STEEL TRADE OUTLOOK

New Zealand Herald, Volume LXXV, Issue 23057, 7 June 1938, Page 7

STEEL TRADE OUTLOOK

FUTURE LESS ASSURED EUROPEAN UNCERTAINTIES SHORTAGE OF NEW ORDERS Highly 5 gratifying results of last year's working continue to be published by the British iron and steel trade, but the outlook for the future grows less assured, states the Mercantile Guardian, London. Few can see what is coming out of the conflicts in Spain and China, the American industrial position displays no signs of early improvement, and the redrawing of the map of Europe is creating fresh uncertainties. German schemes for constructing new blast furnaces and electric steel works in Austria are being mooted. The renewal of the international steel cartel is at present awaiting Belgium's adherence and in that country more furnaces have been blown out in default of orders.

Steel prices are generally firm, helped by the suppression of reckless American sales, and international discussions to regulate this competition aro progressing favourably. A speedy reiinposition of the duty on pig-iron imported into Britain is considered as certain because tho shortage of home production which caused its removal last March has been made good and some works are now wanting orders. British heavy steel makers continue actively employed and have been helped by the recent re-imposition of the higher import duties. Orders are being worked off, but little new business is coming in. Shipbuilders are still calling for good supplies, as are tho engineering and seasonal building trades, but the only important new orders immediately expected are from rearmament programmes. An export demand must be building up in many quarters, but "timid markets" is the report to-day from most directions. Continental steel works are very short of work and tho orders on the books in France are 60 per cent lower than a year ago. Some export inquiry is coming in from Egypt, South Africa and the Argentine, but the Far East is slow to fill its most necessary requirements. IMPROVEMENT IN HIDES MORE EUROPEAN INTEREST INFLUENCE OF UNITED STATES The better sentiment in the European political situation has played no small part in restoring confidence to would-be buyers of hides, according to the latest report of W. Weddel and Company, Limited, London. Provided there is no further upheaval within the next few months, it is considered that there sheuld be a steadier return to normal trading conditions, which will assist to improve the market. "European interest has undoubtedly improved, and during the past two or three weeks in April a considerable amount of trading took place," the report states. "The market appears to have found a steady basis, with an improving tendency, but it is naturally still subject to the sentiment of other markets and especially tho feeling in America. Recently the New York Exchange has shown some uneasiness, and a consequent loss of confidence resulted, although later the situation registered some improvement." The amount of trading in "actual" packer hides in the United States, however. is still negligible, according to the report, which states that this goes to show that there is as yet a poor demand at the retail end of the business. The packers themselves take the view that the market has probably touched bottom, and are therefore not pressing to sell. Values for United States' pucker selections aro low enough to satisfy tanners' needs, even taking into account the rather serious fall in leather prices 'Most people seem to think that the market will continue to consolidate and gain ground as summer approaches," the report continues, "but probably no important rise in prices will take place until the second half of the year. "All miscellaneous and Colonial selections have gained some ground, but Australians are still rather neglected and shippers are not making much headway. New Zealand sorts, on the other hand, are about 5 per cent dearer." STOCK SALES OPOTIKI QUOTATIONS Daleety and Company, Limited, reports a pood average yarding of cattle, one pen of wether hogßcts, and a line of 70 ewes from Oponae at their Opotiki sale. Ail average attendance of buyers keenly sought all classes of fat cattle, but tho boners showed a slight decline. A fealuro of the yarding was four bullocks, which aroused the interest of buyers on account of their size. Wether hoggets in forward condition, but not fat, were passed in at 18s, and a pen of 70 ewes running with ram made 27s 7d. Dairy cows wore yarded in small numbers, the top price being £7 lor a second culver. Fat cattle: Prime heavy-weight bullocks, £ll 7s (id; others, £10; fat cows, £0 13b; others, £5 17s to £0 2s; lighter, £5 to £JS 15s; other good condition cows, £4 to £1 10s; store cows, £3 2s (id to £4; boners, £1 15s to £2 17s Gd; small Jersey steers. £2 to £2 7s; bulls, to £5. The New Zealand Loan and Mercantile Agency Company, Limited, reports a full yarding of fat and forward cattle, boner cows being scarce. There was a small yarding of sheep, which included some good-condition wethers, which sold well. Two and four-tooth wethers, to 21b; four-tooth wethers, 24s 3d; heavy fat cows, £5 10s to £0 12s (id; kiilable cows, £1 12s to £5 ss; heavy storo cows, £3 10s to £4 1s; others. £2 15s to £3 8s; boners, 34s to £2; run cows, with calves, to C 4 ss: 18-month Hereford heifers, £4 2s Gd; heavy-weight bulls, to £4; others, £2 10s to £3; three-year unbroken half-draught filly, £2l 10s. PEDIGREE SHORTHORN VALUES [FROM OITR OWN CORRESPONDENT] HAMILTON, Monday A satisfactory average was secured for a line of pedigree milking Shorthorns offered at auction by the Farmers' Co-operative Auctioneering Company, Limited, on behalf of the estate of the late Mr. R. D. Duxfield at Horotiu. The whole of the offering averaged lO'/,gns„ the six two-year-old bulls realised an average of 22 l-3gns, the 11 yearling bulls 10 2-3gns, and the yearling heifers lSVigns. There was a large attendance at the sale. The best price paid was 41gns, paid by Mr. .T, Reichenbach, Gisborne, for the yearling bull Horotiu Beauty IV. The two-yoar-old bull Horotiu Major 111. was sold to Mr. T. Sherwood, Gisborne, for 37gns. Of the heifers tho two-year-old Horotiu Norma, commanded tho best price, being sold to Mr. M. Finlayson, of Whangarei, for 23gns. PUTARURU HORSE FAIR Dalgety and Company, Limited, hold its autumn horse fair at Putaruru. A particularly good class of farm liorso was on ofTer There was a medium attendance, the best types of horses being keenly competed for. Very few hacks were yarded, and those that were on offer met with fair competition. A few medium-weight mares with foals ul foot and in foal were keenly competed for. Young good quality farm mares and geldings, £3O und £4O; medium-weight mixed aged ditto, £lB to £26; mares and foals, £2l to £2B 10s; hacks, £2 10b to £8; medium-weight broken horsee, £l6 to £2O.