DEMAND FOR SHARES

Evening Post, Issue 17, 20 July 1936, Page 12

DEMAND FOR SHARES

BRITISH STEEL TRADE

(15y : Telegraph—Press Assn .—Copyright.) LONDON, July 19.

British steel makers have undertaken to' remain within the international steel cartel until- 1940.;' It is understood- the agreement will secure to Britain'the same proportion of-the total steel exports as she enjoyed under the 1934 .quotas. Other conditions included iri the original pact' are preserved ''unaltered. Any parties may terminate the agreement -in August, 1938, on six months' notice. The question'ol export prices was not discussed, though it is expected French producers, in consequence of s higher costs, will demand a revision. The market is pleased as a result of the negotiations, and iron and steel shares are in very active demand. ' _j

Information received by the British Trade Commission in New Zealand from the Department of Overseas Trade shows that to the beginning of June all sections of the British iron and 'steel trade were busy, and that fresh orders were'difficult to place. In many cases output was under contract for delivery well into the third quarter of the year. Production of pig .iron, during April totalled 629,800 tons, as against 526,300 tons in April, 1935. Although the figure for March of this year was higher at 633,600 tons, daily output in April was 550 tons greater -than that of the previous- month. Furnaces in blast numbered 112 at the . end of April, as compared with 109 at .the end of the previous month and 96 .at the end of April, 1935. Most producers are operating at capacity', but it was nevertheless hard to adjust output to the volume of orders. -Although many consumers were well covered demand continued strong and stocks iri some districts were very low.