INVESTMENT VALUES

New Zealand Herald, Volume LXXV, Issue 22988, 16 March 1938, Page 9

INVESTMENT VALUES

INFLUENCE OF AMERICA

WALL STREET GAMBLING WORLD-WIDE REPERCUSSIONS Of the many disturbing factors which have hindered investment dealing in the past few months, the chief has been the recession in tho United States. An insight into tho manner in which this creates lower values and uncertainty throughout the world was given by Sir Miles Mattinson, chairman of the Law Debenture Corporation, at the annual meeting in London recently.

In reviewing the past year, Sir Miles said that there was something like semi-paralysis in financial business from June onward, and the end of the year witnessed a wholesale drop in market values.

"Various causes may be assigned, some of them real enough, others exaggerated by the prevailing pessimism," said Sir Miles. "A dangerous situation had developed in the Far East, another in Spain, and crisis after crisis had arisen iji France, where there seemed to be no break in the slide of tho franc to the bottomless pit. "Those were contributory causes, but the main cause of our discontents is the collapse of trade in the United States of America. The root of the American debacle is politics and is the business reaction in a general loss of confidence to the conflict between the President and business heads in the United States.

"J n England we have no interest whatever in these domestic quarrels, hut nevertheless we have had to pay for them. The United States of America is the greatest producing and consuming country in the world, a.id so it largely rules the prices of commodities, and Wall Street is an international market.

"A large number of people in this country, for what reason passes my comprehension, think it to their interest to gamble in Wall Street and, when the periodical slump comes along, which in Wall Street recurs almost with the regularity of the seasons, those misguided people make great losses and have to sell their good English securities to pay for their bad American securities, and so tl?e depression spreads from Wall Street to London." THE CITY MARKETS DEMAND FOR ORANGEB HEAVY POTATO SUPPLIES Jamaican oranges were in good demand at the City Markets yesterday. A small shipment of Australian oranges and pineapples arrived by the Awntea. Pears sold freely, but apples, which were in very heavy supply, met with only a poor demand. Quinces, passion fruit and Capo gooseberries were shorter, whilo quantities of hothouse grapes were not as heavy as previously. .

In the vegetable section potato supplies from all districts were heavy, with prices low. Cabbage and cauliflower were scarce and realised high prices. Beans and pumpkins were in heavy quantities, as were carrots, which were cheap. There were plenty of kumaras, swedes and lettuce. The supply of poultry was heavy and the demand keen. Prices remained about the same. Prices were:—■ FRUIT Apples, Kidd's Orange, 4s Gd to Os; Cox Orange, ."is Gd to 7s od; Delicious, *_>s Gd to ■ls; Ballarat, 3s Gd to ss; .Granny Smith, -Is Gd to Gs Gd; Jonathan, lis Gd to 5s Od; Munro, '_'s Gd to :ls Gd; windfalls and others, Is to !is; pears, L.8.J., 5s to 7s Gd; Packlianis, 2s Gd to 4s Gd; Bon Chretien, 3s Gd to ss; Winter Coles, 5s to Gs Od; tomatoes, outdoor, extra choice, Gs to 7s 3d; others, 2s to ss; Hutt, 3s Gd to 4# Gd; oranges, Jamaican, 'Jos to 30s; grapefruit, Jamaican, 20s to 30s; lemons, choice, cured, 13s to 38s; others, da to 12s; bananas, ripe, 21s to 3ls; pines, Queensland, lGs to 20s, according to size; grapes, local, Albany Surprise, Gs Od to i)s Gd a crate, 3s Od to Gs a box; Te Kauwhata, Us to l-'s a crate; hothouse, Hamburg, Gd to is 3d a lb.; peaches, Golden Queen, Gs Gd to Ss a case, 7s Gd to 13s a crate; blackberries, 4d to Gd a chip; rape gooseberries, I l ,id to s'/ a a lb.; passion fruit, 4s Od to 9.v. figs, 2s Od to 3s Od; quinces, 7s to lis Gd; others, poorer quality. 3s Gd to Os. FIELD PRODUCE Beet, Od to Is per dozen; celery., cooking, Pd to Is per bundle; dessert. Is 3d to 2s Od; rarrots, Od to Is per dozen; cauliflowers, 4s to Gs per sack; cabbages, 8s to 14s Oil; cucumbers, *Js to 4s Od per dozen; trench beans, 3s to 5s per bag; stringless beans, 5s to Us; green peas, 7s to 'JOs; kumaras, 3s to ss; leeks. 3d to 4d per bundle; lettuce, 4s to IDs per case; marrows. Is Od to •>s 3d per dozen; melons, citrons, is to .« per sack; water. Od to 2s each; onions, 3s to 5s per bag; potatoes, Pnkekolie. -s to ■Obakune, 3s Od to ss; pumpkins, Red Warrcn, 2S Od to r»s per sack; best Crown. 8s to 12s per cwt.; mixed irlumble and Crown, 4s to 7s per sack; parsnips. Is to Is Od dozen; radish, Od to Od; rhubarb. Is to s, ■ntnarh 1« od to 2s s spring onions, IS .JCI to IsOd per bundle; swedes 2s to 4s per bag; turnips, Od to ltd per dozen. POULTRY Cockerels, heavy breeds, l'rlme 3s to 5s Od; not prime. Is Od to 3s, light bree prime, Is 3d to 2s fid; not prime, i s ud up. fat roosters, heavy breeds. l ,r ' luc ' ~ honvv iS&WS,.iVVM pullets, heavy breeds best. 5s to (Is; smaller, •>* ui)' light, breeds, best, Is to os un. S™". gobblers. 1M '° I,,H ' BUTTER AND EGGS Hen A grade, 2s 4%d per dozenji B,> Is 11 \i r is fiVid; duck, A grade, 2s 4V,d butter, lid to Is Id per lb.

GOLD AND SILVER QUOTATIONS IN LONDON LONDON, March 14 Fine gold is quoted to-day at £6 19s Bd, same as 011 Saturday. Silver is quoted at 20 5-16 d an ounce spot and 19 15-16 d forward, compared with 20ild and 20d on Saturday. The quotation for silver at per tine ounce is 21 15-lGd, same «8 011 l'nday.

Tho following is a summary of the fluctuations in the price per ounco of fiiip gold this year: — £ s n Highest price, February 23 .. 0 19 10% Lowest price, January 3. .. ]lO £ March 8 2 £ <" March 9 « in «>/ March 10 « 10 March U « g% March 12 0 10 § March 14 6 19 8

NELSON STREET DEAL PURCHASE BY BERLEI, LIMITED With the idea of extending its premises in the future, Berlei (New Zealand), Limited, corset manufacturers, has purchased an adjoining property in Nelson Street from Mrs. C. A. Parker, of Northeote. The price was in the vicinity of £3OOO. Tile property contains two old houses that will eventually be demolished. Jt lias a frontage of 57ft. 6in., and a depth of 192 ft.. and when built on, it will provide 50 per cent more factory space for the company, which occupies premises at the corner of Wellesley and Nelson Streets. The transaction was arranged by C. F. Bennett) Limited.