BASE METAL BOOM

Press, Volume CIII, Issue 30541, 9 September 1964, Page 23

BASE METAL BOOM

World Crises Lift Prices

"The Press" Special Service LONDON. Sept. 7. Rises in the prices of base metals during the last month is reminiscent of the booms that accompanied the Korean and Suez crises, says the “Daily Mail.” Tin has risen from £1265 to £l3BO per ton, copper from £329 to £396 per ton, lead from £lO5 to £llO per ton, and quicksilver from £lOO to £lO5 per 761 b. The military danger overhanging Malaya has caused some precautionary buying of tin, the “Daily Mail” continues. The chaos in the Congo is beginning to have a perceptible effect on copper production in the Union Miniere’s mines in Katanga. Some Stockpiling The possibility of serious trouble in Southern Rhodesia and of a break in the communications through which Northern Rhodesian copper reaches the world markets is, similarly, causing some precautionary stockpiling by industry. “Threats of hostilities have a habit of causing boom conditions in commodity markets —and the tradition is being followed today. “But there is much more to it than mere fears of war. The world economy is booming and the demand for industrial materials has never been more buoyant than it is today.

“This looks like being a continuing story—with the astonishing dynamism of the American economy as the most potent of the bull factors,” the paper adds. “Don’t Sell” Wanning (N.Z. Press Association) DUNEDIN, September 4. Directors of the Central Otago Fruit Company, Ltd., Dunedin-based fruit processors, have issued a “don’t sell” warning to shareholders. Further details relating to the warning are expected soon. Business Personal Mr J. G. Soilness, general manager of the Bank of New Zealand and Mr R. C. Barlow, manager of the bank’s overseas department will leave on Thursday for a six weeks’ business visit to the United States and Canada. Mr Barlow will visit the bank’s London office before returning to New Zealand. Innes Industries.— Directors of Innes Industries, Ltd., Auckland wine and spirit merchants, recommend final dividends of 5 per cent ordinary and 2Lper cent preference, making 8 per cent ordinary (last year 7 per cent) and 5 per cent preference for the year to August 31. (P.A.) Ind. Gases Move.—A N.Z. Industrial Gases, Lower Hutt, proposal tp alter the rate of the preference dividend from 4J per cent to 5i per cent will be considered by special meeting of preference shareholders on October 1. The company points out that a 75 per cent majority in value of holders’ preference shares is necessary or proposals lapse, and urges all preference shareholders who cannot attend the meeting ,to forward proxies. —(P.A.)