FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 22112, 7 June 1937, Page 11

FINANCE AND COMMERCE

GOLD SELLING PANIC FURTHER FIRMING IN LAMB PRICES

The week-end cable sensation was the feverish rushdescribed as "madness"—on the part of gold hoarders to sell their holdings, the unprecedented weight of £7,000,000 worth of gold being thrown on the bullion market on Friday. Statements by President Roosevelt and the British Chancellor of the Exchequer that it was not intended to alter the gold policies of their respective countries allayed the panic. The subsequent gold quotation showed a drop of l£d an ounce—from £7 0s 5d to £7 0s 3£d. There has been a sharp decline in the price of most of the major metals. The Smithfield week-end report shows that the lamb market is very firm, with a further improvement in price. Wether mutton is meeting with a good trade and prices are again higher

BUSH TO SELL GOLD

PANICKY MARKET FEAR OF PRICE REDUCTION <jpnTM> PBKSB ASSOCIATION—COPTBIOHT.) (Received June 6, 6.30 p.m.) LONDON, June 5. "Panic" is not too strong a word—•madness" might be even more applicable—to describe the state of the gold market this last week. A few years ago it would have seemed fantastic that the same people who have been jealously hoarding gold should feverishly seek to exchange it for printed paper, yet that is what they have been doing, panic-stricken lest the Great Powers withdraw their support. The gold hoarders flung nearly £7.000.000 worth of gold on the London market on Friday alone. Four million was taken up, the remainder being held over until Saturday. Calmer Nerves Meanwhile • President Roosevelt's statement that the United States gold policy would not be changed has calmed nerves arid a number of selling offers have been withdrawn. City businessmen are most critical of the British official policy. They point out that a clear statement a little while ago would have prevented the panic developing. An earlier, message said: The enormous sum of £4,200,000. worth of gold. almost double yesterday's record (£2,565,000) was sold on the London bullion market at £7 0s sd. It was absorbed chiefly by the equali- . sation fund. It was offered mainly by foreign hoarders, who are panicky at a possible cut in the gold price. The good effect on the stock markets, which the dropping of the, defence contribution brought, disappeared through the gold scare. In answer to a question the House of Commons, the Chancellor of the Exchequer (Sir John Simon) said that the conditions necessary before a return to the gold standard would be possible,had been clearly indicated in previous declarations, which continued to represent the nolicy of the Government on that sub j eel

AGRICULTURE IN BRITAIN

LOSSES THROUGH ANIMAL DISEASES ESTIMATED AT £15,000,000 A YEAR " (BSITISB OTFICIAL WIBBLBSS.) RUGBY, June 4. Referring in a speech before the Council of Agriculture to the Government's £315,000 plan for increasing farm production, which was laid before a commission on May 17 the Minister for Agriculture (Mr W. S. Morrison) said that the department was working hard on milk, butter, and other problems and he hoped, before Parliament rose, to have some proposals to announce. ~ _. Referring to animal diseases, Mr Morrison said that £15,000,000 a year was perhaps a conservative estimate of the loss due to this cause. An attack on this problem would be made.

SKIN SALE AT TIMARU

PRICES ON PAR WITH THOSE AT CHRISTCHURCH (THE PRESS Special Service.l TIMARU, June 6. Prices at the second skin sale conducted by the South Canterbury Stock Auctioneers' Association at Timaru Were on a par with those at the recent Christchurch sale. Top lines were down 3d on values of a month ago, the highest figure being 16id, for super halfbred. t _ , TTie range was as follows:—Halfbred: Super, 16d to 163 d; full-woolled, 15d to 16-ld; three-quarter-woolled, 14d to 'lsJd; hogget, 14Jd to 16Jd. Three-quar-terbred: Full-woolled, 14d to 15d; three-quarter-woolled, 14£ d to 15id; half-woolled, 12d to 133 d; hogget, 13d to I4jd. Crossbred: Free full-woolled, 14? d to 15Jd; full-woolled, 14Jd to 15Jd; three-quarter-woolled, 14d to Had; half-woolled, 12d to 13d; hogget, 13d to 14Jd. Merino: Dead, 13d to Hid; halfwoolled, lid to 13d; half-woolled dead, 10d to 104 d; auarter-woolled, 10d to IOJd.

