FINANCE and COMMERCE

Dominion, Volume 25, Issue 294, 7 September 1932, Page 12

FINANCE and COMMERCE

\ STOCKS AND SHARES Values Continue to Firm STRONG BUYING DEMAND Further gains in value were recorded yesterday in the share market which was active and firm'with a strong buying Th“re“were numerous offers of Government securities, but-the only inquiry at X close was for the cent, inscribed stock, 19tt, at per cents., 1939, were sold at £9o/o/ irnd the 5i per cents.,' September, 1937, at ßank shares were very firm, and several showed Sharp advances There were two sales of Commercial of Australia, binaries, at 15/2. Hilln"■ at £5/14/9. - Closing bids a t £» i/fi better at 78/6, and sellers moved up fo 81/6 Union of Australia were wanted at the morning call &r £7/6/-. Dalgety and Co. were 6d better ati) 17/6, but sellers did not respond. Golds brough, Morts'were firm at 20/o. Gta*insurance, meat, shipping, woollen, and miscellaneous industrials were all in demand at firm rates. Gear 3d better at 33/ : ; no sellers. ton Woollen ordinaries at £4/lu/ tounu SSS tartg- X to 28/9 and ‘ Staples were 3d - better at 25/6, but sellers were not quoting. Elecitrolytlc Zinc preference advanced 2/1 to “7/1 without' response. N.Z. JJiugs were firm at ; 58/-, but' sellers held for KO/- : Wilson’s Cement, firmed ~d to 31/S' sellers asking 2/-' higher. _ There was a very keen inquiry for gold-mining ■shares.' ... .

WELLINGTON EXCHANGE r ' . . • 11 ” . Latest Quotations Stock Exchange were as follow .— N.Z. GOVT. DOANS.

.THE EXCHANGE POSITION .A London View Of late months, says the financial editor of “The Times,” a movement has been on foot in favour of an increase in the discount on the New Zealand pound in <the interests of the exporting industries of the Dominion, and it had been thought possible that with the lifting of the exchange regulations an attempt might have been made by certain banking interests to move the exchange • against the New Zealand pound. The removal of the regulations, however, has so far ' not been followed by an increase in the discount quoted by the banks, and apart from a few transactions outside the banks at slightly above the.fixed rate business in exchange has continued at previous rates. , An increase in the discount in the face of an improved overseas balance would result in a rise in the cost of imports, a burden which would probably prove greater than in the case of Australia because New Zealand is less selfsupporting than the Commonwealth. Further, a larger sum would have-to be -found for the service of New Zealand s overseas debt, Government revenues from import duties would dimin'sh, and, at the same time, the Government's credit would inevitably deteriorate. The plight of many primary producers in New Zealand is admittedly extremely bad, but there are powerful reasons why assistance should not be given them by a method which would. interfere with other industries, and, in view of the greater cost of imports, would serve to increase the difficulty of reducing production costs. Within recent weeks there, has been a further attempt to increase the heavy discount at which the Australian pound stands in sterling, in spite of the fact that sterling is itself at a discount of about 25 per cent, in terms of gold currencies. The Cominonweflltli .Bank, -however, which controls the exchange, appears to have held firmly to the view that no increase in the discount is justified or desirable.

