LONDON INVESTMENT MARKET

Press, Volume LXXIII, Issue 22196, 13 September 1937, Page 11

LONDON INVESTMENT MARKET

GOOD MEAT PROSPECTS The week-end Commercial Summary from London states that, as a result of the wave of selling on Wall Street the immediate outlook for markets in London is unsettled. Experts expert a drop of sto 10 per cent, in merino wool with other qualities unchanged at'the forthcoming saleg, compared with the .July rates. The butter market is featureless, but there has been a good demand for lamb this week, and ea'rly arrivals should meet an excellent market. Frozen beef is also meeting with a stronger inquiry. The metals markets are firm, tin and copper showing a shade of appreciation. Wolfram has advanced another 7s 6d a unit. , There was only a moderate amount of business on the Christchurch Stock Exchange on Saturday morning, markets generally being firm.

■BRITISH STOCKS

MINING i

EFFECT OF WALL STREET! SELLING LAMB AND BEEF IN GOOD DEMAND mu AsaoouTioa-c«PT)ti9«T.) September 12, 8.40 p.m.) LONDON, September 11. The reviving cheerfulness of the London markets has received a savage blow from Wall Street. It is idle to deny that the wave of selling there is causing considerable anxiety In view of the amount of European money invested in America, which most people this side of the Atlantic consider has several years of economic recovery ahead. The opinion of many ■ city business men, in spite of the week’s happenings, remains as optimistic about America as America is apparently pessimistic about Europe. The immediate outlook for markets in London is unsettled, but dealers are deriving some comfort from the comparative calmness. Gilt edgeds are almost cheerful. SinoJapanese loans moved widely and erratically. Industrials presented few features of interest. The initial cheerfulness in oils has not been maintained. Mines are irregular, and rubber# are slightly firmer, but shares have not followed the whole improvement in the prjee of the commodity, stocks of which have been increasing less rapidly than expected. 0 Weaker Wool Prices Predicted It has been seldom more difficult to estimate the probable demand at the London wool sales. Bradford's purchases will be governed by immediate requirements more than anything else. Many firms, which are fairly well stocked with tops, may be disinclined to operate. The Continental demand is obscure, as some Bradford merchants expect a drop of 5 per cent, dn merinos compared with the July series. Others think 10 per cent, nearer the mark in order to bring prices into line with Bradford’s quotations for merino tops. The demand for crossbreds is expected fo be good, as stocks in all consuming countries are low. Some speculative sales in South American wool are reported in London from the sheep’s back. Fine crossbreds will probably open 5 percent, cheaper than in July. No change is expected in other qualities. The,butter market Is featureless, and the demand poor. The bulk of the stock at the moment is in the hpnds of importers, who are endeavouring to hold the position in face of the apathy of buyers. The immediate outlook is for a fluctuating market. Cheese is equally quiet and irregular. Good Lamb Prospects There has been a good demand for lambs this last few weeks, and early arrivals should meet an excellent market Home supplies are limited, and are commanding high prices, and therefore will not compete with frozen. Mutton is quiet in spite of the small supplies available. Any improvement In the demand must result in higher prices. The dearness of chilled beef resulted in an increasing inquiry for frozen. The available supplies are limited, and consequently business is good. The hides market is weaker.

NEW ZEALAND MEAT RETAIL PRICES IN LONDON The New Zealand Meat Producers’ Board has been advised by its London manager that the following retail Prices were being quoted for New Zealand lamb and mutton retailed in London during August, 1937, These Prices represent a fair average of the Prices quoted by the better class shops Jn London for the best quality of New Zealand lamb and mutton. ,

TREASURY BILLS (BRITISH OFFICIAL. WIKKOKSS.) n,. RUGBY, September 10. * ol *? e total amount applied for in i”?, tor £50.000,000 sterling Treas“7 bills was £92,690.000. The averf 4 t* per cent, for bills at three "lonths W as xo s 2.62 d. against 10s 2.33 d 8 week ago.

NEW RIVER RETURN The return for the week from the : New River dredge was 290z from 9000 yards treated, in 118 hours' dredging time. MAORI GULLY The Maori Gully dredge return for the week was 290z 4dwt for 130 hours. ARGO The Argo dredge return is 82oz for 129 hours and 13,500 yards. MATAKI JUNCTION The Murchison Mataki Junction return for the we*k ended September 9 was 750z of smelted gold for 130 hours and 19.000 yards dredged. GOLDEN SANDS Tiie Golden Sands return was 31oz sdwt for 34 shifts. NEMONA The return for the week ending September 10 was:—Yield. 31 ounces; hours dredged, 110; yardage treated. 13,000. WORKSOP EXTENDED The dredge did not wash up for the week ending Saturday. BIG RIVER REPORT The .report for the period ending September 9 is as follows: — Centre Stope—ln the north face the stone has faulted and is broken up with the reef track. In the south end. on the hanging wall branch, there is about 2ft Bin of stone showing overhead. and in the face. South Block Intermediate Stope—The stope is opening up well and the hanging wall slice is coming over to join up with the footwall branch. No. 5 Level. South Block—The stope has been carried along to the end, and while filling we opened up 18 inches of stone in the south face, which we have started driving on. Centre Stope—The stone, which is in small stringers and boulders, is carrying fair values. North-west Cross-cut—This was advanced to 41 feet through mixed reef track carrying some small stringers of quartz. Driving was then resumed *n the north face and within 18 inches, struck a reef track running at nearly right angles to the drive. At present there is 2ft 6in of stone showing overhead and some fine gold can be seen. Owing to the dry weather the dams became empty, and we have had to pump water for the mine plant. Owing to the shortage of water, the battery stopped crushing last Thursday afternoon (September 2). Seventy-two and a half tons of stone wore delivered to the surface bins. WAIPAPA BEACH <PBR9» ASSOCIATION T11.BOBAM.) DUNEDIN, September 12. The future operations of the Walpapa Beach Gold Dredging Company, Ltd., are causing concern. The highly payable ground is now very limited. In the opinion of the managing director, the payable ground the dredge can work will not last more than eight or 10 weeks. SHORTAGE OF WATER A paragraph in Thursday's issue of "The Press" mentioned the possibility of some of the West Coast dredges having temporarily to close down on account of the dry weather affecting the water supply. Mr T. H. Lee, of Beefton, secretary of the Argo, Ne> mona. and Worksop Extended Companies, writes stating that none of these machines is being affected by the want of water, and operations are not likely to be curtailed. Although the creeks are lower than they have been for many* years, they are supplying ample water for dredging operations, and even If the present dry spell continues, there will still be ample water in the creeks to maintain the dredge paddocks at proper levels for efficient dredging. LONDON PRODUCE MARKETS LONDON, September Tl. Friday’s closing prices were:— Cotton— Spot 5,46 d per lb, October Para 9.1 d per lb. plantation Sl Jute—^OctolJer-November, £2O 10s a t0 Copra—September-October South Sea £l3 15s a ton. smoked £l3 12s fld, plantation Rabaul £l4 10s. Linseed Oil —£32 a ton. Turpentine —35s 3d per cwt. PRICE OF GOLD LONDON, September 11. Crbld is quoted at £7 0s 7d a fine ounce.

NEW ZEALAND LAMB: Per lb d. Legs .. 13 Shoulders .. 11 Loins .. 11 Necks .. 6 Breasts .. .. 3 Forequarters .. 8£ Hindquarters .. Ill )■ ■ NEW ZEALAND MUTTON K , (WETHERS): Legs .. 10 Shoulders .. 8-} Loins .. 9 Necks 4 Breaets .. 2