SHARE MARKET INDICES

Press, Volume LXXXVII, Issue 26524, 12 September 1951, Page 9

SHARE MARKET INDICES

AUSTRALIAN WOOL SALES

BRITAIN AND U.S. NOT IN COMPETITION

(N.Z. Press Association—Copyright) SYDNEY. Sept. 11. Britain and America did not compete with each other at the Sydney and Melbourne wool sales yesterday. British buyers were more active In Sydney than at the opening sales a fortnight ago, but buyers from the Continent were once again the most consistent supporters of the market. * One authority says; “Continental buyers appeared to oner the bulk of the buying strength, but one Japanese operator, when he came on to wool of a suitable type, appeared to have no limits at all. United States buyers, operating as such, offered no bids, but that does not mean that the United States did not buy any wool. In the opening series they did not bid, but about 6000 bales were shipped from Sydney to the United States from those sales. “While statistically sound, the state of the market Is still unsettled. One cannot disregard the fact that In June the consumption of wool In the United Kingdom dropped sharply for the tenth consecutive I month, and was the lowest since 1947. Offsetting that is the fact that stocks of 1 raw wool held by textile mills are lower than for years."

SHEEPSKIN PRICES FALL

SALE AT DUNEDIN (New Zealand Press Association) DUNEDIN, September 11. Prices at the sheepskin sale held to-day by the Dunedin Stock Agents’ and Woolbrokers’ Association showed a further decline of up to 25 per cent., when compared with values at the last sale, held on August 14. The usual buyers, were In attendance, and. although bidding was keen and competition well spread, all were operating on reduced limits.

NOTES BACKED WITH GOLD

MEASURE URGED TO FIGHT INFLATION

Inflation would cease to be a bugbear if nations backed thier notes with the Sromise to pay in gold, said Sir Walter lassey-Greene in his address to the meetings of three gold companies in Melbourne last week. It was not necessary to restore all the rigidities of the gold standard, said the speaker, but the world s economy would fall In ruins if it continued on its present prodigal course. Managed- currencies through the International Monetary Fund had only led to confusion and inflation, said Sir Walter Massey-Greene. Gold was the only sound money, interchangeable throughout the world, that did not lose its value. The United States must ultimately raise the price of gold and lead the world back to sound money. In the meantime Australia should follow South Africa's example and sell on the free market.

ELECTROLYTIC COPPER PRICE RISE

(N Z. Press Association—Copyright) SYDNEY, Sept. 11

The price of electrolytic copper, ex smelter works, Port Kembla, is now £285 a ton —an increase of £25. This is the base price, and States will fix their own rates according to handling and freight costs. . . The maximum price of scrap copper has increased frqm £250 to £261 a ton.

SYDNEY PRODUCE MARKETS

An article in the "Sydney Sun and Guardian” describes in detail the experiences of a special reporter who recently went to the Sydney city markets shortly after dawn to get a close-up view of how the city's fruit and vegetables were marketed The conclusion arrived at is that, because of the activities of racketeers, growers get very little for their produce, but housewives pay a lot. "After two hours," wrote the reporter, "I came away convinced that many agents and produce merchants operate a vast network of prlce-rigglng at the markets. By virtue of the set-up in the markets, it is claimed, the grower’s produce Is often sold at an excessively low figure to a "dummy" agent, who in turn commands an exorbitantly high figure frqm the retailer.

STOCK SALES

ASHBURTON There was an improved yarding at the Ashburton stock sale yesterday and prices were firmer than last. week. Light wethers made from 72s Id to 79s Id; shorn wethers from 57s to 72s Id; and heavy wethers in wool from 96s Id to £5 6s 7d. The top price was paid for sheep on account of C. F. Frampton (Wakanui). Shorn ewes made to 46s Id and medium ewes in the wool from 66s Id to 78s Idin the store sheep section, a line of 73 shorn two-tooth ewes made 58s. A line of 85 two. four, and six. and eighttooth ewes realised Bls 6d. Four-year and five-year ewes and lambs made 40s all counted, and five-year ewes made from 42s 6d to 56s 6d.

New York.—Dow Jones (1928 equal) 100):— Oct. 30 Nov. 30 Ralls. Industry. Shares 1,790,uOO 2,080,000 .. 86.78 .. 88.53 226.42 . 227.80 Dec. 30 .. 77.64 235.41 1,530,000 Jan. 31 .. 86.58 248.83 2,340,000 Feb. 28 .. 85.10 252.03 1.640.000 March 31 .. 80.58 247.94 480,000 April 30 May 31 .. 82.92 259.13 1.790,000 .. 79.64 249.87 1,200,000 June 29 .. 73.39 242.64 1,730,000 July 31 .. 80.54 257.86 1,550,000 August 31 .. 80.33 270.25 1,530,000 Sept. 4 .. 80.80 270.63 1,520.000 Sept. 5 .. 80.87 272.48 1,850,000 Sept. 6 .. 82.72 272.28 2.150,000 Sept. 7 .. 82.82 273.89 1,930,000 Sept. 10 .. 82.91 275.25 2,190.000 London.—“Financial Times": Indus. ord. (1930 equals 100): Govt, and gold (1920 equals 100):— Indus, ord. Govt. Gold Oct. 31 .. 116.0 108.82 112.70 Nov. 30 114.3 107.01 105.35 Dec. 29 .. 115.7 106.93 109.73 Jan. 31 .. 120.8 105.95 117.14 Feb. 28 .. 122.4 104.86 120.95 March 30 .. 120.9 104.73 119.87 April 30 .. 132.9 103.42 120.56 May 31 .. 137.2 102.38 116.76 Tune 29 .. 135.8 101.58 111.48 July 31 .. 127.1 101.76 111.48 August 31 .. 133.0 101.98 109.88 Sept. 4 .. 132.9 101.95 108.99 Sept. 5 .. 132.8 101.95 108.97 Sept. 6 .. 132.8 102.00 109.02 Sept. 7 .. 132.9 101.98 108.82 Sept. 10 .. 132.8 101.95 108.04