FURTHER' ADVANCES Sydney Share Market Active FACTORS IN IMPROVEMENT (Rec. September 6, 9.30 p.m.) Sydney. September 6. On the Stock Exchange, extremely buoyant conditions ruled to-day. every stock sales board showing further rises on yesterday s improved rates. , Bonds‘touched the highest level since the conversion operation of last ye ar. and buyers were prepared to raise their limits for bank, steam, insurance, gas, pastoral, and sound industrial shares The buoyancy was. due chiefly to the marked improvement in commodity prices abroad, the further advance in wool ■values, and the rise in metal pr ces tin being at the best price since April. IJ..U. Sales :-Bank of New South Wales. £3O 2/6; Commercial Bank of Sydney, £l< 3/6; Commercial Bank of Australia. 17/7: Bank of New Zealand, 02/b; National Ban! of. Australasia £0 paid. £6 6/-: Colonial Sugar, £oo/10/-, ,y n , ltP „' 1 ‘ Insurance, £B/15/-: Mercantile Mutual Insurance 19/6; Adelaide Steam, 2_/d, Howard Smith. 11/-: Millaquin Sugar 25/101; Fairymead, Sugar, 23/6; Golds brough Mort, 28/101; Australian Gas A, £6/15/-: Australian Glass. 44/6,-Tooth s. 32/6: Toohey’s. 21/ : : British Tobacco. 33/9: Dunlon Perdriau, 16/4*; Electrolytic Zine. 20/-; Zinc Corporation, 30/7i. Broken .Hill Pjopr 22 41°^3 S Hiii Broken Hill. 53/9; North. Broken Hill, 78/- : Mount Lyell, 24/9. , Commonwealth bonds, f percent.. 1938, £100:1944. £100; J£47. £lOO/12/6, 1000. £99/15/-: 1953. £99/15/-; 1907, £99 15/-; 1961, £lOO/5/-. ...’ . ■. 4» 1941 £99/18/9; 1950, £99/10/;; 1903, £99/15/-: 1959. £100; Commercial Bank of Svdnev £l7/2/6; Australian Gas A, £6/15/-: Tooth’s, 32/3: Dalgety and Co., £9’ Dunlop Perdriau, 16/3 ; Henry Jones, 34/6. Heavy Trading in Melbourne (Rec. September 6, 9.30 pan.) Melbourne. September 6. , On the Stock Exchange to-day there was heavy buying at the. early-calls with all-round advances in prices. There was so much business at the early call, which was extended for two hours, that it became necessary to abandon the noon call. There was very heavy trading m gold shares, and bonds. . , Sales: —Commercial Bank of Australia, 17/9; ditto, pref„ £B/4/-; Nation al Bank of Australasia, £0 paid, £6/b/-, Golds brough Mort, 2S/9; Ypunghusband, 30/6, British Tobacco, 34/-; Herald-Times, 53/-; Dunlop Perdriau. 16/8; Electrolytic Zinc. 20/-: ditto, pref., 31/9 Mdlaquin Sugar. 26/-; Gordon and. Gotch. 29/9, North Broken Hill, 77/-; South Broken Hii, 54/-; Mount Lyell, 24/6. ■

DEALINGS ON ’CHANGE Sales in the Dominion 1 The following sales were recorded on the stock exchanges of the Dominion yes-

DUNLOP PERDRIAU RUBBER Dividend of 3 Per Cent. The directors of the Dunlop Perdriau Rubber Company, Ltd., according to a cable message received yesterday by the Stock Exchange Association, are recommending, subject to audit,i, the payment of a 5 per cent, dividend on the cumulative preference shares, making 10 per cent, for the year; also a dividend of three per cent, on the ordinary shares for the year ended June 30, 1932. Transfer books will close from September 14 to 30,. inclusive.

The dividend of 3 per. cent, on the ordinary shares compares with 2J per cent, for 1931, 6 per cent, for 1930, and 10 per cent, for 1929. HEMP AND TOW August Gradings Increase There was a; large increase in the quantity of hemp graded at Dominion ports last month as compared with that tor August, 1931. Tow gradings also showed a good increase. Last month's gradings compare as follow with those for August, 190 l— Aug. 1931 Aug. 1932 Increase Bales. Bales. Bales. Hemp .. TOT 1669 962 Tow .. 181 237 56 Of the hemp, .66 per cent, was graded last, month as good fair, 39 per cent, as high fair, 28.40 per cent, as low fair, 13 42 per cent, as common, and IS.oJ per cent rejected. . Of the tow graded last month, .84 per cent, was classed as first grade, 67.51 per cent, as second grade, and 31.65 per cent, as third grade.

