIALS .sx Industrials showed an all-round loss .sx Tobaccos were offered .sx British-Americans and Imperials fell back to 4 and 4 respectively .sx Imperial Chemicals dropped to 18 , while Dunlops were lowered to 18/1 .sx Textiles were weak .sx Courtaulds dwindled to 2 , while Bleachers shed 1 at 15/6 .sx Pinchin Johnson and Wallpaper Deferred both lost 1 .sx Among iron , coal and steel shares Thornycroft and Babcocks fell away to 17/6 and 2 respectively .sx Breweries were weaker , with Guinness 1/9 lower at 87/3 .sx Motors were out of favour .sx Leylands eased to 40 .sx Among shipping , P. and O. Deferred and Furness Withy receded to 27/6 and 28 respectively .sx Electric and musical industries were fractionally lower at 1 .sx Silver 17d Gold 106/8 .sx 4 p.m. PRICES .sx The figures in the first column denote yesterday's closing prices .sx Those in the second column to-day's quotations .sx NOTE OF CAUTION IN DEALINGS .sx MAKING HASTE SLOWLY .sx CITY AND THE GIANT MAJORITY .sx ( From Our Financial Correspondent ) .sx LONDON , Thursday afternoon .sx The City has been absolutely staggered by the unprecedented size of the Government majority , and rather regrets the absence of an effective Opposition , whose criticism would prove useful , in view of the serious economic and financial problems , the solution of which is the main task of the Government .sx In the meantime , the stock markets , after the first outburst of enthusiasm over the general election result , now prefer to make haste slowly .sx As already pointed out here , it is not all plain sailing yet , if only because of the adverse foreign influences , and in Paris , for instance , a powerful bear clique is still at work .sx The chief concern , as far as the international centres are concerned , is however bound up with the position in New York , where the market is still in a very bearish mood consequent on the succession of unfavourable dividend developments , the latest of which is the cut in the rate of the Pennsylvania Railroad annual dividend basis from three dollars to two dollars by the announcement of a quarterly dividend of 50 cents as against 75 cents .sx CABLES AND WIRELESS .sx There is no doubt that in many cases prices of industrials have now got very much ahead of prospects .sx Cables and Wireless are a striking example .sx Before the rise started the 5 per cent .sx Cumulative Preference stood at 9 , the Astock at 40 , and ditto B at 5 , whereas present prices are from 25 to 8 points above this level .sx The dividend prospects for the current year are still very poor , unless such drastic economies have been effected as to counterbalance the gross decreases in the message receipts .sx It may be recalled that at the meeting last July the Chairman stated that in order to pay the full preference dividend it was necessary that the profits of the Communications Company should be about 600,000 , to be added to the income from investments , after paying debenture interest and preference dividend on the cable stocks , leaving 741,441 last year , while the Marconi manufacturing profits were 142,307 .sx As the profits of the Communications Company last year were only 326,428 , and a further decline seems inevitable this year , it is obvious that the immediate dividend prospects for the Preference stock are by no means bright , and that the rise in quotations of the various issues has been overdone .sx South African Tariffs .sx A British United Press message from Capetown says the South African Government is to impost a 5 per cent .sx ad volorem duty on all imports .sx The Parliament of the Union is to be specially summoned to consider the measure .sx THE " HEAVY " INDUSTRIES .sx The results indicated in the preliminary statement of John I. Thornycroft and Co. and the absence of any dividend on the Preferred Ordinary and Ordinary shares , are another hard knock for the market in the shares of the heavy industries companies .sx The profit of John Lysaght for the year amounted to only 144,751 , as compared with 338,448 for previous year , and the available balance to only 483,404 , against 674,653 .sx Consequently , the dividend for 1930 is only 5 per cent .sx tax free , for 1929 .sx GROCERS DO WELL .sx S. and W. Beresford , the Manchester sugar and provision merchants , announce final dividend of 7 per cent .sx on Ordinary shares , making 12 per cent .sx for year , against 5 per cent .sx final , making 10 per cent .sx for previous year :sx the allocation to reserve fund is 7,500 , raising same to 75,000 , and 10,946 is carried forward , as compared with 6,722 brought in .sx RHINELAND BANK CLOSES .sx COLOGNE .sx Thursday .sx - - The Rheinische Bauern Bank , an important agricultural bank with branches in several Rhineland towns , has closed its doors .sx Since the beginning of the financial crisis its former customers have withdrawn approximately 1,600,000 marks ( 80,000 at par) .sx A large number of small farmers and the Rhineland Farmers' Union are heavily hit by the bank's failure .sx Reuter .sx BANK RATE UNCHANGED .sx The directors of the Bank of England , at their meeting to-day , decided to make no change in the bank rate which remains at 6 per cent .sx GENERAL