PRICE OP GOLD

LONDON, June 5. Gold is quoted at £7 Os 3id a fine ounce. TREASURY BILLS (somas ornaiAt. wianuss.) RUGBY. June 4. The total amount applied for m tenders for £45,000,000 sterling Treasury bills was £69,215.000. The average rate per cent, for bills at three months was 14s 1.02 d, as against 10s 0.09 d a week ago. PROPERTY SALES , Messrs Baker Bros.. Real Estate Agents. 166 Manchester street, report / having sold, on account of Mrs Norris, ««• shop property in Victoria street. City, to a client. —»-

SMITHFIELD MARKET

LAMB PRICES FURTHER IMPROVE FROZEN BEEF STOCKS UNAVAILABLE The New Zealand Meat Producers' Board advises that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantities of the descriptions of meat mentioned and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield market, and/or ex London stores. (Prices lor the two previous weeks are also shown.): — June. May. May. 4. 28. 21. Per lb. d. d. d. | New Zealand SheepCrossbred wethers and/or maiden j 481b and under 5g 54 54 49 to 561b .. 5 41 43 57 to 641b ..45 4| 41 65 to 721b .. 4| 4| 4£ Ewes — 481b and under 48 4| 4g 49 to 561b .. n 35 3| 57-to 641b .. 3g 3g 3* 65 to 721b ..34 34 3i New Zealand Lambs — Canterbury: 361b and under 7* 7| 74 37 to 421b -.7 6j 63 43 to 501b ..62 6| 64 Second quality: Average about 311b ..7* 7 63 Other South Island—--361b and under 74 73 74 37 to 421b .. 7 6| 63 43 to 501b .. 6| 6| 6J North Island Downs— * 361b and under 7| 74 71 37 to 421b ..7 7 63 43 to 501b ..6| 6i 6J Second quality: Average about 301b -. 7| 7J 74 North IslandFirst quality: * 361b and under 7g 71 7 37 to 421b .. 6* 6J 63 Second quality: Average about 311b -.7 7 63 Australian Lambs— VictorianFirst quality: 29 to 361b .. 6J 6f 6g 37 to 421b ..64 65 6i Argentine LambsFirst quality: 361b and under 6f 64 6g 37 to 421b ..64 6 53 N.Z. Chilled BeefOx hinds. 145 to 2101b ..6 Ox fores. 145 to 2101b . - 4| Australian Chilled BeefOx hinds. 145 to 2101b ..5? 5| 5| Ox crops, weights corresponding 44 4J 4y Union ot South Africa Chilled BeefOx hinds, 145 to 2101b ..64 5| 5} Ox fores, 145 to 2101b ..44 44 4J Southern Rhodesian Chilled BeefOx hinds. 145 to 2101b .. 5g 54 5i Ox fores. 145 to 2101b ..34 3J 4 Argentine Chilled BeefOx hinds. 143 to 2101b ..63 64 6g Ox fores. 145 to # 2101b .. 4f 4J 48 Uruguayan Chilled BeefOx hinds. 145 to 2101b ~64 5| 6 Ox fores, 145 to 2101b ..4| 44 44 Brazilian Chilled BeefOx hinds. 145 to 2101b ..6 5| 5| N.Z. Porker PigsFirst quality: 61 to 801b ..68 68 6| 81 to 1001b .. 68 68 6f 101 to 1201b .. 63 6| 6i N.Z. Baconer Pigs—--121 to 1601b .. 6| 64 64 Lamb Market—Very firm with further improvement in prices. Mutton Market—Wethers meeting with good trade with prices again higher. Ewes: Market quiet and unchanged. Beef Market —Frozen beef; no quotations as none available. Chilled beef: very firm with prices higher. New Zealand Porker Pigs—Trade slow with prices unchanged. New Zealand Baconer Pigs—Slightly easier owing to weak bacon marKet.

ASHBURTON MARKET

A fairly brisk week was experienced in the grain, seed, and produce market last week. Several lines of stack threshed wheat have come forward, and have been accepted at June rates. A good demand has been experienced for seed wheat, as the weather during the week has been very favourable for sowing. Fowl wheat is difficult to procure and is in short supply There Is still a good demand for all classes of oats, but the price has steadied up owing to importations from Australia The potato market remains firm at late The following are prices to be paid to growers, free of commission, on trucks, at country stations, sacks extra:— Wheat-Milling Tuscan Ss 3d, Hunters 5s sd? Pearl and Velvet Ss 7d (all f.o.b) Good whole fowl wheat 5s 3d, undergrSifslAl0 g d radeGartons 3s 4d. B grade 2a lOd. Algerians 2s 8d to 3s, Duns 2s 6d to 3s 6d, according to quality. Grass Seeds-Perennial, Italian, and Western Wolths 2s 9d to 3s a bushel. Ssfoot. 7d to BJd per lb. red clover 6d to 7d per lb, white clover 8d per lb. Oatsheaf Chaff-Good, bright oatsheaf £ partridge°Peas—No. 1 grade 5s to 5s 3d. f SS, Dakotas £5 lOs.j tox prompt dtUvary, '

