INVESTORS' LOSSES

New Zealand Herald, Volume LXXIV, Issue 22860, 15 October 1937, Page 7

INVESTORS' LOSSES

FLOW OF CAPITAL CASE' FOR CALM REASONING ANTIDOTE FOR NERVES Tho Official Gazette of the Sydney Stock Exchange goes to the root of the trouble in discussing the wave of panic soiling which has caught up investors throughout the world and involved them in the aggregate loss of millions of pounds. Apparently, it states, tho individual is still not prepared to back his own reasoned opinion against what appears, to him at the moment to be the infallible mass knowledge of those with whom lie shares important interests, forgetting that when cold hard-headed- reasoning is displaced by the acceptance of things as they appear, both capital and its owner are taking a short cut to trouble. *

Capital is the most genuine international factor in world affairs of today, thfc journal states. It knows no politics, no national boundaries, and no intrinsic restrictions upon its capacity to flow smoothly and efficiently from one part of tho globe to another. The double lure of safety and productivity has a universal influence. The advantage of this to the investor is obvious. With no time problem to overcome, and no physical transport arrangements to provide for, ho can export his capital from any centre where the safety factor is low, or tho rate of return unsatisfactory, to any other centre where conditions are more to his liking. The situation emerges, however, that what is of benefit to the individual investor may lie a source of disservice to the community. Instead of capital flowing'out in orderly fashion in response to the offer of better returns, it may become fugitive, seeking mere safety, and thereby failing to discharge its responsibility of earning an income, as well as of playing its part in ,tho development of the country where it was produced. Then it is of little use cither to its own country or the land of its adoption, becoming a disturbing instead of a stabilising factor. It is essential in tho interests of both national development and of international relationship that capital should retain its fluidity, and be encouraged to fulfil tho important function of equalising capital returns and smoothing out the gross inequalities that would otherwise occur. But that makes it inevitable that it will be exposed to all -sorts of. influences, ranging from sets of actual circumstances to destroying rumours, and yet not be thrown off balance. Which simply means that tho responsibility rests upon capital-holders to develop an insensitiveness to propaganda, rumour and canard, and to acquire a body of knowledge that will enable every untoward situation as it arises to be dealt with on its merits.

Nervous markets develop from the presence of nervous investors, states the Gazette, and the nervousness of investors is usually in direct ratio with their knowledge or ignorance of fundamental conditions. The preventive treatment for these panic sellingwaves should be obvious.

THE .MARKET BASKET BANANAS DROP IN PRICE SPRING LAMB ALSO CHEAPER The price of Stunner and Delicious apples has increased by a penny per lb., both varieties now selling at od. A shipment of bananas, which arrived last week is now ripening, with the result that the price for this fruit has docreased from 6d to 5d per lb. Firstgrade tree tomatoes have gone up in value to lOd and Is per lb. Hothouse tomatoes are in tho shops at 2s Od per lb. In the vegetable section cabbages have increased from 4d to 9d, to 6d to lOd. Asparagus is more plentiful and is selling at 8d to Is, instead of Is to Is 3d. Prices for new Season lamb show a decrease of 2d per lb. all round. There are no alterations in the values of fish, bacon, ham, butter, cheese and eggs. Values are: — FRUIT ' Apples. Granny Smith, -"» d; Stunners, sd; Statesman, 4d; Tasina, Gd; Delicious, sd; Winter Cole pears, (id; cooking. 4d; oranges. Island, 2s to 2s Od a dozen; Australian navel, 2s to 3s; lemons,. 8d to Is (id; bananas, 5d a lb; tomatoes, Island, Is and Is 2d; grapefruit, Sunkist, Od; local, Is, to 2s a dozen; coconuts, 4d to Od each; pineapples, Queensland variety. Is to 2s; passion fruit, 2s to 2s Od a dozen; mushrooms, cultivated, 3s Od to 4s (id; tree tomatoes, first grade, lOd and Is a lb; second grade, 8(1; hothouse tomatoes, 2s (id; Californian grapes, White Malaga, Is 4d; Black liibier, Is 8d; Red Emperor, Is Od; Island passion fruit, lOd to Is each. VEGETABLES Ivumaras, 2d per lb; onions, 4d per lb; rhubarb. Id to (id a bunch; radish, spring onions, 2d; cabbages, Gd to lOd; lettuce, 4d to , r >d; spinach, 2d per bunch; silver beot, 3d per bunch; pumpkins, Gd per lb: potatoes, 2d to 3d per lb; new potatoes, 2d to fld; cauliflowers, Gd to lOd; second grade, 4d; leeks, 3(1 and 4d a bundle; celery, poor quality, 3d to Gd; cooking, 3d and 4d a head; hothouse beans, 2s to 2s Gd per lb; carrots, 3d per lb; parsnips, 4d per lb; asparagus, 8d to Is; peas, Od to Is; hothouso cucumbers. lOd to Is each.

