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Grey River Argus, 10 November 1936, Page 2

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(Per Press Association.) WELLINGTON, November S. Sales; Bank of Ncaa- Zealand 41s Gd; South British 935; Colonial Sugai £43 ss; N.Z. Refrigerating 19s 2d; Consolidated Brick Ils 8d; Broken H 11 85s 6d; Electro. Zinc pref. 50s fid. National Electric 15s; Woolworth’s Ltd. £0 s°; Woolworth’s (W.A.) £5 16s 6d. AUCKLAND. November 9. Sales; Tananaki Oil Is 9d; North ern Steam 4s 3d; Wellington Alluvial 4s Gd; Morts Dock 13s Sd; Mt, Moi gan ]4s lid; Bank of New Zealand 41s 6d; British Tobacco 465; Brewer ies 535; Broken Hill 85s 3d; National Bank Australasia £l4 18s; Sugar £43 sd; Stock 39/43 £102; Rural Bonds £104; Com. Bank pref. £9 ss; Anck land Gas con. 15s 9<l; Consol Brick(2) 11s 7d; Farmers’ Trading 19s (Id, Woolworth’s (N.Z.) 1245; Waihi In vest. (2) 10s lOd, Ils; Mt. Lyell 3Gs 9d; Mt. Morgan 15s; Grand Junct on 3s 9d'. Unlisted: Selfridge’s (old) 34s 3d. DUNEDIN, November 9. Sales: Ncaa* Zealand Drug 74s (odd parcel); Edments Ltd. 52s Gd; Bebar falld's B pref. 14s 3d; Gillespie’s Is 7d After call; Kaitangata Coal 225; Do minion Fertiliser 24s 3d; Broken 11 I 1 Pty. 85s- Gd. CHRISTCHURCH, November 9. Sales: Comm. Bank of Aust. 19s; Bank N.Z. (cum. div.) 41s 6d (3): N.Z. Guarantee Corpn. 5s sd; N.Z Breweries 53 s 3d (3); Broken H ; ll Pty. (cum. div.) 85s 4d (3); F’ec’rn. Z’nc (pref.) 50s 3d; General Indus tries 18s lOd; G. J. Cole o 79s (2): Howard Smith 21s 3d: Morts Dock 13s Sd; Gillespie’s Beach 13s Sd (cum div.) Is Gd (2). 1s Gid; Mt. Lyell 5,] (21. 36° (Id (3). Reported: Wool Avorth’s (N.Z.) Into sale Fridax’ £tl !!- (2). Unfitted: Woohvorth’s (Sydneyord.) £0 3s Gd. SYDNEY. November 9. Sales: Bank N.S. WaVs £36 _ 10s Anthony Hordern 19s 71 d; As ociatm' Ncavs 24s 101 d; Broken Hill Ptv. 86sGeneral Industries 19s; Ilowa’-d Sin■ th 21s Gd; .Tames Stedman 17s 6d: Mor ri-s Heds-trom 27's; Morts Dork 13s 1)1Peters 455; R. Fowler 14s lid. LONDON MARKETS. LONDON. November 7. Butter stocks arc roughly 8200 tonsmore than last year, and sli'pmcnte afloat from -the Dominions on October 29 were GOO tons higher than last year indicating at best a steady market. Against this must be sot t<ho tow gradings from Australia; due to dry Avca'thor. Consequently, the market is t,ending higher. P.tilk operators have definitely missed the market, and holders of stocks aro disinclined Io realise. The outlook for the avoo! sales nu November 17 is excellent. Traders expect a good demand at h’gher pr c-.'s. It is understood that the offerings will include 50.000 bales of Australian nod 45,000 of New Zealand wool. Many tiopmakers are- bewildered by the rapidity of the upward movement of values in ’the last few weeks. ANGLO-ITALIAN TRADE AGREEMENTS. LONDON. November 8. A British trade, delegation;, which has been engaged at Rome for several weeks in .negotiations for regularisin'! the resumption of commercial exchanges and payments between Italy

