COMMERCIAL

Greymouth Evening Star, 6 February 1939, Page 8

COMMERCIAL

LONDON MARKETS

Fry cable —pbess assn. —oopybight.]

LONDON, February 3

The stock markets have quietened. The turnover has dwindled, but sentiment. remains confident. Gilt-edged stocks reacted owing to doubts as to whether the £95,000,000 held by the bank of England to cover the fiduciary issue would be released to enable the banks to adopt a more liberal policy regarding advances and investments as was first supposed. War Loan closed at £97 15/-. Colonial stocks were sympathetically firm and foreign bonds, especially German and Austrian were robust. The Currency and Bank Notes Bill completes th|e monetary reconstruction covering recent months. The City does not regard the bill as an alteration in the exchange policy in the direction of stabilising the price of gold about the present level, as provision for a. weekly revaluation indicates that no absolute stability is sought. Meanwhile pressure on sterling has markedly relaxed. Exchange control has further advanced the policy of building up gold reserves overseas.

WOOL SALES.

LONDON, February

At the -wool sales 65G0 bales were offered, including 2798 from New Zealand and 4G09 were sold. There was a. moderate selection. The best descriptions met with an active demand, but mediums and inferiors were frequently withdrawn. New Zealand greasy crossbred under the brand “Blenroa” brought from 9d to 93d, and slipe halfbred lambs branded “Fairfield” from 9d to 13d. Throughout the first series 109,800 bales have been offered, including 43,780 from New Zealand and 91,500 were sold, including 38,000 from New Zealand. The home trade bought 5G,500, and the Continent 35,000. The tendency throughout, was generally steady and competition was active. The best topmaking merinos closed from par to 5 per cent, lower, compared with the last series in December. Spinners were 7J per cent, lower, brokers’ pieces and locks 5 per cent, lower, finer crossbreds 5 to 10 per cent, mediums nearly 10 per cent, lower, coarse 5 per cent, lower, slipes arid longer wools practically unchanged, others par to 5 per cent, lower and scoured slipes 10 per cent, lower.

N.Z. VEGETABLES

SYDNEY, Feb. 5

Vegetables from New Zealand were marketed yesterday, when pi ices eased. Prices realised' were: Beans, local and New Zealand, S/, to 13/-, choice 14/- to 15/-, peas local and New Zealand 8/- to 12/-, choice 13/- to 14/bushel. Cabbages, local and New Zealand 4/- to 12/-, choice to 18/-. Onions white 28/-, brown 28/- cwt. Picklers 16/-. Marrows, choice large 10/- to 11/-. STOCKS AND SHARES. CHRISTCHURCH, February 6. Sales: Electro Zinc 47/-. Woolworths (Sydney ord.) 23/-. Reported: Bank of New South Wales (late) £3O 12/6. WELLINGTON, February 6. Noon sales: Nil. Morning call: New Zealand Insurance £2/14/9. Sales reported: Bank of New Zealand £1 18/6. Woolworths Ltd. ordinary £1 3/-, £l/3/1.

WAIHI GRAND JUNCTION.

AUCKLAND. Febrduary 5

Cabled advice has been received by the New Zealand attorney, Mr. R. G. Milligan, that a circular has been issued from London to all shareholders of the Waihi Grand Junction Gold Company, Ltd., to the effect that in the opinion of the directors the time has arrived w’hen it. is desirable to liquidate the company and to distribute the assets among the shareholders. Accordingly, notice has been given of an extraordinary general meeting to be held in London on March 1 for the purpose of considering and passing, if thought fit, the necessary special resolution to put the companay into liquidation.