EASIER MARKETS

New Zealand Herald, Volume LXXV, Issue 23161, 6 October 1938, Page 9

EASIER MARKETS

REACTION IN LONDON PAUCITY OF BUSINESS DIFFICULTIES MORE APPARENT 1 LONDON, Oct. 4 Tho stock markets have become dull and easier,, as the' political and economic difficulties ahead are. becoming apparent.Deflation in the Stock Exchange values: lias been more abrupt than anyone anticipated. Few doubted that Friday's exuberance was overdone, but the present paucity of business is most disappointing.

LAST WEEK'S DOUBTS CONCERN OF BROKERS ' ABSENCE OF PROFITEERING Commenting on the feeling in investment circles in; Britain on Wednesday of last week, when the international situation was at its blackest, a message from London states that a small group of city men who lingered in Throgmorton Street after one of the most depressing days in the history of the Stock Exchange, did not attempt to conceal their'emotion, when news of the four-Power meeting was announced. Their feelings v were too deeply involved to' admit of attempts at trading.' All through the long , day it seemed that normal business was at an end for a long time to come.

Vans and trucks, seldom seen in the City, were actually loading books and papers from banks and offices for safe storage in rural areas when the news was announced.

The Exchange was depressing!}' empty throughout tho day. Many of the younger brokers, whose cheerfulness was irrepressible even in the past grim days, had been called up for the naval reserve, and prominent members among the older men. were absent making arrangements for their families to evacuate London or were taking measures to ens'ure tho safety of office records. '

There was almost.,a completo absence of attempts to- profit from recent events. Both "bulls" and "bears" would have found sentiment overwhelmingly against them if they had engaged in major speculative operations. The strong feeHng that attempts at profiteering would be intolerable on the occasion of another world crisis largely accounted for the morale the City has shown in the past few weeks.

WAR LOAN WEAKER CLOSING QUOTATION £lOl British Wireless . ( RUGBY, Oct. i British War Loan, 3J per cent, is quoted 6t £lOl, compared with £lO2 on September 30. DEBENTURES AND STOCKS BANK OF NEW ZEALAND LOWER LONDON, .Oct. 4 On the London Stock Exchange quotations of bank shares and other corporation. debentures and stocks compare with previous quotations as follows: — . Sept. SO Oct. 4 '' . £ s d .£ 8 d Australasia . 8 13 8 5 0 E. S. and A. ... 314 O 31.8 O Union of Aust... 6 7 6 0 15 0 New South Wales 23 7 « 23 10 0 National of N.Z. 2 0 0 2 0 0 ,N.Z. shares .. 113 0 112 0 British Tobacco . 115 7 ' Goldsbrough Mort 10 0 ' Dalgret.v .. .. G 3 -9 6. 2 6 P. and 0. Def... 0 10 10 0 19 9 N.Z. Loan & Merc. . ■a \ ;■ (4 p.c., deb.) 82 10 0 82 10 0 N.Z. Loan & Merc. _ •' (ord.) . .. 22 0 0 20 0 0 •Not quoted. .. '. ■ / ——— - > PRICE FOR MAIZE DELAY IN ANNOUNCEMENT" OLD RATE STILL OPERATING [by TELEGRAPH —OWN correspondent] : v GI6BORNE, Wednesday

No announcement has yet been' made of the minimum maize price for the current quarter. The price of 5s a bushel, f.o.b. Gisborne, .fixed for the three months to the end of September, is still operating pending a Government announcement regarding revision. It is believed that the international situation, combined! with the early elechas. caused the delay in making the new quarter's price available., It is considered Unlikely that a definite announcement will be made regarding future maize values .for a few weeks yet... , '• - 1 At present the demand is not absorbing all' the supplies that are available and the market is quiet. 'Supplies have been moving off fairly freely during the lust, few months on the basis of 5s a bifshel, but with the approach of summer it is anticipated that iuquiry will fall, away until early autumn.

GOLD PRICE HIGHER .LATEST QUOTATION £7/5/3* " -.... LONDON, Oct. 4 • Fine gold is quoted to-day at £7 5s 3id an oz., compared with £7 4s BJd yesterday. Silver is quoted at 19fd an ok. sppt and 19Jd forward,, compared with 19 5-16 d and 19 3-16 d on October 1. The quotation for silver at per fine on. is 21 3-16 d, compared . with 20 13-16 d on September 29. British Wireless RUGBY, Oct. 4 Gold to tho value of £1,008,000 was sold at £7 5s 3Jd an ounce to-day compared with £902,000 on September 30. MARKET FOR METALS ' COPPER PRICES FIRMER V. ' LONDON, Oct. 4 Following arc to-day.'s quotation? oil the London metal ujarket, compared with thoso of October 3: — Oct. 4 Oct. 3 l'cr ton Per ton £Bd £ 8 d .Copper, stan., spot 4'2 12 0 42 8.0 Cop., stun., 3 mos. 42 15 7Va 42 11 . 3 Copper, electrolytic 47 10 o 17 10-.q . . to to - * 48 15 0 48 10 0 Copper, elect., wiro bars . . . • 48 15 0 48 10 O Lead, soft, spot .. 15 1 3 15 3 1% Lead, soft, forward 15 5 7'A 15 7 0 Spcltor, spot .. 14 3 IVa 14 3 IV, Snolter. forward .. 14 7 0 14 8 iy 3 Tin, sinn., spot . 193 '2 3 100 12 «. Tin. stan., 3 mos. 197 2 3 197 12 ,3

MINING NEWS YIELDS OF COMPANIES •\ 1 1 1 Talisman Dubbo (Karangahake) For tlio fortnight ended September 17 a total of 91 tons realised £212; gold valued at £7 12s an ounce. v • Mataki Dredging (Murchison). —fteturn for September, 1730z. from 33,403 yards. , _ . ' Barrytown (West Coast). —Return for September, SWcrv, (fotu ISI,COO yards m 415 hotosj. . .