• Short Summary

    A NEW GOVERNMENT IN BRITAIN. IT WAS ALREADY CLEAR WHEN BRITONS WOKE THIS MORNING (FRIDAY)?

  • Description

    A NEW GOVERNMENT IN BRITAIN. IT WAS ALREADY CLEAR WHEN BRITONS WOKE THIS MORNING (FRIDAY) THAT A LABOUR GOVERNMENT WAS LIKELY TO REPLACE THE CONSERVATIVES WHO HAD HELD POWER FOR 13 YEARS. SOME OF THE MOST SENSITIVE MEN, WHEN IT COMES TO POLITICAL STABILITY, ARE OF COURSE THE STOCK-BROKERS AND OUR CAMERAMAN WENT ALONG TO THE LONDON STOCK EXCHANGE TO WATCH THE ACTIVITY.

    STEEL SHARES ALWAYS FLUCTUATE DURING BRITISH ELECTIONS BECAUSE THE LABOUR PARTY PLANS TO NATIONALISE THIS VITAL INDUSTRY, NOW IN THE HANDS OF PRIVATE ENTERPRISE AFTER BEING DE-NATIONALISED ONCE. OPPONENTS OF THE LABOUR PARTY CLAIM THAT A GREAT NUMBER OF OTHER INDUSTRIES WOULD BE NATIONALISED BY A LABOUR GOVERNMENT SO AN ELECTION ALWAYS MEANS A DROP OF PRICES ON THE STOCK MARKET.

    PRICES WERE WELL DOWN AT THE BEGINNING OF THE DAY - A MEASURE NORMALLY TAKEN TO DISCOURAGE PANIC SELLING - WITH THE F.T. INDEX PLUNGING 13.9 POINTS, WHICH REPRESENTED A FALL OF UP TO FIVE SHILLINGS ON STEEL SHARES. HOWEVER, AS THE RESULTS BECAME KNOWN AND A VERY SMALL LABOUR MAJORITY WAS MORE APPARENT, PRICES PICKED UP WELL. EVEN WHEN NEWS OF BRITAIN'S TRADE GAP, A DEPRESSING III MILLION POUNDS, BECAME KNOWN, PRICES CONTINUED TO IMPROVE AND THE F.T. INDEX FINISHED AT 359.4 POINTS, ONLY 5.5 POINTS DOWN.

    STEEL SHARES STAGED THE MOST REMARKABLE RECOVERY WITH SOME MAKING GAINS OF ONE SHILLING AND THREEPENCE. SOME CITY MEN SAID THIS WAS BECAUSE THE LABOUR PARTY WOULD NOT BE ABLE TO NATIONALISE THE STEEL INDUSTRY WITH SUCH A SMALL MAJORITY.

    SMALL OR NOT, LABOUR'S MAJORITY BECAME KNOWN AT MID-AFTERNOON WHEN THE PARTY HAD WON 315 SEATS IN THE 630 SEAT HOUSE OF COMMONS. SHORTLY AFTER THIS RESULT WAS KNOWN, SIR ALEC DOUGLAS-HOME, LEADER OF THE CONSERVATIVE PARTY AND UP TILL THEN PRIME MINISTER, DROVE TO BUCKINGHAM PALACE TO TENDER HIS RESIGNATION TO THE QUEEN.

    MOMENTS AFTER SIR ALEC DOUGLAS-HOME HAD LEFT THE PALACE, THE QUEEN SENT FOR MR. HAROLD WILSON, LEADER OF THE LABOUR PARTY, TO ASK HIM TO FORM AN ADMINISTRATION.

    IT IS THOUGHT THAT MR. WILSON WILL HAVE NO DIFFICULTY IN FORMING AN ADMINISTRATION AND HE NOW BECOMES BRITAIN'S YOUNGEST PRIME MINISTER - HE IS 48 YEARS OLD - THIS CENTURY.

  • Tags

  • Data

    Film ID:
    VLVA3WLRPBBLX2PDDRZKPJK6IWX71
    Media URN:
    VLVA3WLRPBBLX2PDDRZKPJK6IWX71
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    16/10/1964
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:02:02:00
    Time in/Out:
    /
    Canister:
    N/A

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