COMMERCIAL

Greymouth Evening Star, 14 September 1936, Page 8

COMMERCIAL

HOMELAND MARKETS.

[BY CABLE —PEESS AS3N. —COPYBIGHT.)

LONDON, September 12

The Spanish civil war is creating serious difficulties for British importers and merchants. Shipmen s o Spanish grapes are indefinitely held up. It is uncertain whether the usua November supplies of Seville oranges will arrive, as the fighting and lack of attention to the trees have damaged the crop. It is also feared that the Christmas trade in dried fruits "ill be seriouslv hit. Consequently. Australian varieties are in increasingly good demand. The position of those firms operating copper and iron pyrites mines in Spain is serious. All the British concessions are in areas occupied by the insurgents who insist on receiving full value in foreign currency for cargoes exported, while the British Government requires the value again to be paid on arrival in Britain as the proceeds are entered in the Anglo-Spanish trading account. In so far as it has increased the difficulties of the French Government, resulting in a renewed attack on the franc, the Spanish situation has been a depressing influence on the stock markets which passed a lifeless week. The outbursts at the Nuru niberg conference caused a general uneasiness, and in view of this combination of influences, it is not surprising that the advance in industrials has been halted. Oils and gold shares are quiet. BUTTER PRICES FALL.

There has been an unexpected collapse in butter. Tooley Street gloomily inclines to the belief that the. market has not yet touched bottom. Operators are definitely nervous, especially as they recall that prices went to pieces in October, 1935. One of the few props to .the market has been the prospect of American enquiry owing to the drought affecting production there, but so far only a few odd shipments have materialised. Continental varieties are also depressed', though Danish has been pegged for the last few weeks. Some dealers are hopetui of a slight improvement when buyers regain confidence, but none goes so far as to predict a recovery of any marked extent. Cheese has been affected by the weakness in butter, but the position statistically is sound. Wool buyers find difficulty in assessing the course of values at the London sales. They are impressed by the small quantities offering, which emphasises that stocks are very much lower than they have been at this time of year for a long time. The extent of the Continental demand is uncertain. Some feel that the recent movements of the franc make France an important influence, and that Italy' may possibly operate. Responsible traders anticipate that the sales will not open at a lower level chan the values now ruling in Australia.

WOOL PROSPECTS. WELLINGTON, September 14. Although the wool market showed considerable improvement, last season, Mr E. L. Hazleton, .of Wellington, who returned by the Maunganui after four months in North America, says the prospects of the coming season are still brighter. Conditions are improving in the United States, and there is a good demand for wool there.

BEEF AND LAMB. WELLINGTON, September 14. The prestige of New Zealand beef and lamb was never higher on the British market, according to Mr. N. S. McChimpha, of the staff of the New Zealand Meat Board in London, who arrived by the Maunganui to-day, to gain knowledge of the producing conditions in New Zealand. He said he was satisfied that New Zealand producers could always command a good market, particularly with lamb, which was on a. premium, if the present standard were maintained. A stage had been reached where criticisms of the New' Zealand product were seldom heard. He had been on propaganda work in Britain, which was very essential, ho said, particularly in the poorer areas.

In respect to chilled beef prospects, ho said that once proper transport was available, all that would be needed at this end. would be a careful check on the size and quality. Quarters must not be too big, and must be just right, not too fat and not scraggy.

In regard to lamb, he said that 28 pound lamb would command a penny a pound more than 36 pound, ' but he did not think New Zealand growers would be wise to put all the lamb on tho market at 28 pound, because only a percentage of the market demanded smaller joints.

STOCKS AND SHARES

AUCKLAND, September 14

Sales: Kaiapoi Cont. 6/3; Electro Zinc Pref. 23/71; New Zealand Newspapers 40/-; Woolworths (New Zealand) £5/1/9; Mt. Morgan 13/-. Noon sales: Farmers’ Auct. A. Pref. 22/6; Electro'’Zinc Pref. 43/6. Morts Dock 12/-, New Zealand Newspapers 40/-, 40/2.

DUNEDIN, September 14

Sales reported: Late Saturday—Government bonds (1937-40) £lOl/17/,G; bonds (1943-4 G £l/3/17/6. CHRISTCHURCH, September 14.

Sales: British Tobacco (cum. div.) 42/4, Broken Hill Propty. (15/- pd.) SG/6, Dunlop Rubber (cum. div.) 18/2, Electro. Zinc (pref.) 43/G, G. J. Coles (cum. rights) 80/-, Wilcox Mofflin (cum. div.) 12/6. WELLINGTON, September 14.

Sales; Union Bank £9/10/-, Guarantee Corporation 5/7. New Zealand Insurance 62/6, Union Steam 26/6, Electro Zinc (ord.) 41/-, pref. 43/4, Mount Morgan 13/-, Commercial Bank 18/4, Bank of Now Zealand 39/5, stock 31 per cent. (1943) £lO3/15/-. SYDNEY, September 14.

Commercial Bank Sydney £l9/17/-, Tooth’s 56/6, Associated News, pref. 23/3, British Tobacco 43/-, Broken Hill Proprietary, new, 57/6, Electrolytic Zinc 42/-, Goldsbrough 34/3, James Stedman 18/3, Mark Foy 33/9, Peters 42/6, Sargent's 29/-.

MOSSY CREEK.

GREYMOUTH, September 13.

The Mossy Creek dredge return is 520 z. 12d'wt" for .9855 yards in 136 hours.

GILLESPIE’S BEACH

DUNEDIN, September 12.

Gillesfliefs mining* return: lOloz. 12dwt. for 130 hours’ dredging cn the beach end of the cut.