COMMERCIAL

Greymouth Evening Star, 22 February 1937, Page 8

COMMERCIAL

LONDON MARKET REVIEW. [BY CABLE —PBESS ASSN. —COPYBIGHT.] (Recd. February 22, 3 p.m.) LONDON, February 21. Sensational rises in metals accompanied by almost unprecedented activity lias been one of the most important repercussions-of the Government’s rearmament programme. Simultaneously gilt-edged continued the downward course, passing the worst week since 1931. Nearly 25,000 tons of metal, of the value of well over a million sterling, changed hands on February 19.. A flood of speculative buying carried copper, lead and spelter to the highest level for years. Tin, neglected early in the week, jumped to 170/- a ton. Some quarters ai e concerned at the rapid rise in prices, but the market as a whole considers the peak is not yet reached. The United States’ export price of copper

is fixed at more than 117 points higher than the recently established domestic price. It is believed that America will require to import spelter in the near future. Buying tin appears to have been purely professional, based on the belief it is undervalued in relation to other metals. The price and higher demand for metals evoked interest in shares of the leading producers, most of which showed substantial rises on the week. Oils were also in the limelight. There was an enormous turnover in the shares at higher prices. Not only gilt-edged, but many leading industrials were neglected during the week. Many city people consider the falls overdone in view of the continuance of expanding trade and pi ofits. They point out the extent of rising costs and the possible increase of taxation will affect industry. The market is at the moment all one way. The public sold gilt-edged industrials, and tax vulnerable securities like breweries, and bought arms and metal shares. The “Yorkshire Observer” after, a survey of the world wool situation considers the position sound, but Bradford is at present passing through a phase of irregular prices. Business remains good. Many firms are buying normal quantities, confident that wool will be wanted long before the next selling season at higher level. They believe the rearmament programme will increase the demand, inasmuch as the expansion of the Services will necessitate more uniforms, and the prosperity of the iron, coal, steel and other industries will increase the workers’ purchasing power. The butter market continues to show a lack of flexibility. Many traders are ascribing the dullness to New Zealand control. The opinion is that it will still command a premium, but a break is expected shortly. Wren and Sutherlands attack the New Zealand policy. Buyers object to dictatorship in any shape or form. While it continues, there is little possibility of any reasonable improvement.

STOCKS AND SHARES. [FEB PBJESS ASSOCIATION.] DUNEDIN, February 22. Sales on ’Change: Bank of New Zealand £2/2/-; Westport Coal £1 4/1; Broken Hill Proprietary £4/7/3, £4/7/-; Dominion Fertiliser £l/4/-; Mount Lyell £2/12/3. Reported: Wright Stephenson (Pref.) 19/5; Mount Morgan 17/2. . WELLINGTON, February 22. Sales: National Bank of New Zealand 62/-, Broken Hill 86/3, 87/-, Electrolytic Zinc 63/3, Mount Lyell 52/-, New Zealand Breweries 60/-, Colonial Sugar £43/2/6, D.I.C. (ord.) 16/9. AUCKLAND, February 22. Sales, morning call: Mort’s 14/6, 14/9, British Neon 15/-, Commercial Bank 19/5, Farmers’ Trading 23/-, E. S. & A. Bank £6/8/6, Woolworth’s (Sydney) £B/7/3. , Sales: Akd. Gas 21/-; Huddart Parker 39/-; Dominion Breweries (rights) 10/6; New Zealand Breweries (3) £3; Broken Hill (Prop.) 87/-; Colonial Sugar £43; G. J. Coles £5/11/-; Morts Dock 14/11; Mt. Lyell 52/9; Stock, March 39-43, 31 £lOl/6/8; Amalgamated Brick (Akd.) 1-3-44, 71, (3), £lO3/10/-. CHRISTCHURCH, February 22. New Zealand Breweries 60/6, Broken Hill Propty. 87/6, 87/3 (4), Broken Hill Propty. (contr., 13/4 paid) 74/6 (3), 74/9 (3), Colonial Sugar £43 2/6, Electrolytic Zinc (ord., cum. div.) 61/6, Electrolytic Zinc (pref, cum. div.) 63/3 (2), G. J. Coles £5/11/6, £5 11/3, Mort’s Dock 14/5 (2), 14/6 (2), 14/7, Waldas Shoes 29/- (2), Shillings Limited 19/-, Gillespie’s Beach (cum. div.) 1/6, Skipper’s 3Jd, Mount Lyell 52/-, 52/3 (2), 52/4 (5), 52/5, 52/4, Mount Morgan 17/3, 17/4 (3). Reported: 3i per cent. Inscr. 15/3/193943 (late sale 20th) £lOl/12/6. P. and O. deferred stock 41/6, Morris Hedstrom 29/10, Waldas Shoes (late sale 20th) 29/6. Unlisted: Alloy Steel (Australia New) 21/- (4), Woolworth’s (Sydney) ord. £B/8/6 (2), Woolworth’s (W.A.) £7/6/-.

NEW RIVER. The New Rivet* return was 660 z. from 9000 yards in 90 hours. The greater part of the work was through tailings. WHITE’S ELECTRIC. The White’s Electric Gold Dredging return to Thursday, February IS, is 320 z lOdwt for 6700 yards, for 125 hours. GILLESPIE’S BEACH. DUNEDIN, February 21. Gillespie’s Beach Gold Mining Company’s reported return for the week ended February 19, is as follows: — 720 z 7dwt for 129 hours’ dredging. This return was obtained from the beach end of the cut. MOSSY CREEK. The Mossy Creek dredge last week secured a return of 16oz 12dwt from 7114 yards of material in 130 hours. It is expected that the returns will improve in the course of the next fortnight, when the dredge will be clear of worked ground.

ADDISON’S FLAT. WESTPORT. February 22. Addison’s Flat Gold Mining Coy’s return is 52 ounces 1 dwt. for thirtyfive shifts. WAIPAPA BEACH. DUNEDIN. February 22. Waipapa Beach return: 270 z. for 129 hours. Okarito: 28oz. for 120 hours.

PUBLIC TRUST OFFICE.

— / Statement for January:—Estates of a value of £412,075 were reported and accepted for administration by the Public Trustee during the month of January, 1937. The total value of the estates under administration by the Public TrusteiO on the 31st. March, 1936, was £60,660,310, and the new business for the ten months ended January 31, . 1937, was £4,907,744. Grants of administration made by the Court in favour of the Public Trustee numbered 96 for the month. During the month 334 new wills appointing the Public Trustee executor were deposited for safe custody by living testators and 284 existing wills were revised to provide for changes desired' by testators. The total number of wills now held in the? Public Trust Office is 87,886.