METAL SHARES RISE

New Zealand Herald, Volume LXXIV, Issue 22618, 5 January 1937, Page 5

METAL SHARES RISE

HIGH AUSTRALIAN LEVELS GAINS DURING VACATION STRENGTH OF MOUNT LYELLS A spectacular rise in the sales of base metal companies was the feature of tho resumption of business 011 thy Australian Stock Exchanges yesterday. Throughout the holidays quotations of base metals continued to soar, and the prices of copper, lead, spelter and tin, in which Australia is vitally interested as an exporter and investor, are now at the highest levels for years. At present there is no sign of the world demand being halted; in fact, there are definite signs that consumption will increase. The latest London prices of base metals ,1 ton compared with those ruling prior to the vacation are as follows: —• Dec. 31 I>c. 24 £ s (I £ s d topper (std.) .. 40 8 1 47 10 l"Copper (dec.) . 54 5 0 53 o 0 Lead (soft) 28 17 0 27 10 0 Spelter 10 IS 0 10 o 0 Till .. 233 2 (J 231 17 0 While tho London Metal Exchange quotations have regularly registered advances since Christmas, tho Stock Exchanges have been closed, and it was natural to expect that prices- of dependent shares would be on a substantially higher plane when business was resumed. Tho extent of the movement is shown in tho accompanying table, showing prices realised cm Australian exchanges prior to the vacation and at tho reopening yesterday:— Jan. Dec £sd £ s d Mount Lyell .. 22 3 1 is 0 Mount Morgan .. 017 8 o 15 10 South B. Hill . . 2 11 0 2 4 0 North B. Hill . . 4 2 0 3 15 i) Zinc Corporation . 717 0 710 0 Snip. Corporation . O 10 0 0 Hi 3 Electro. Zinc . . 2 13 O 2 1 I 0 Kuala Kampar .. o 10 o o is 0 Kawang . . 11 1 I 0 o hi 11 Larut . . . . 0 18 0 0 14 11 One of the most notable rises is that of Mount Lyells, which have appreciated remarkably in the last few mouths, chiefly as a result of the higher price of copper, which in Australian currency is worth approximately £(32 10s a ton. Mount Lyell shares today are at the highest level since early 1929. Electrolytic Zinc also have risen sharply recently, and now stand higher than seven years ago. TIN RESTRICTION ABOLITION FORESEEN COMPANY CHAIRMAN'S VIEW A prediction that the prosperity of the tin industry would be so great that the restriction scheme would die a natural death in the near future was made by Air. Henry Frisbv, chairman of the Paliang Consolidated Company, and a consistent critic of the restriction .scheme, at the annual meeting of the company in London recently. " A big boom took place in our trade in 1919. directly after the world war bad finished, when there were 110 reserves of tin left in the country or in fact in the world," he said. " In 1020 tin went to £420 a ton, which was not a good price; it was unhealthy and could not last. The position now is rather similar to what it was in 1919. We have been through the trouble; the world's trade went to zero almost in 1931, and tin dropped to £IOO a ton. During the last two years things have gradually improved, and the demand for tin is increasing very rapidly, and we have it on the authority of the Chancellor of the Exchequer that we are on the verge of a world trado boom, and if we have a trade boom, we must have a tin boom. " The position now with only six weeks' supply in hand, might become very serious next year when we start building our Navy, and we might have fireworks in the tin market. That is not a good thing. 1 think that the Tin Restriction Committee has been very unwise in allowing only 17,000 tons of tin to be available for the whole world, and that is why I maintain that, in a very few months, instead of saying to us 'You may output so much,' they will be saying to us ' Get out all the tin you can to help us.' " Under those circumstances we need have 110 fear that tin restriction is going to cripple us as it did before." STATISTICAL POSITION LONDON. Jan. 3 The statistical position of till at the close of December, compared with previous periods, was as follows: — Oct. Nov. Dec. 'IV,IIs Tons Tons World visible supplies 13,327 10,804 10,722 Straits carry-over 3,088 2,030 2,122 Supplies 0,078 13,730 11.888 Deliveries . 8,414 b, <U3 10.430 SECOND-HAND SACKS RESTRICTIONS MODIFIED As some confusion existed on the question of the importation of secondhand sacks, a Christchurch grain and produce firm recently asked for information on the point from the Comptroller of Customs. lu his reply the Comptroller states: "An Onler-in-Coincil was issued 011 November 19, under the provisions of the Health Act, 1920, prohibiting the importation of second-hand sacks. In view of representations which were made to the Government, it has been decided that in the meantime the importation from Australia of used or second-hand empty sacks will be permitted. provided that in respect of each shipment there is produced to officers of the department a statutory declaration made by the exporters, to the effect that the sacks have not at any tfmo been used as containers for animal manuro." CALL AND DIVIDEND LIST Dividend*— Due National Bank N.Z. —int., 2 p.c. (sterling) • • • • ■ - To-day Howard Smith—pref., quarterly, (i p.c. p.a. .. .. . . Jan. 0 N.Z. and Hiver Plate—3 p.c. (sterling, less income tax) .. Jan. 12 G. .1, Coles—quarterly, Is a share . .. .. .. Jan. 15 Woolworths, Ltd.—ord., quarterly, 2 p.c. . . . Jan. 15 Komata Reefs —int., 3d a share Jan. 10 Vic. Nyanza—3 p.c. p.a, . . Jan. 27 British Tobacco—ord., special bonus, Od a sharo . . .. Jan. 20 Calls — "Wellington Alluvials —con., second 3d a share . . .. .. Feb. 24 PIGS AT EDGECUMBE [lir TKLEGIUrH —own corukspondknt] WHAKATANE, Monday The Farmers' Co-operative Auctioneering Company, Limited, reports that at its pig sale at Edgecuntbe to-day about 450 pigs of all classes were penned. A total clearance was effected at prices 011 a par with late quotations. Bidding was brisk from a medium bench of buyers. Heavy baconors made £3 5s to JL'3 His; medium, i'2 15s to £3; light, £2 to £2 7s (id; medium porkers, 35s to £2; lighter, 30s to 355; butter-milk pigs, £2 to £2 4s; large stores, £2 to £2 ss; lighter, 28s to £2; slips, 25s to 28s; large weaners, £1 to 255; smaller. 12s to 15s; choppers. £2 to £2 28.