SYDNEY WOOL SALES Continent and Japan Active FLEECE WOOLS HARDENING (Rec. September 6, 8.35 p.m.) Sydney, September 6. At the wool sales to-day, 12,398 bales were offered, and 11,984 were sold at auction, 540 being disposed of privately. The market was very firm at the previous day’s rates for .al! descriptions.. Continental and Japanese competition was very pronounced, and a satisfactory cleNbince was effected. A feature of the sale was the strong demand for good and average top-making fleece wools, prices for which showed a hardening tendency. Greasy merino made up to 16d. Bradford Tops Firm London. September 5. The Bradford tops market is firm and shows a hardening tendency. LONDON JULY SALES A Remarkable Recovery In their report on the London July series of wool sales H. Dawson, Sons and Co., Ltd., state: — Medium crossbreds have made a spectacular recovery from the low basis established in -May and can often be' quoted lid a lb dearer, and certainly not less than 25 per cent, in sellers’ favour. Yorkshire obtained during the opening days the lion’s share, but has been overtaken by German buyers, who have operated freely to the end. Halfbreds have advanced 10 per cent, to 15 per cent, and are scarce. The quantity of New Zealands catalogued has been less than originally anticipated, apd an excellent selection should be available, for- the September series. Holders’ reserves on the catalogue of English wool, which was opened up for inspection, resulted in. heavy withdrawals and the cancellation of the catalogue originally arranged. " Slipes.-—The best combing halfbreds are 10 to 15 per cent, dearer and frequently topped lid. Medium sorts are quotable at an advance of 10 per cent, and good clean blanket slipes are 15 to 20 per cent, higher/ The bulk of the offerings has been freely taken for the Home trade. The present series has provided a remarkable recovery from the low point established in May. Crossbreds have benefited, and in the medium qualities show such a marked advance that it is dangerous to quote in percentages. Wools withdrawn at in May have sold at 6jd during the closing days. The market has been liberally fed with merinos, and many heavy catalogues of Australians have been shown. The improved tone has brought out the bulk of the stock of fine wools remaining in London. and the carry-forward does not exceed 15,000 bales of merinos. On the other hand, New Zealand holders have not been prepared to take thh low figures ruling 1 for their commodity, and substantial weights are ebing held for the September auctions. Yorkshire has been predominant throughout the whole series, but during the latter half has been closely followed by the Continent, Germany, for the most part, operating freely in crossbreds., The Continent has received, some slight encouragement from the, evident desire to cure the financial disease of the world. Germany and France lost what Yorkshire,gainetl by Britain’s departure from the gold standard, and of necessity reduced their purchases of' raw material during the season now drawing to a close. Total stocks, in spite of an accumulation of tops in the combing establishments, are being steadily reduced, and Australia will receive more competing power from this source at the opening ■sales. Ups and downs wilj. take place, and it is healthy that the trade is. content to await definite orders before jumping in and rushing the market at a time when sellers are few. The Tn* B ®’ l * nlovc ' ment has. furthered the establishment of a sound liquid position, and the loosen--1 ing of money for investment in industry,. together with the granting of fresh European crejlit facilities, cannot bo ignored. i ' • I-- 1 ‘ BIG RISES IN COPPER AND TIN ■i . Base Metals Market Prices (Rec. September 6, 7.45 p.m.) Sydney, September C. Metals prices are stlU rising. The official London (middle)' quotations for Monday, as received by the Australian Alines and Metals Association, (compare as follow with those previously

BUTTER AND CHEESE . London Markets Steady Joseph Nathan and Co., Ltd., have received the following.market report from Trengrouse and Nathan, Ltd., London, dated September 3:—New Zealand butter, 111/- per cwt.; New Zealand cheese, ■white 63/- per cwt, coloured 57/-. Both, markets steady. P. & o.' Deferred Shares London, September 5. P and O. deferred shares sold to-day at 20/-. Mount Lyell shares sold at 18/9. Price of Gold London, September 5. The price of.gold to-day was quoted at £5/18/4 per fine ounce. • Adair Bros.’ Dividend A dividend of 5 per cent., free of income tax, is recommended by the directors of Adair Bros., Ltd., drapers. Gisborne. The amount available from the profits or the past year’s trading is £691. and to this there is to be added £B4O carried forward from last year, and another sum of £l9OO, which the directors propose to utilise trom the dividend reserve.fund, established in more prosperous trading years. The dividend in 1931 was 6 per cent., free of income tax. ; In 1928, 1929, and 1930 it was S per cent.

