STOCK MARKETS ACTIVE.

Auckland Star, Volume LXVII, Issue 194, 17 August 1936, Page 4

STOCK MARKETS ACTIVE.

INDUSTRIALS. LONDON, August 15. For no special reason the London stock markets have enjoyed a very active period for some time, especially the industrial section. Encouraging trade news led to a steady stream of buying. Less solid justification for the activityis provided by the anticipation that the Spanish troubles will be localised and hopes that the franc has seen the worst of its troubles. The gilt-edged market was especially firm in the middle of the week. Australian were prominent among Dominion issues. The appointment of Herr von Ri'obentrop as German Ambassador to Britain was well received in the city, and led to a slight hardening of German* bonds. Kails continued last week's advance, and many industrials lifted to new high levels. Mines alone were rather tired, but brisk business was done in Broken Hills 011 reports that buying in the Australian commodity markets was rather quiet. There wag ifo marked change in wheat over the week, though the market fluctuated considerably from day to day. Shipping Construction. Shipping circles in London decline to confirm reports from Canada that it is contemplated to spend £12,000.000 on the construction of four new liners to replace the Niagara and Aorangi, also the Empress of Russia and the Empress of China sailing between Canada and Asia. The placing of such orders depends upon an agreement between the Governments of Britain and the Dominion. In any case the figure being circulated in Canada is Considered to be too high, as it is expected that two Canadian-Aus-tralian steamers will cost £1,230,000 each. Building even at that figure would be uneconomic. if the vessels were left unaided against American competition. Wool Industry. The wool industry lias more than ordinary interest in the Anglo-Argentine agreement, as its termination would be a serious blow. Bradford merchants, however, are confident that some way will be found to renew it. Since the agreement was concluded exports of worsteds to the Argentine have trebled. Moreover, prompt payment for them is a first charge upon the sum which the Argentine receives for her exports to Britain. Copper At High Price. On the metal market this week copper touched the highest price since July, 1933. Tin is firm. In spite of uncompromising statements by both sides in respect to the Siamese position the market still believes some way out will be found. The Spanish trouble, by reducing the output, was the major factor in strengthening the prices of lead. The latest consumption figures show a further expansion. Rumours are current that the Cartel's negotiations in regard to spelter liave been tentatively resumed. Prospects For Meat. Wet, cool, weather'-- has -not favoured the lamb : trade. . Prices, however, are fairly steady a:nd should' remain so. Stocks at July 31 and shipments .afloat in August are well within the consumptive capacity. ■, beef shared in the recent acreage in; price,- ; but heavy marketing of Brazilian prevented Australian receiving a full share"of. the rise. Now that Brazilian arrivals are easing Australian should- be in a more favourable position. Captain A. W. Pearse, Australian representative on the Port of London Authority, stated that heavy port dues are seriously affecting the New Zealand and Australian meat trade! An Argentine ship pays only one set of port dues, whereas an Australian vessel is faced by seven sets, and sometimes 15 if it proceeded to New Zealand. However, it is not likely that Australian chilled will ever compete with Argentine, as the quantities available are little more than eamples.