DECLINE IN LEADING BRITISH SECURITIES .sx LONDON STOCK EXCHANGE .sx HOME INDUSTRIALS IRREGULAR .sx The feature at the close of the house was an all-round decline in the leading British Government stocks following the continued weakness of the sterling rate at 3.83. A general fall of to was recorded , with War 5's quoted at 96 .sx Home rails kept a firm front , as did German loans .sx Oils closed with a good recovery , with Dutch at 13 , and Shells at 1 .sx Mines were lifeless , Paris favourites being unsettled .sx Anglo-American specialities were generally maintained .sx Rubbers were featureless , the commodity being easier at 2d .sx Home industrials closed irregular .sx Johnsons and Phillips were weak at 29/6 , tobaccos steady , and cements easier .sx Irons and steels inclined harder .sx Textiles were easier , as also were motors , Dunlops , Imperial Chemicals and Cables and Wireless Preference and B. .sx Silver .sx 18d .sx Gold 107/6 .sx 1 p.m. PRICES .sx The figures in the first column denote yesterday's closing prices .sx Those in the second column to-day's quotations .sx SHARP CHANGES IN DEALINGS .sx RISE FOLLOWED BY SLUMP .sx THE INFLUENCE OF STERLING .sx ( From Our Financial Correspondent ) .sx London , Saturday .sx Once again the Stock Exchange has suffered grievous disappointment .sx It has got all it has wanted , and even more , in the shape of the overwhelming majority for the National Government , ensuring sane conduct of the country's economic and financial affairs for the next few years , yet the stock markets as a whole have so far failed to respond to the occasion .sx The climax was reached on Wednesday morning , the day after the actual election , when markets looked like taking the bit into their mouth .sx The anticlimax came on Thursday afternoon , a sharp all-round slump catching even the most hardened operators by surprise .sx There has since been a partial recovery from the lowest points then touched , but the market position is still very unsettled , and it will evidently take some time before things really straighten out .sx The chief unknown factor in the situation at the present time is the unfavourable state of affairs in the principal foreign centres , notably , New York , Paris and Amsterdam , and until there is better news from these quarters operators here would be well advised to go slowly .sx An additional disturbing factor has been the sharp fluctuations in the sterling exchange , which after rising to 3.97 , collapsed to 3.83. .sx PUBLIC CAUTIOUS .sx Dealers are somewhat disappointed to find that the public have so far shown no great eagerness to re-enter the markets , but the Stock Exchange Committee has been sitting to consider the question of the removal of the present restrictions on speculative dealings , in connection with which no decision had been announced up to the time of writing .sx Gilt-edged securities are mote than ever the index to the state of the markets generally .sx The market is even more than usually under the influence of the vagaries of the sterling exchange , but , ultimately , and a soon as the Government gets to work in earnest upon the regeneration of the national finances , the trend of values should be upward .sx INDUSTRIALS .sx The chief excitement during the week , apart from the election itself , has centred in the industrial share market , in view of tariff prospects and other measures for the stimulation of home trade , on the programme of the National Government .sx At one time , prices were soaring without restraint , thereby discounting the future for a long time to come .sx More sober views supervened later , with considerable profit-taking on the part of professional operators , especially follow- the appearance of a further number of unfavourable dividend announcements and directors' reports , showing that even the principal industrial companies have a great deal of leeway to make up before they can be said to have entered smooth water .sx During the week foreign Government stocks have maintained their ground .sx Home railways have shown a certain liveliness .sx Mines have been affected by persistent financial crises in certain leading Continental centres .sx Oils and rubbers have been subdued .sx FOREIGN CREDITS .sx Recent reports regarding the causes of the sharp relapse in sterling exchange since the general election are now confirmed .sx One of the main reasons has been Bank of England operations for the repayment of 20 millions sterling out of the 50 millions Franco-American credit , the balance being renewed for a further period of three months .sx This development should constitute a bull point , rather than otherwise , for sterling , and the belief prevails in quarters competent to judge that the will approximate five dollars in American currency , possibly even by Christmas .sx The Bank of England has found it cheaper to finance the operation by the purchase of dollars and francs with gold , and it may be that the holding-up of the weekly consignments of gold from South Africa is connected therewith .sx On Tuesday , November 2nd , there will be a further arrival here from South Africa of 827,327 in bar gold , and in the following week 1,024,349 .sx