LIVE STOCK MARKET Waipukurau Sale VALUES GENERALLY STEADY ' Dominion Special Service. Waipukurau, September 6. At the Waipukurau stock sale to-day there was a large yarding of cattle, but a small offering of sheep. Fat cattle sold well, but many store lines were pass-' ed in. Last week’s rise in values was maintained. Fat cattle: Eight prime P.A. cows, £4 17/-; nine ditto, slightly lighter, £4/10/-; nine others, £4/11/-; five light prime P.A.' cows, £3/17/-; two prime Hereford cows, £5/4/-; two medium Hereford cows, £2/6/-; one medium Holstein, £3 13/-: one'Holstein heifer, good, £3/4/-; 13 prime P.A. heifers, £4/12/-; three prime heavy cows, two Shorthorn and P.A., £5/7/6; five fair quality P.A. heifers, £2/13/-; 10 ditto, slightly heavier, £3; six prime P.A. heifers, a/c Mr. White, Porangahau, £4/13/6; one medium P.A. cow. £3/2/6; three prime P.A. bullocks, £4/5/-; four prime bullocks, £5/8/-; one light prime Shorthorn cow, £3/2/6: one steer, £2/5/-: six light prime Hereford heifers, £3/12/-; six similar P.A. heifers, £3/11/-; 11 light prime P.A. cows and heifer, £3/2/6; six medium Hereford cows, £2/16/-: two Jersey steers, fair quality, £2/11/-; six light prime Hereford cows, £3; one prime Red Polled cow, £4/7/-; two light Jersey cows, £2/1/-; one medium Jersey heifer, £3/17/6; one light prime Jersey heifer, £4/2/6; eight light Hereford cows, £2/12/-. ' i Store cattle: One Hereford cow, calf at foot, £2/8/-: 19 empty 2-yr P.A. heifers, good condition, £2/9/-; one Hereford heifer, £l/12/-; two steers, £3/3/-; one Shorthorn steer, £2/14/-; four Jerseys, £l/8/-; 12 heifers in calf P.A. bull, £2 12/6; eight mixed aged yearlings, £1 11/-; 17 steers, a/c Mrs. Hickey, Otane, £3/4/-; six yearling heifers, same vendor, £l/8/-; six P.A. steers, same vendor, £2; 12 P.A. heifers, good quality, same vendor, £2/8/-; three weaner heifers, £1; one heifer, £l/15/-; one Hereford cow, £l/7/6; six heifers, £2; two steers, £2/10/-; one heifer, £l/10/-; one steer, 12/-; two steers, 7/-; one springing heifer. £4/12/6; two springing heifers, £3/10/-; one springing heifer, £3 16/-; one cow, good quality. £4; one springing heifer, a/c Mrs. Limpus, £5 12/6 ; one heifer, in calf to Jersey bull, £4/10/-; two P.A. cows, £l/11/-; one Jersey cross heifer, £7. ■ Fat sheep: Five pens, each of 64 ewes, 9/3; 34 ewes, good quality, 8/10; six prime ewes, 10/7; nine prime ewes, 9/1; 28 prime heavy ewes, 10/10; three ewes, 8/4; four fat hoggets, 12/6; 96 ewes, good quality, 10/8; six prime ewes, 10/9; five ditto, 8/-; 14 ewes, good quality, 9/9; one hogget, 10/-"; 20 ewes,, good, 10/4; 34 wether, hoggets, 10/6; one ewe, 6/-; two ewes, 9/-; one wether, 11/-. Store sheep: 34 hoggtSts, good quality, 9/6; 32 hoggets, 9/3; 97 good wether hoggets, 8/11. Pigs: Two good baconqrs, 16/-; rao ditto, 15/-. WANGANUI HORSE FAIR Good Competition The annual spring horse fair’ was held on Saturday at Wanganui by Freeman R. Jackson an’d Co., Ltd. The 200 horses offered had.a spirited sale. . Competition was particularly good over the whole of the unbroken horses, anything suitable for farm implements being readily bid for. Buyers came from as far afield as Auckland and the Waikato. Every class of horse found a buyer. Top price, for unbroken draught horses was obtained by Mr. E. A. Campbell with two four-year-old black fillies at £2B/10/and £3O, Mr. G. V. Pearce, Waitotara* obtained top price for unbroken draught geldings with three nice 4 and 5-year geldings at £22/10/- , £25/10/-, and £26 10/-. Comparison of the prices realised by these two breeders will give an idea evident right throughout the sale of the difference, between fillies and geldings. We quote range of prices as follows Heavy unbroken fillies, x2B/10/- to £3O; heavy unbroken geldings (very good), £22/10/-, £25/10/-, to £26/10/-; halfdraught unbroken fillies, £2l to £23; three-quarter draught unbroken.;, geldings, £l9 to £2l/10/-; unbroken half-draught geldings, £l7 to £2O; unbroken springcarters, £l2, £l4, to £lB ; unbroken harness horses, £B/10/- to £11; unbroken hacks (a poor lot), £2/5/-, £3, £4, to £7; heavy broken horses, draught geldings (shatters), £27/10/- to £3O/10/-; heavy draught mares, £3O to. £34; half and three-quarter draught fillies, £24 to £2B; half and three-quarter draught geldings, £lB. £2O, to £26; spring- carters (all work), £l9 to £22; light spring carters, £l2 to £l6; best hack and harness horses, to £l5/10/-; hacks, £4/10/-. £lO. to £ll 10/-; aged and inferior, £l/10/- to £3 10/-.

