RISE IN BASE METALS

New Zealand Herald, Volume LXXIII, Issue 22525, 16 September 1936, Page 9

RISE IN BASE METALS

RECENT FORWARD MOVE COPPER AND LEAD FIRM BUILDING AND REARMAMENT While gold is declining in price the base metals are rapidly returning to normal levels. The era of gold may be giving - place to one of the "less precious" metals.

Average prices of non-ferrous metals last year were higher than during any of the previous three years, and during 1936 there may be a further rise. Prices in mid-September this year and in the past two years t compare as follows;

1031 1035 1030 Per ton Per ton Per ton £ad£s d £ s d Copper , . 27 8 9 34 14 3 38 19 3 Lead ... 10 5 0 15 18 9 18 5 0 Spelter . . 12 11 3 15 5 0 14 5 0 Tin . .*229 18 9 221 17 6 195 12 6

The comparative prices in 1933 were: —Copper, £35 15s; lead, £ll 15s; spelter, £l7; tin, £216 12s Gd. The rise in metal prices is allied to the improvement in business conditions the chief consuming countries. <lt was stated recently that England is using more copper, lead, tin and zinc than ever before. Considerable expansion is also being shown in the United States. Activity in the building and electrical industries is largely responsible. There is another factor which is not so healthy, that is the feverish haste with which the world is re-arming. This has undoubtedly forced prices up' sharply in recent months. If and when the war scare subsides there may be a reaction in prices, but no considerable decline in consumption is anticipated. Lead and copper show the most marked advance. The price of copper is now the highest for four years. Apart from a spurt in November, 15)35. lead is above the level of recent years. Spelter also shows a recovery, but tin is lower, duo to restriction difficulties and the fact that the shortage of supplies has been overcome. There is a general tendency now to relax the restriction schemes which were adopted by metal producers during the period of low prices.

AUSTRALIAN WOOL SALES IN BRISBANE ALL GRADES VERY FIRM BRISBANE, Sept. 15 The Brisbane wool sales opened today. A strong market ruled for well grown and average wools. Compared with the closing rates in Sydney last week, tho market for all grades was very firm. Greasy sold to 20£ d and. scoured to 30d.

* AUCTIONS IN PERTH

PRICES AT LATEST LEVELS

PERTH. Sept. J 5

The Perth wool sales opened to-day. Prices were fully firm at the latest levels in the Eastern States. Japan was not represented.

BRADFORD MARKET QUIET

LONDON, Sept. 14

On the i Bradford market tops are quiet, but with a firm tendency against buyers. Yarns are quiet.

BROKEN HILL PTY.

GOLDMINING INTEREST WELLINGTON ALLUVIALS Testing of leases along the Macquarie River, near Wellington, New South Wales, covering a length of about nine miles, has revealed a dredgable quantity of ground estimated to contain 38,000,000 yards, according to a statement issued by the Broken Hill Proprietary Company, Limited, Melbourne, the parent company of Wellington Alluvials. Limited.

It is estimated that the ground will have a recoverable value of 7id a yard, based on the price of gold at £4 an ounce, Australian currency. While the price of gold remains at about £8 on ounce the prospective profitable yardage is estimated to be equivalent to about 60,000,000 yards. A contract has been entered into for the construction of the largest bucket dredge ever made in Australia. The dredge, which, .it is understood, will cost about £125,000, will weigh approximately 2600 tons.

The capital of Wellington Alluvifils is £250,000, divided into 2,500,000 shares of 2s each. As part consideration for portions of the area acquired 217,680 fully paid up shares have been issued to vendors. The Broken Hill Company took up. and paid for in cash. 50 fully paid up shares and 2,282,270 contributing shares. The Broken Hill Company is now offering to its shareholders the right to purchase at par 1,791,616 of the contributing shares, paid up to Is each, held by it in Wellington Alluvials. For every five fully paid shares held by, shareholders of Broken Hill two shares in Wellington Alluvials, Limited, are offered, and for every five contributing shares held in Broken Hill one share in the new company is offered.

MARKETS IN LONDON POOR APPLE SEASON The Department of Agriculture has received the following cablegram, dated September 12, from the High Commissioner for New Zealand, London:— Tallow.y-The market is quiet. Moderate business has been done in mutton, fine, on spot at slightly easier prices. Hemp.—The Manila market is strong, with an improved demand. Prices have advanced. September-November shipment sold up to £26 10s. The Sisal

market is firm and steady. SeptemberNovember shipment sold £27; Decem-ber-March shipment, £27 ss. The New Zealand market is quiet and nominally unchanged. No first-hand sales are reported.

Fruit.—Final stocks were cleared at late rates. The season has been very unsatisfactory. The demand for apples was weak and out of proportion to supplies since November, prices declining consistently over the last three months. Pears have been somewhat better. The trade is nonplussed to account for the consistent weakness in the apple market, but a combination of circumstances, including the coronation, induces it to be 'more optimistic regarding the new season. Eggs.—The market is firm, but trade is slow on account of higher prices. English, national pack, 13s to 18s &1; ordinary pack, 15s to 16s; Danish, 10s 7Ad to 13s 3d.

PEDIGREE BULLS RECENT IMPORTATIONS A number of valuable Aberdeen Angus stud bulls have been imported to tho Dominion from Great Britain. The latest importation is "Jerkin Eric," which was landed at Wellington recently for Mr. 11. R. Burling, of Master ton. The bull was selected through the stud stock department of the New Zealand Loan and Mercantile Agency Company, Limited, in conjunction with its London office.