PURCHASE OF COPPER.

Manawatu Standard, Volume L, Issue 140, 13 May 1930, Page 3

PURCHASE OF COPPER.

POWER.BOARD’S DECISION. Stating that tho sensational fall in the price of copper was probably due to keen competition between the producers of ore, Mr W. A. Waters (chief engineer) stronglly recommended, at the meeting of the Manawatu-Oroua Power Board yesterday, tho immediate purchase of supplies of copper. The stocks of materials held by the board were ho stated, practically depleted, and he suggested that an order should be placed tor twenty tons at the ruling quotation of £sl) per ton. Not for eight years, stated Mr Waters, had prices for copper been so low. Ho stated that quotations were in tho vicinity of £l)s in 1927 and subsequently advanced to £ll4 at this time last year. Prices had then declined to" £BS and, after remaining steady at that, figure, had dropped to tho almost unprecedented level of £59. Tho difficulty was that there was hardly sufficient" loan money available to finance the purchase. “I think that we ought to spend £IO3O on copper immediately, even if wo have to pay interest on tho money,” stated the chairman (Mr J. A. Nash). Agreement was expressed by Mr M. A. Eliott with the suggestion to buy while low prices ruled, .although he stated that all metal prices had slumped severely in accordance with the economic conditions. “I think that it is good business.” observed the chairman when the board decided to place an immediate order for copper to the value of £IOOO.