i WORKS TO REOPEN N.Z. Insulators, Ltd. After being closed for several months the works of the New Zealand Insulators, Ltd., at Temuka, reopened on Monday for an unknown period, the full ■ staff of 30 men being engaged again. The company has received a large order for insulators from a private company, and, after the order is completed, it is intended to continue working in order to replenish the An .over-supply of insulators necessi tated the closing of the works, at the beginning of the present winter, after an attempt had been made, with Government assistance, to"keep the staff working. Twenty-four men were then dismissed, and six retained to keep the machinery in order and attend to the dispatch of orders. Now it will be possible to engage the full staff at the full working time.

Alexander Mines Alexander Mines, Ltd., reports for August as follows: —190 tons ore crushed for 4480 z. 2dwt. melted gold; cyanide, 330 tons* sands treated for 121 oz. lOdwt. Bullion estimated value £2199, exclusive of premium on sale aud exchange. English Wheat Markets London, September 5. Wheat cargoes to-day firmed by 3d. to Gd. a quarter, but buyers were unresponsive. Parcels were in better demand af a similar advance. Futures: London, September, 26/5 per quarter; December, 25/11: February, 26/-. Liverpool, October, 5/9 7-Bd. per cental; December, 5/9 3-8; March, 5/10 AUCTION DIARY TO-DAY. Johnsonville Fat Stock Sale, 12.30 p.m. 110 Willis St., sale contents, 1 p.m., Wellington Fruit Marts. High St,, Lower Hutt, 2.30 p.m.—Sale property, Riverside Drive (W. Grant Fargie). _ , 278 Lambton Quay, 1. p.m.—Sale furniture at Forrester’s (E. Johnston and C 0.),. to-morroW. 157 Featherston St., 2.30 p.m.—Sole property, 228 Coutts St.. Kilblrnle. (Gordon Harcourt). FRIDAY. 155 Lambton Quay, 2.30 p.m—Sale property 32 Darlington Rd., Miramar (Dunbar Sloane, Ltd.). Dannevirke Saleyards, 10.30 a.m.—Sale horses a/c P. McVerry (H.B. Farmers’ Co-op.). Rooms Cr. Brandon and Featherston Sts., 1 p.lii.—Sale books (J. 11, Bethune and Co.).

Buyers. £ s d, 44 p.e. Bonds, 1039 ..... — 41p.c. ditto, 1938....... — 54 p.c, Bonds, Feb., 1937 — 5i p.e. ditto, Sept., 1937 ■ — 44 p.c. Jnscr; Stock, 1939 — 44 me.' ditto, 1938 54,' p.C. ditto,'Feb.i 193754 p.c. ditto, Sept., 1937 — 54 p.e. ditto, lOfl OS 10 0 44 p.c. ditto, 1940 • debbntubes. : Wellington Eacing Club 80 0 0 banks. Sellers. £ s d 95 10 95 0 99 5 99 5 95 10 95 0 99 5 99 5 95 0 .90 0 0 0 0 0 0 0 0 0 0 0 Commercial Aust; ord.- 0 15 Eng., Scot and Aust. .. 4 11 1 0 0 15 4 16 7 0 National of N.Z. 3 is Nat., off Aust/asia., (£10 Ditto, .... 5 13 New South Wales .... o' 6 28 17 ' 0 8 0 0 New Zealand * • - 1 - 1 FINANCIAL. 6 5. "Is 0 Goldsbrough, Mort . • 1. & o ‘A o ■ N.Z.: Guarantee Corpn. . — u 6 N.Z. Loan:and Merc. .. 40 o 0 — Wgtn M Trust and Loan > 4 1b 0 . — , , . "A ' GAS. Auckland, cont, ..»•••• 0 14 11 — Christchurch, cont. .... UU b Wellington,' pref. ..... 017 — IN8UBANCE. 0 New Zealand ~ - 3 3 w—— South British ......... : 3 16 o. 2 17 9 MEAT PBESBB VING.. 0 — N.Z. It efrig., 10/- 0 -4, 3 0 '4. 6 Wgtn. Meat Export .. .0 14 6 — ■I TRANSPORT. Union Steam, pref. .... 1 0 3 WOOLLEN. 0 Wgta*. 6 Woollen,'ord.'... 4 15 0 5 5 0 TIMBER. Bartholomew 0 G 9 0 fl 0 4 9 BREWERIES. 9 '• J — Staples and Co. .. 1 5 6 — MISCELLANEOUS. British Tobacco, ord. 1 9 10 ♦1 10 6 Electro. Zinc, ord •0.15 0 — ■J I ■ Henry Jones — 1 11 3 N.Z. Drug 2 18 0 3 0 0 N.Z. Farmers* Fertiliser 0 13 9 •— N.Z. Paper Mills 1 0 0 —• Whitcomb© and Tombs. 2 14 0 —— Wilson’s Cement ...... I ll 8 • 1 13 8 : . OIL. 5 ■ MINING. Alexander 0 16 6 Blackwater .. 0 14 8 — Consol. Goldfield ...... 0 6 9 W- — Golden Dawn 0 4 11 —— King Solomon 0 1 8 Okarlto 0 S 4 0 8 .7 Hawang Tin 0 4 0 —• 6 Waihi 0 16 1 0 16 11 11 Big Kiver, 1/- paid' ... 0 0 0 11 0 • s *Cum. dividend.