and Britain,, is leaving on return to London, agreements having been formarly signed by the Italian Foreign Minister and the British Ambassador, One establishes a clearing arrangement between the tAvo countrie°, and includes provusiun for the gradual liquidation of commercial and other arrears due to Britain. N.Z. PETROL PRICE. DUNEDIN, November 9. “If the petrol price-cutter ra’sex his head in Dunedin, the- Government w : ll extend to this district the same pro lection it. has accorded to sellers in AV-elpington .and North Canterbury." Mr StilliA'ian informed a deputation '.that asked for .the fixation of the price this moriui.ng. FOREIGN INVESTORS. RUSH FOR AMERICAN STOCKS. (Aus & N.Z. Cable Assn.) NEW YORK. November 7. The rush of foreign capital into the American security markets after the Roosevelt triumph, has cal-cd attention that, foreigners’ investments here arc probably the largest since the world war. It is estimated that tor--1 aligners’ long town investments are 5700 million dol'ars, and -“bort terl " balances 1300 million, totjifl'Tig 7000 miMion. Ec'o.no.niis.t.s and banker- behove that American markets are more vulnerable. to European capital Avith drawn I it-han a,'t- any time since- the war’s outbreak in 1914, when foreign liquidations caused a suspcns’on o' exchange HoAvever. mo-st indications point to a continued influx. WOOL BOOM. NEW YORK, November 8. Buonos Aires wool prices reached neAv high levels last Aveok uu-ler heavy demand; absorbing large consignments of both e.oarse and line crossbreds. The market year’s record was established for a lot of 12? pounds of clean h’gh quality Austrn. Tian type merino, Avhich sold at 31 cents a pound. A larger eons, gnmen■ of coarse crossbreds made the record jof twenty and a-hal.f cents a pound. A of 125.006 pounds of fine crossbred from Chubut Territory, Pata-o-onAa. set the record or the type a* 32 and a-half cents. LONDON. November 6. Tests which have- proved that cocoa shell is a- safe aecessorv to fodder torcattle were described at a meeting at Birmingham University. It was re ported 'that the' cocoa bean contained a large amount,-, of vitamin D,. Avhich •Increased- the'vitamin content, of milk tend buffer from Avinter to summer level. Herds Avhich had been given a coarse cake composed of cocoa shells yielded a richer milk, free from ta’nf and with increased butterfat content. U.S.A. TRADE RECOVERY. WASHINGTON;. November 8. The Federal Reserve Board's commercial industrial rev.'eAV of 1936 av->x made pulflic to-day. It points out the notable gains in business .accompanying the improved financial' and banking conditions, but reflecting the fa-l-ure of employment to keep pace Avith -the general recovery indications. It showed the best, business year since 1930, with the 1923-1925 levels exceeded in nrany cases, the production of eloetnie power being larger than at any previous t'me. The reference to unemployment says: The reasons, de-

spite the rapidly expanding output, aro the groAvth of population, and technological improvementis, but points out that, in the past tivo years a larger increase' of production than employment, due partly to increases in the average number of hours Avorked, reflected in the expanding pay rolls. METALS MUCH DEARER. LONDON, November 7. Conditions on the metal exchange haA’.e' been unparalleled .for at least seven or eight years. Copper, despite the quota increase has risen to more than £44 .a ton, tin has jumped £22 on the agreement Avith Siam, lead is at its highest since 1930, and oven zine, the Cinderella of metals, has improved more than 10s a ton in a Aveek. A react/ion is possible-, indeed desirable especially in copper, Avhere the market is in a vul'nerable position. Consumers cannot continue to cover requirements for months ahead indefinitely. LONDON BANKS. LONDON, November 7. The banks during October lent £lO.500,000, bringing the aggregate increase in loans since January to £65,000.000. Advances total- £887.800.000 mow,, the highest level since 1932. Deposts increased by £23,800.000 in October to a neAV record of £2.280,400,-

900. Cash resources showed a reduction OAving to the 1 banks’ decs on to lot the cash ratio sink below the traditional danger low level of 10 per cent, for the first time in nistory. The activity in Britain spread to the Continent, especially in Paris. AA'herc go’d hoarders are turning t.o securities. WAVE OF SPECULATION. ON LONDON MARKET. LONDON. November 7. The past week, has been one of record speculatiA’-e activity continually threatening to ho.il over in particular markets anj keeping the' Avhole Stock Exchange in a state of suppressed excitement. Brokers say that it is difficu’t for anyone to lose money these days, but the growing -probltem of bucket shops reveals- that there are plenty of lambs Avanting to bei fleeced. Conservative city business men vieAA’ the growing speculation Avith some apprehension l»u4. agree that a solid foundation exists for some iinerea.se in values. The boomlike conditions are largely based on the rise in the value of commodities-. The Aveek began w’tili frenzied dealings in rubbers, followed by e flare-up in trans-Atlant'e shares, cul urinating in great activity in tins, c.oppers, and oils. The cheques, changing hands on settlement day tota I led many millions. There has been something for almost, everybody, nno 'lmiainyl Avho Ineveir bought shares their lives poured mo.ney into the markets. The shares of many companies have doubled in value- in th° current vear. Vickers ordinary have put. on £18,000.000 since 1935. Im;)C_rial Tobaccos have increased by £B-> - 000,000, and thlcl value of ahnost every other share quoted on the S-'oek Lxehange has been similarly enhanced.