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METAL PRICES RISE

Australian Values For Lead And Zinc (Rec. 9 p.m.) SYDNEY, Sept. 18. The New South Wales Prices Minister (Mr F. J. Finnan) has announced sharp rises in the fixed price of virgin lead and zinc for Australian use. Lead will jump from £35 to £65 a ton and zinc from £4O to £65 a ton. The export price of metals is £l6O a ton for lead and £ 180 a ton for zinc. Producers have agreed to meet the urgent needs of the Australian market before exporting. At present Australia uses 50,000 tons of lead and 54,000 tons of zinc annually. Last year Australia sold 108,100 tons of lead and 38.200 tons of zinc overseas. At a recent conference the State Prices Ministers decided not to release metals from control. The general secretary of the Association of Co-opera-tive Building Societies (Mr W. G. Pooley) believes, however, that the increased home price of lead is not sufficient to divert supplies from the export to the local market. He says that the Federal Government should place control on export, making sure that local needs are satisfied oefore any metal is allowed to leave the country. In Melbourne, the managing director of the Electrolytic Zinc Company of Australasia (Mr Harry Hey) says that one of the conditions under which the increased prices were granted is that the companies should make more lead and zinc available for the home market. •

INDIA RECOGNISES ISRAEL (Rec. 7 p.m.) NEW DELHI. September 17. The Government of India to-day announced its recognition of Israel. A Foreign Ministry official explained that India’s recognition was only an acknowledgement of established fact. The two years’ delay in recognition was made necessary by respect for Moslem feeling in India and other parts of the world. fi AUSTRALIAN BANK LOANS LOWERING OF LIMITS SYDNEY, Sept. 17. Officials of the Commonwealth Bank said yesterday that managers of branches had been ordered to place new restrictions on loans. The maximum for loans on homes will be reduced by 10 per cent., and loans for motor-cars will be made only to present customers of the bank.

The officials added that a tighteningup policy had been introduced to curb increasing inflation, and that branches were now advancing up to only 60 cent, of the value of homes, instead of up to 70 per cent. Advances on the valuation of flats had been cut from 60 per cent, to 50 per cent., and not more than 50 per cent, would be advanced on new cars, which previously were allowed loans up to twothirds of their value.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19500919.2.92

Bibliographic details

Press, Volume LXXXVI, Issue 26221, 19 September 1950, Page 7

Word Count
430

METAL PRICES RISE Press, Volume LXXXVI, Issue 26221, 19 September 1950, Page 7

METAL PRICES RISE Press, Volume LXXXVI, Issue 26221, 19 September 1950, Page 7