terday. Wellington. , £ s d laser. Stock, 4} p.c., 1939_. . 95 5 0 ■ Ditto, 5i p.c., Sept., 1937 ,.. ... *99 0 0 Commercial Bank of Aust. (2) . 0 15 Bank of New Zealand . *2 8 Ditto . 2 7 10 tuba .*C . .•2 8 0 Nat. Bank of Australasia, £5 pd,. 5 14 il *Late sale Monday. AUCKLAND. £ s d 99 2 6 Inset, Stock, 4} p.c., 1938 ........ 95 0 0 Commercial Bank of Australia . Q lo 3 0| 15 4 Union Bank of Aust. (2) 7 8 0 ‘2 8 0 N.Z, Insurance 2 2 9 Goldsbrough, Mort 1‘ 5 7 i is 6 Corporation .... 0 5 11 0 1 10 9 N.Z. Refrigerating, 10/- paid .. 0 4 5 1 4 0 Blackwater Mines 0 15 3 , 0 5 3 Gnidpn Pointy (2) O 0 9 Walhi ....7..* 0 1G 3 CHRISTCHURCH. Sales on'Change:— £ fl d Commercial Bank of Aust. (3) 0 1*> 5Nat. Bank of Aust., £5 paid ... 5 15 0 Goldsbrough, Mort (3) 1 5 N.Z. Guarantee Corporation. .... 0 6 0 United Building Sopiety 0 15 0 Canterbury Frozen Meat, pref. .. 4 6 0 N.Z. Refrigerating, £1 paid .... 0 11 0 Westport-Stockton Coal, pref. .. 0 1 1 Do 1 9 3 Bea th and Co., 1/- paid 0 2 5 Electrolytic Zinc, pref, cum div. Pfl 1 6 1 7 6 0 0 11 0 0 10 n Gillespie’s Beach, prem. ,0 0 Golden Point (2) 0 0 9 Do. Mahakipawa (2) 0 0 0 0 9i 4 0 1;> 0 Paddy’s Point ••••• Do ... 0 5 0 5 4 fi Pq * 0 5 3 (°) ' 0 8 5 Sales reported:— Inscr. Stock, 4} p.c., 1939 ........ 95 0 0 Nat. Bk. of Australasia, £10 pd. 11 11 0 Bank of N.S.W. 27 10 0 •1 5 6 •Late sale Monday. DUNEDIN. £ s d Commercial Bank of Aust. (2) . 015 3 1 9 0 Bank of New Zealand 2 8 0 Govt. Bonds, 5$ p.c., Sept., 1937 99 0 0 0 5 0 King Solomon 0 1 9i

cabled Sept. 1. Per, ton. Sept. 5. Per ton. Capper— ' £ s d £ s d Standard; spot .... 35 6 3 37 8 9, Standard, forward 35 0 3 37 9 44 ‘Electrolytic 37 10 0 39 0 0 to 38 0 0 40 0 0 Wire bars 38 0 0 40 0 0 Lend—<■ Spot 12 17 6 13 16 3 13 5 0 14 1 3 Spelter— 15 0 0 15 IS 9 15 6 3 15 2 6 Tin— Spot 147 17 6 154 17 6 149 2 6 156 7 6 Silver— Standard, per oz. . 17 7-Sd 18 5-8d Fine, per or. 19 7-8d 201-Sd ♦American, not quoted. not quoted.