SLUMP IN PLATINUM

Dominion, Volume 31, Issue 162, 5 April 1938, Page 14

SLUMP IN PLATINUM

Price Halved In A Year ’ Between February, 1937. and *January,'l93B, the price of platinum in London was halved. The metal opened the New Year with a reduction in the official price from £7/12/6 an ounce to £7 an ounce.’ During the last quarter last year there was a decline of about £3. 'The wholesale price is about £1 below the official price, so that at the beginning of this year platinum was about 14 per cent, cheaper than gold. The serious decline in the price last year, according to the “Economist,” was due to the fact that the unfavourable relation between the prices of gold and platinum had adversely affected the industrial consumption of platinum. At the same time, the high "rice of the metal had increased substantially the offer Of old platinum. The lower price is likely to stimulate industrial consumption, but in view of the rather hesitant state of world industriakactivity, it is doubtful whether any increase will take- nlace in the next few months. Last year, the world’s output ’exceeded consumption by 500,000 ounces. Under these conditions, the “Economist” believes, there may be a further reduction in price, although even the level reached' early this year represented only one-fourth of the price ruling until 12 -rears ago. The latest quotation from London, however, shows a recovery to £7/10/-.' " Australian production -is negligible. New South Wales has one of the fey’ alluvial platinum fields in the world at 'Platina, ufar Fifield, but the output is less than .50 -ounces a year. Dividends And Calls

AUCTION DIARY TO-DAY. Saleyards, Levin, 11.15 a.m.—Sale of Rural Land, Weraroa and Waikanae (Abraham ami Williams, Ltd.). Levin Sale, 11.30 a.m.—Mixed Stock. 77 Dutlile Street, Karori. 12.45 p.m.— Household Furniture, Etc. (Johnston and Co.). TO-MORROW. .Masterton Sale, 11 a.m.—Mixed Stock. 15 Ngaio Road, Kelburn, 1 p.m.—Household Furniture, Etc. (Johnston and Co.). Johnsonville Fat Stock Sale, —120 Cattle, 1250 Sheep (Wright, Stephenson and Upper Hutt l Stock Sale, 1 p.m.—Mixed Stock (Dalgety and Co., Ltd.). THURSDAY. Taumaranut Saleyards, 11 a.m.—93 ILead Cattle (Abraham and Williams Ltd., Dalgety and Co. Ltd.). Eketahuna Cattle Fair, 11.30 a.m.—500 Head Cattle. , Waikanae Sale, 1 p.m.—Mixed Stuck. Jfartlnborough Sale, 1 p.m.—MixedStock. Lambton Quay (opp. Klrkcaldle and Stains, 145 p.m.—Sale of AU Equipment, Furnishings. etc., of the Pilot Restaurant (Johnston and. Co,)-

Woolworths (W.A.) —final, 15 Nemona Dredge—Id. a share . Howard Smith ■ — quarterly, Apr. ■5 pref., G p.c. p.a Apr. G Lustre Hosiery—final, 4 p.c. . Amalg. Zinc —half-yearly, 5 Apr. G p.c. p.a. Apr. 8 Dominion Rubber —final, 3 p.c. Milne and Choyce—Int., pref., 6 p.c. p.a.; B pref., 7 p.c. p.a.; ord. apd deb., 5 p.c. p.a. Apr. 8 Apr. 9 N.Z. Drug — final, 44 p.c. making S p.c. for year; also bonus 5/- a share Apr. 12 Okareto Dredge—4d. per share Apr. 12 Yarra rails —tut., 1/- a share South British Insurance —int., Apr. 14 Apr. Apr. 14 Woolworths, Ltd. —final, 9 p.c. Woolworths (N.Z.)—int., pref., 15 15 44 p.e Assoc. Newspapers—int., ord., Apr. and pref., 2 p.c Apr. 28 United Provisions —int., pref.. 30 8 p.c. p.a Apr. T. J. Richards —int., 5 p.c. .. Apr. 30 Imperial Chemicals —final, 5J Jun. 1 CALLS. Austral (N.Z.) Mining—fifth. 2/G a share (making 17/G Apr. 8 Golden Crown —sixth, dd. a a share . Apr. 19