STOCK EXCHANGES

CHRISTCHURCH SMALL TURNOVER Firm but quiet conditions prevailed on call on Saturday morning, and recorded dealings were restricted to a few stocks. Transactions, exclusive of vestibule business, were:— LISTED STOCKS Sales on 'Change £ s. d. 32 National Bank of N.Z. (cum div.) .. 3 5 0 500 N.Z. Breweries (rights) 12 7 12 8 (7) 12 9 25 G'. J. Coles .. .. 5 8 6 100 Morts Dock .. .. 0 13 0 100 Barrytown .. .. 19 9 625 Mount Lyell (cum div.) (4) 2 3 0 (4) 22 11 (4) 22 10 200 Mount Morgan (3) 013 1 50 North Broken Hill (cum div.} .. .. 3 12 0 Sales Reported 40 Woolworths (N.Z., ord.) 8 0 0 200 Christchurch Gas .. 16 9 Bank Stocks Firm National Bank Of New Zealand were firm, with pellprs and business at 655, buyers at 64s 6d. Bank of New Zealand were firmer on buyers' offers 45s Bd. Christchurch Gas were stpady at 26s M, th<* market closing 26s buyers. 27s 3d sellers. Sellers of New Zealand ■Rreweries reduced their limits to 49s 6d—the "rights" were firm at 22s 7d. 22s Bd. and 22s 9d, market closing 225. 8d buyers. 22s 9d sellers. Electrolytic Zinc, ordinary, were weaker, with sellers at 55s 6d, buyers at 54s 9d. G. J. Coles were firm at £5 8s fid. market closing 3d either way. Morts Dock were fractionally firmer, with buyers and business at 13s. Woolworths (New Zealand, ordinary) were firmer, with business at £B, and further buyers at £7 19s failed to attract sellers. Mining: Barrytown changed hands at 29s 9d, and more were offered at 29s lOd, buyers at 295. Mount Lyells. cum dividend, were fractionally weaker at 435, 42s lid. and 42s lOd, and more were offered at the lowest price, buyers at 42s 9d. Mount Morgans, cum dividend, had dealings at 13s Id, the market closing 13s buyers. 13s lid sellers. North Broken Hiil dropped to 725. AUCKLAND Sales on 'Change £ s. d. 31 per cent. Stock, 1938-52 .. 101 15 0 Commercial Bank of Australia 019 1 N.Z. Insurance .. -. 3 4 3 Auckland Gas .. .. 12 0 Dominion Breweries .. 2 5 3 Drug Houses .. •• 16 0 Martha • • •• 015 0 Mount Morgan .. .. 013 1 WELLINGTON Sales on 'Change £, s. d. (Late Friday) Bank of New Zealand (2) 2 5 8 G. J. Coles .. .. 5 8 3 Felt and Textiles . - .. 1 15 4J Mount Lyell .. .. 2 310 2 4 4 Broken Hill Pty. (Saturday) .. 4 0 3 (Reported after call) N.Z. Breweries (rights) (2) 12 3 12 6 Gear Meat . - .. 0 16 0 Dunlop Perdriau .. .. 12 3 j DUNEDIN Sales on 'Change £ s. d. N.Z. Breweries (rights) (3) 12 3 (3) 12 0 Sale Reported Broken Hill Pty. (cont.) .. 314 3

METALS MARKET

DROP IN COPPER AND LEAD LONDON, June 4. June 2. June 4. Copper— £ s. d. £ s. d. Standard, spot 61 3 9 57 12 6 Forward .. 59 10 0 56 13 9 Electrolytic 64 0 0 62 0 0 to .. 66 0 0 64 0 0 Wire bars .. 66 0 0 64 0 0 LeadSpot .. 24 8 9 23 17 6 Forward .. 24 6 3 23 13 9 Spelter— Spot .. 23 10 0 22 3 9 Forward .. 23 15 0 22 7 6 TinSpot .. 255 10 0 251 2 6 Forward .. 254 2 6 249 17 6 SilverFine, per oz. 20 5-16 d2O 5-16 d Standard per oz. .. 21 15-16 d2l 15-16 d May 28. June 4. Antimony £ s. d. £ S. d. British .. 83 0 0 83 0 0 Foreign .. 58 0 0 58 0 0 A unit. Molybdenite 2 0 0 2 0 0 Wolfram ~. 2 18 3 3 10 Pig iron ' ..410

