THE LONDON MARKETS.

New Zealand Herald, Volume LXIX, Issue 21239, 20 July 1932, Page 7

THE LONDON MARKETS.

PRICES FOR METALS.

ALL-ROUND REDUCTIONS. , (Received July 19, 6.5 p.m.) LONDON, July 18. (Quotations on July 14 in parentheses.) Copper.—Spot, £25 13s 0d (£26 8s 9d); three months, £25 6s 3d (£25 16s lOjd). *Electrolytic Copper.—Spot £23. 10s (£29 10s); three months, £29 (£3O 10s). Wire Bars.—£29 ( —). Lead.—Spot, £9 8s 9d (£9 16s 3d); three months, £9 16a 3d (£lO 3s 9d).

Spelter.—Spot, £ll 3s 9d (£ll 6s 3d)} three months, £ll 12s 6d (£ll 16s 3d). Tin.—Spot, £127 2s 6d (£127 8s 9d); three months, £l2B 17s 6d (£129 lis 3d). 'American 4.875 cents a lb., same as; on July 13. AUSTRALIAN CONDITIONS. STEPS TO RESTORATION. FALLACY OF HIGH EXCHANGE. " The desire for an easy way out of the difficulties which have followed the fall in prices of primary products and the closing of oversea lending markets to the Australian Governments continues to dominate many minds, and there is still a strong expectation in many quarters that wo may obtain lasting relief from our present troubles by some manipulation of currency or by control of marketing, or by arbitrary fixation of London; exchange rates," states the National Bank of Australasia in. its latest monthy review. After referring to adjustments already made, the article adds that it was now plain that further adjustments were necessary in Australia, although not of the general percentage reduction class made under the Premiers' Plan. What was needed now was a more intimate adjustment of the relations between individuals and sections —lessening costs, increasing efficiency, removing restrictions and hindrances to trade, and, in a general way, obtaining a balanced condition of production, trade and governmental revenue and expenditure, based upon the actual facts of industry and expenditure. The thought that arbitrary' fixation of exchange rates, it was stated later in the summary, could permanently improve the lot of primary producers was not justified by the experience gathered in other countries. Exchange rates in the long run were determined by interaction of demand upon supplies. It would be indeed serious, if the country was relying upon a high exchange premium on its export bills, and suddenly found that the risks or the costs ,of maintaining the rate were found excessive by the controlling authority, and the rate cama tumbling down. AUSTRALIAN SECURITIES. ' QUOTATIONS IN NEW YORE. (Received ■ July 19, 5.6 p.m.) NEW YORK, July 1&, Sales of Australian Government bonds on Wall Street to-day compare with those of July 11 as follows: Dollars. Dollars. Commonwealth— July 11. July 18. 5 p.c. Jan.-July, 1955 .. 70J 70i 5 p.c. Mar.-Sept., 1957 .. 72 69t 4i p.c. May-Kov., 1956 .. 64t 651 New South Wales— • 5 p.c. Feb.-Aug:.,' 1957 :,. 67* 66J 5 p.c. April-Oct., 1958-.. 6?t 671 Queensland — , 7 p.c. April-Oct..-1942 .831 88J 6 p.o. Feb.-Aug.,- 1947 .. 78i p ■> CHRIST CHURCH GAS. INTERIM DIVIDEND LOWER. [SS TELEQRAJPH.—PEEB3 ASSOCIATION.] ' - ' CHRIST CHURCH. Tuesday. The Christchurch Gas Company has declared an interim dividend of 3 per cent, for the half-year ended June 30. Payment will be made on August 4.

Since 1926 the interim dividend has been 4 per cent., with a final dividend of the same amount, making 8 per cent, each year. ' ,