BASE METAL PRICES

New Zealand Herald, Volume LXXV, Issue 23112, 10 August 1938, Page 9

BASE METAL PRICES

CAUSES OF SETBACK EUROPE AND AMERICA CHANCE OF HIGHER VALUES While the steady decline in base metals from the high price levels attained in the early months of 193" lias eloudod the immediate outlook of the market, the' opinion of both producers and merchants is that it would, take little to bring back more prosperous conditions. The inference is takoil from the present stock position and world consumption that there is n reasonable chance of higher values before long. These views were shared by Lord Home, chairman of directors of Zinc Corporation, Limited, and Sir Charles "Barrie, chairman of jNletal Traders, Limited, at recent meetings in London. Fear of war in Europe and .more deflation and fear of jxilitical repression of industry in the United States are factors the removal of which is indispensable to recovery. Lord Home declared that, measured by its damage to the well-being of the world, the political conflict with United States industry had been disastrous. He went so far as to predict that its continuance might jeopardise the prospects', of'! an Anglo-American trade agreement j and even threaten existing currency i arrangements. , An optimistic view of the future' of j the metal markets is taken by the National City Bank of New York in j its July circular, which states that the strengthening of commodity prices is one of the developments from which j business may justifiably draw encour- ; age in cut. Tin lias risen sharply 011 tlio reduc- ! tion in the export quota to 45 per cent and the decision to segregate a proportion of shipments in a buffer pool. Lead and zinc have both been marked up, ami the copper market, shows a stronger tone, due to a rise I in the London price. PRICES IN LONDON A FIRMER. TENDENCY LONDON, August S ! Following are to-day's quotations on the London metal market, compared i with those of August 5: , Aug. S ,'Aug. 0 Per toil Per ton £ s d i; s if Copper, -stan., spot 41 33 0 41 7 0 Copper, stan., 3 inos. -11 ID 4Y a 41. 33 l'A Copper, electrolytic 40 30 0 40 3U 0 to to 47 15 0 47 JO 0 Copper, elect., wire bars .. .. 47 35 0 47 30 0 Lead, soft, spot .. .11 14 1/, It & JVa Lead, soft, forward 34 14 l'/ 3 14 33 30 1 /a Spelter, spot . . 34 0 0 33 30 JO 1 /, Spelter, forward .. 14 5 0 14 J 10% Tin, stan., spot .. I!>4 "17 0 303 7 0 Tin, stan., 3 1110s. 105 17 G 105 2 0 GOLD RISES AGAIN HIGHEST PRICE OF YEAR QUOTATIONS FOR SILVER LONDON, August 8 Fine gold is quoted to-day at £7 2s 3d an oz., the highest price of the year, compared with £7 2s ljd on Saturday. Silver is quoted at 193 d an oz. spot, j and 19Id forward, compared with j 19 7-16 d and 19 5-16 d on Saturday. The quotation for silver at per fine oz. is 20£ d, same as on August 5. The following is a summary of the fluctuations in the price per ounce of fine Kold this year:— £ s d Highest price, August 8 .. 7 2 3 Lowest price, January 3 .. 030 5 August 2 . . . . ..718 August 3 . . . . ..72 OVa August 4 . . . . ..7 2 0y 2 August 5 . . . . ..720 August 0 . . . . ..721% August 8 . . . . ..723 STANDARD CEMENT, LIMITED DIVIDEND RATE RAISED (Received August 0, 8.50 p.m.) SYDNEY, August 9 The trading profit of the Standard Portland Cement Company, Limited, for the year ended June 30, rose by £29,972 to £99,853. The dividend "rate is raised from 8 per cent to 10 per cent, and absorbs £39,941. The company, which is registered in New South 'Wales, has an issued capital of £399,406. The dividend in 1936 was 7i per cent. AMERICAN PRODUCTION INCREASE BY NEW YEAR Business statistics indicate that the industrial production in the United States and Canada, which is now 81 per cent, will probably rise to 90 or 95 per cent by the Now Year, states a report from Vancouver. Department store sales are ,almost back to last year's excellent figuro. For three months the national consumption of manufactured goods lias been running ahead of production. COMPANIES' CAPITAL ALTERATIONS NOTIFIED Tlio following increases of capital are notified in the Mercantile Gazette:— Bel-Wood Bitumen Products, Limited. Auckland.— Capital increased by addition thereto of £SOOO beyond registered capital of £3OOO. Payne (James), Limited, Auckland. —Capital increased by addition thereto of £2OOO beyond registered capital of £IO,OOO. Modaire. Limited. Auckland. —Capital in■crensed by addition thereto of £IOOO beyond registered capital of £IOO. . Carr, Stretton and Company, Limited. Auckland.—Capital increased by addition thereto of £SOO beyond registered capital or £°ooo Spiral Locks. Limited. Wellington.-—Capital increased by the addition of £2500 beyond the registered capital of £SOOO. , , , Peterson (S. W.) and Company, Limited. Wellington.—Capital increased from £IO.OOO to £12,500 by the creation of 2500 ordinary shares of £1 each. t , ... ~ Prbvincial Discounts. Limited, Wellington. —Capital increased from £OBOO to £12.800 by the issue or 3000 ordinary shares of £1 " The following company's capital has been reduced: — _. ~ , Havwood Bros, and Company, ■Limited. Chrisicluirch. Capital 127.584 10s reduced to £108!) 5s 3d into 21.831 ordinary shares or Id each and 1020 preference shares of 'ls each. YELLOW CABS' BONUS The directors of Yellow Cabs of Australia. Limited, are recommending the payment of a final dividend of 4 jior cent, making 8 per cent for the yenr, and a bonus of 4 per cent. Last year, when pet profit was £11,186.'a dividend of 6 per cent absorbed £9471. The directors, in recommending the dividend and bonus, state that the net profit for the yenr shows a considerable increase over that of the previous year, and the suggested bonus is partly due to the results obtained from the seequi-centenary celebrations \ in Sydney.