APPLE MARKET

A GOOD DEMAND LONDON, June 5. Apples are meeting with a good demand. Cleopatras 5s 3d to 8s 3d, Jonathans 4s 9d to 6s 3d, Stunners 6s 6d to 8s 9d. Cox's 6s 3d to 12s 9d, Granny Smiths 9s 6d to 13s. FOREIGN EXCHANGES (aarnsa official wthklesb.) RUGBY, June 4. Par. June 3. June 4. Paris, fr. to £1 124.21 1108 110 45-64 NeW dol° r tO £1 4.866 4.92 9-32 4.92 27-32 M ° n dof.\o £1 4.866 4.921 4.922 Br be S l|as to £1 35 29.25J 29.273 GenCV fr: to £1 25.2215 21.57 21.52 s Amsterdam. g g6 , Milan, lire M9 _ l6 Berlin, reich- _ markento£l 20.43 12.28J 12.30 COPe £r h£ To n £l 18.159 19.301 19.391 Stockholm £i ißlsg 224() 2240 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 264 26£ Prague. £i ig425 1417 _ 16 141 i Helsingfors. , marks to £1 192.23 226J 226J Mad 7a d s SC £l 25.2215 - LlSb °d n os e ?o U £l 110 110 3-16 110 3-16 Athens. d»ch i Belgrade dinars 276.3 215 215 Rio de Janeiro, pence to milreis .. 4.899 4i 44 Buenos Aires. pence to dol. 51 ~— Montevideo. pence to dol. • 392 392 Bombay, pence to rupee 19 18i 18* Sha penceto dol. * 14 25-32 1415-32 H °plncetoyen * 14 27-32 14 25-32 Yokohama, pence to yen • 14 14 BataVia guilders 12.107 ~ 8.94 Warsaw. zlotys to £1 43.36 •Determined by. price of silver, „_,_

ANGLO-AMERICAN TRADE

STRONG SUPPORT IN UNITED STATES A HOPEFUL WORLD FACTOR (UNITID PBESS. ASSOCIATION—COPrEIOHT.) (Received June 6, 6.30 p.m.) LONDON, June 5. The City. Editor of the "Daily Telegraph," just returned from America, stresses the extra- inary change in the United States' attitude to international trade. Business men are unanimously behind the administration in its desire for a trade treaty with Britain. The change from high protectionist isolationism to liberal economic internationalism is one of the most hopeful factors in the world today. If Britain fails to meet America in a cordial spirit the consequences will be incalculable and will probably estrange England and America for generations. "The Times" declares that the Dominion delegates at the Imperial Conference agree with the statement of Sir George Schuster that an AngloAmerican commercial agreement would be of the greatest value as a demonstration to English-speaking democracies to recognise the value of international trade. Sir George Schuster emphasises the importance of Britain and the Dominions understanding the sentiment in America, which feels that private British interests are a serious obstacle to trade negotiation.

MINING

ARGO RETURN The Argo dredging return is 70oz for 106 hours and 11,000 yards. MAORI GULLY The Maori Gully return is 340z 17dwt for 134 hours. GOLDEN SANDS The Golden Sands return is 230z lldwt for 32 shifts. TALISMAN DUBBO Forty-five tons of ore were treated at the Golden Dawn Battery for an approximate realisation of £3Bl. MATAKI JUNCTION j WELLINGTON, June 5. The Mataki Junction return for the week ended June 3 was 84oz 6dwt for 101 hours and 18,500 yards dredged. BIG RIVER REPORT The report for the period ending June 1, states: — No. 5 Centre Intermedi e Stope— Going south the reef track is lying flat over into the footwall, where the stone has pinched to an average width of about 12 inches, with the stone in the .'ace widening out. In the north end of the stope the average width of the stone is about 2 feet 6 inches. No. 5 south intermediate: This was advanced 20 feet through reef track carrying boulders and seams of stone. A hole bored into the hanging wall went 5 feet 6 inches into stone, the borings of which showed free gold. No. 5 south leading stope: This has been carried along for 18 feet with stone showing an aver-ge width of five feet. Sixty-two and a half tons of stone were delivered to the surface bins. LONDON PRODUCE MARKET LONDON, June 5. Friday's closing prices:— Cotton—Spot, 7.31 d per lb; July 7.15 d. Rubber—Para, lid per lb; plantation smoked, 9.? d. jute—June-July. £2l lis 3d a ton. Copra—June-July, South Sea, £ls 12s 6d a ton; smoked, £ls ss; plantation Rabaul. £l6 12s 6d. Linseed Oil—£32 5s a ton. Turpentine—£l 17s Bd per cwt.