Trade Leads to Immediate Market Move
Amid unclear terms a rapid trade appears to trigger an instant market adjustment. Officials caution that details remain murky while traders monitor evolving conditions and potential impacts on prices.
17 May 1940
Page 1
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Newspaper
Canberra Times
Location
Canberra, Australian Capital Territory, Australia
Date
May 17, 1940
Page
1
Amid unclear terms a rapid trade appears to trigger an instant market adjustment. Officials caution that details remain murky while traders monitor evolving conditions and potential impacts on prices.
Tokyo reports the Navy spokesman says the East Indies status question is diplomatically closed with assurances from Britain Japan the United States and others. Senate inquiry in Washington discusses US rubber and tin protection with diplomat Horinouchi and Cordell Hull, urging peaceful policy. London sources deny British troop withdrawals to the East Indies.
The Admiralty reports the U S Valentine was damaged by air attack off the Dutch Coast and beached. Casualty figures not yet released but believed slight. German propaganda claims 21 British warships sunk while Britain had 15 capital ships at the war’s outbreak.
Hectic morning selling on the New York Stock Exchange gave way to a buying surge as news from the front suggested Allied forces slowed the German advance. Tape machines delayed, prices rose one to four points in early afternoon trading. Wheat again fell ten cents and the sterling closed at 3 dollars 23 cents.
The French War Office said German forces continued their push from the Meuse between Sedan and Namur. Germans penetrated Allied lines with armoured units but are being countered by strong forces. French counterattack at Sedan halted the German assault. fighting persists north from Namur as Liege and Namur reportedly hold out amid heavy shelling and German advances in Zeeland and Walcheren.
Allied forces push along the western Meuse toward Namur and Sedan as lines shift in a fluid war of maneuver. Commanders expect the front to stabilize only after broader army gatherings and sustained engagement.
German high command declares Brussels no longer an open town and vows attacks on all military objectives. Western Front reports a retreat by Wien and rapid Allied coalescence, while the Meuse battle sees heavy losses. French defense pulls back toward the Maginot line with Sedan exposed and Belgian towns suffer bombardment. Liege prisoners claimed. Paris and other cities endure air raid alarms as transport shifts to military use.
The war ministry announced the RAF carried out its heaviest raid since the war began, striking German road and rail networks east of the Rhine for hours with extensive fires. Berlin said Allied bombers attacked undefended western towns, while Narvik repelled Allied assaults. Sydney reports Australia boosting enlistment and speeding recruitment at Victoria Barracks. London notes contraband bases near The Downs closing as neutral ships vanish. Germans in Britain rise to 42,370 registered aliens, including 8108 Austrians.
London reports Dutch defense paralysed by fifth column activity. Dutch traitors and Nazi parachute troops disrupted bridges and fronts, with German forces hidden inside Holland. High Command pulled troops from front lines as confusion spread across The Hague Amsterdam Utrecht. Allied reinforcements advancing north still scramble to cover the left flank.
In a London broadcast Queen Wilhelmina declares Dutch resolve remains intact despite distress and occupation. She calls for a halt to aggression, prays for Allied victory, and vows the nation’s spirit and conscience cannot be conquered.
Rome reports danger of Italian attack on Egypt as Parliament session is set in London. An exodus of Italians in Turkey begins while Mussolini receives a personal message from Roosevelt. Roosevelt urges Mussolini to keep Italy out of war as Americans abroad are urged to return home. Authorities quell anti Allied demonstrations in Venice as Italy’s stance grows tenser.
The minister for communications states Italy tested mobilisation and transport resources. He cites Allied contraband controls delaying 2,449 ships and diverting 750 passengers and 32,000 tons of merchandise. He warns of serious economic repercussion as shortages grow amid emergency expenses.
Swiss fear rising tension as the American Consulate warns travelers to head to Bordeaux rather than Genoa. Rail traffic between Berne and Germany reportedly suspended amid security concerns. A guard is posted on a major Berne street to deter fifth column infiltration while residents of Basel and Zurich move to mountain resorts. Basle reports continued German troop movements on the Swiss frontier.
The German and Dutch commanders signed the capitulation agreement at 11 a.m. Civilians who do not conform face death penalty. The Dutch wireless reports continued blackout in Rotterdam Amsterdam and The Hague. The Hague burgomaster says petrol stocks are very low and consumption must be restricted. Windows and doors must be closed from sunset to dawn. Rotterdam appeals for food and aid materials as ships and Dutch navy personnel shift to British ports while casualties rise.
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