MEAT Beef.-—-Rump steak. Is 4d; undorcut, Is Gd; beef steak, Sd; sirloin, lOd; prime ribs, 8d; prinie ribs (boned and rolled), lOd; wing ribs (three chine bones), 9d; topside (41b and over), 7d; bolars, 7d; chuck rib, sd; rolled back rib, 8d; corned round, Od: corned brisket (boned), Gd; brisket and flat rib, 4d; thin Hank, 3d; gravy. beef or shin beef, (id; minced beef, (id; tripe, Gd; dripping, Gd; suet, 4d: sausages, Gd; sausage meat, sd; whole shins or legs, 2d; halfshins or legs (thick end), 2'/id;, half-shins or legs (knuckle end), 2d; ox kidneys, is; ox tongues, lOd; ox tails, Gd; wlicle loins, Oil; whole rumps, lOd. Mutton.—Sides, S'/ a d; whole legs, 9'/ a d; cut legs. lOd; leg, shank end (Gib or under), 10V 2 d: hindquarter, Od; forequarter, 7d; shoulder, 8d; shank end of forequarter, 7 1 / 2 d; necks (best end), Sd; necks (scrag end), 7d; loin, B'/ 2 d; middle loin chops. Is; leg chops, lid; rib chops, lOd; neck chops (best end), Od; stewing chops, 7d; flaps, 4d; cutlets (trimmed). Is 2d; sheep's fry, 8d; kidneys. 3d each; tongues, 3d each; sheep s head (dressed), Gd each: sheep's brains, 2d. Late Lamb. —Hindquarter, Is per lb; forequarter, Sd; loin, Is Id; leg, Is 2d. New Season Lamb.—Forequarter, Is 4d per lb; hindquarter, Is Gd; legs, Is Sd; loin, Is Gd; sido, Is sd. ... Veal.—Fillets, lid; loins, lOd; shoulder, 7d; cutlets and veal steak, Is Id; chops, Is; forequartor, Od; rolled veal, Od; veal rump steak, Is 3d. , . , . ... Pork. —Leg, Is; loin, Is; foreloin with blade, lOd; pork chops. Is Id; corned hand, lOd; corned belly, Is; pork sausages, Od. FISH Sc.hnapper and terekihi, whole, Gd per lb; fillets, lOd; smoked, lOd; skinned fillets, with wings, lid; without wings, Is; steaks, 8d; terekihi, kipperod fillets, Is 3d; trevalli, whole, 7d each; smoked, 8d; smoked fillets, 4d and sd; John Dory, fillets, Is 2d; mullet, wholo, Kaipara, 5(1 each; Auckland, 7d per lb; smoked Kaipara. Od each; Auckland, lOd per lb; flounder. Is per lb; lemon fish, 5d per lb; silverstrip, Gd per lb; hapuku, steaks, Is 2d por lb; smoked, Is 3d;, moki, steaks, 8d per lb; smoked, Od; kingfish, steaks, 8d per lb; smoked, Od; sulmon. Is 3d per lb; smoked, Is 4d per lb; cod, frosh, Od per lb; smoked, Is 3d; gurnard, whole, "(I- fillets, l%d each; smoked, sdj barracouta, whole, sd; fillets, Gd pur lb; smoked, 8d; cream fish, lVid each; frostfish. Gd per lb; hake, whole, Gd per lb; smoked, 8d; kippers, Scotch. Is per pair; crayfish, Od per lb; smoked schnapper roesf 2s Gd per lb; fresh schnapper roes, 2s; smoked hapuku, is 3d; mussels, fresh, 1s Gd a dozen; rabbits, lOd each; cod fillets, Scotch, Is Od per lb; smoked bloaters, threo for Is; giblets, 8d per lb; mutton birds, lOd. BACON AND HAM Bacort.—Shoulder rashers. Is 3d and Is 4d per lb; rib rashers, Is sd; by piece, shoulder cut, lOd to Is 2d. Hams: Rashers, Is 7d; pieces, Is Od; whole hams. Is sd; hulf-hanis, is Od, BUTTER AND CHEESE Butter.—Factory, first grade, Is 4Vid per lb; second grade. Is B%d; farm butter. Is Id per lb. Cheese: Mild, Is; tasty, Is Gd. EGGS Hen, A grade, Is Gd; B grade, la 4d; duck, A grade, Is Gd.