ORDERS FOR STEEL

New Zealand Herald, Volume LXXVI, Issue 23384, 28 June 1939, Page 9

ORDERS FOR STEEL

DEFERRED PAYMENT PLAN

OBJECTION IN AUSTRALIA VIRTUALLY AMOUNT TO LOAN SYDNEY, June 27 Representatives of Australian steel suppliers state in reply to New Zealand complaints with regard to the withholding of further orders, that continued shipments of heavy goods on a basis of deferred payment would virtually amount to a loan to New Zealand of capital which the industries concerned could bettor use in their own undertakings. Acceptance of payments in New Zealand on the understanding of subsequent transfer to Australia would be a gamble on the ultimate nehaviour of the New Zealand exchange rate. The fact that the New Zealand Government had planned to create its own iron and steel industry disposed of any argument that New Zealand was entitled to special consideration as a prospective permanent customer of Australian heavy goods, it was stated. The position referred to has been created by the refusal of the Broken Mill Proprietary Company, Limited, to make shipments of steel i'rom Australia to New Zealand in the second licensing period of the year unless the Reserve Bank of New ' Zealand will guarantee that the necessary funds for payment will be forthcoming. The situation was placed before the Government recently by a deputation representing the New Zealand Steel Guild. TINPLATE PROJECT INDUSTRY IN AUSTRALIA SOUTH WALES PERTURBED The tinplate industry in South Wales has been perturbed by the news that Australian interests propose to set up the manufacture of linnlates in that count rv. Between i."2 .•>()(). 000 and c;!.(K)().()( 10 are to be spent on the proposed plant, which may be able to supply not only Australia s requirements. but also part of those of the neighbouring countries. Australia has long been one of the best overseas customers of the Welsh tinplate industry, whose apprehensions can therefore be readily understood, the more so as Australia is already supplying most of its requirements of galvanised sheets and many other materials Australians meet criticism of the development of manufacturing industries behind high tariff walls by referring to the growth of agricultural protection in Britain and to the strategical need for the dispersion ot industry within the Umpire, which would render the Dominions less dependent on supplies from the Vnited Kingdom in an cmergenev. states the Financial News, London. Australia's steel-producing capacity already exceeds 1.000.000 tons per annum; and she is already supplying Britain with crude steel. EXPORT OF BANKNOTES A LOOPHOLE CLOSED RESERVE BANK DECISION [by TKLEGJIAPn —OWN COIIRKSPON'DENT] CHRISTCHURCH, Tuesday The decision of the Reserve Banlv of New Zealand to refuse for payment New Zealand notes paid into banks out of the Dominion was reported in the Economist. London, on April 29. The step is said to have been taken to close a loophole through which capital has been escaping from New Zealand. Authorities in Wellington to whom this report was referred had no comment to make on it. They also had nothing to say about a suggestion, contained in the same report, that New Zealand was buying up some of the £'17,000.000 of 3J per cent stock maturing next January. The remarks of the Economist on this subject were: —"Tfce New Zealand authorities are believed to have purchased about £500.000 of the maturing loan, and if the conversion operation is to be approached with fair hopes of success the official, purchases of the stock will have to "acquire far greater momentum over the coming months." GOLD AND SILVER QUOTATIONS IN LONDON LONDON. June 20 Fine gold is quoted to-day at £7 8s 6d an ounce, same as on Saturday. Silver is quoted at 19Jd an ounce spot and 19 7-16 d forward, same as on Saturday. The quotation for silver at per fine ounce is 21 3-16 d, compared with 21d on June 23. The following is a summary of the fluctuations in the price an ouiice of fine cold this year: — £ s d Highest prirc, January 4 .. 7 10 r> Lowest price, January 27 . . 7 8 2 ■Tunc 20 j. S 5% June '-I ,1 « June 22 . . • • '• J. , ~ •Tune 211 i £ f > June 21 - q « June 21! " PRICES OF METALS COPPER SLIGHTLY FIRMER F,ON DON, June 20 Following are to-day's quotations on the London metal market, compared with those pf June 2.'5: June 20 June 2.'! L'er ton Per ton £■ s (I £ s d Copper, stan, spot 12 O <"j It l'i 10% Copper, stan.. .1 mos. 12 <> 10% 12 3 IA Copper, electrolytic 17 •"> 0 •!" O 0 to to IS 5 0 18 0 0 Copper, elect., wire l,ar« I s 0 IS 0 0 Lead, soft, spot 14 in 1% 14 12 <> Lead. soft, forward 11 11 4Vj I I ir> ~/? Spelter. Miot It 4 1% 14 1 10% Spelter, forward 14 S 1% 14 7% Tin. stan.. spot . 220 I~> o 225» 17 G Tin. stan., 3 mos. 112 n 221 17 <> CALL AND DIVIDEND LIST Dlvldoids — Due C.oldsliroueli-Mori - -final. 2% p.c. To-da.v North Broken Hill —quarterly, lid a share To-day farmers' Trading—ord. 7 p.c li.n. • ■ To-morrow Moonlight O.oldfirlds British Tobacco —quarterly, ord . 2 p.c. I line :tll Mortis lledstruiu —final 3 p.c. (Fiji currency) June 3n K. nnil E Tingey—pref. half yearly :> p.c. . . . I line 3t) Koiniita Heel's —filial. ltd sterling a spare . luly 1 National Mortgage—int.. .*> p.c. p;a. sterling .. .Inly I Queensland Insurance— int.. Is a share July 1 Felt nnd textiles —2nd pref. (March 13 to June 30), 0 p.c. p.a. .. .. .. .Inly l FI M. Arcade —int pref. 2 3-5 p.c.; ord., 3 p.c. .. .. July I Nat. Bank N.Z.— final, 2% p.c. (less British income tax) . . July I Blackball Creek- first. 10 p.c. .. July 4 Consolidated Brick —final, 3 p.c. July fi Dominion Breweries—final, 12 p.c. p.a. .. .. .. July 8 Woohvorths (N.Z.) —int., fi p.c. July 15 Wootworths (Props.)—half-yearly preferred ordinary, 0 p.c. p.a July ir> G-. J. Coles—A pref., half-yearly, » pr n.a .. July lft Okarito Dredging (Sonlti Westland) —Oil a share . . July 22 Calls— Broken Hill Ply.—new, final, 0s a share .. .. .. July ai