COMMERCE AND FINANCE

Otago Daily Times, Issue 21242, 24 January 1931, Page 9

COMMERCE AND FINANCE

|7 THE SHARE MARKET.

DUNEDIN STOCK EXCHANGE.

WHEAT, OATS, ETC

The second week of the year hag not ■een a great deal of change in prices on the Dunedin Stock Exchange compared with the previous period, and very little more business has been transacted. In all, only six transactions have been recorded. There has been a little improvement in a few lines, but a greater number of stocks have tended to ease. Most noticeable of' the latter are New Zealand Breweries shares which are at a lower figure now than has been the case for a long period. Commercial Banks, too, have been at a low ebb, but these shares have improved a little during the week, a sale being recorded at a price 9d in advance of the previous transaction in these shares which took place at the end of last week. Okaritos, which were easing steadily at the close of last year, have improved a little, but no business has been attracted. When the period was commenced there was a seller of Bank of New Zealands at 49s 6d, but when a buyer came forward at 48s, sellers quoted 495. There was a sale at 48s 6d and sellers were then asking that figure. When the market closed the shares were on offer at 47s 9d with no buyer forward. Offers of 13s 9d were first received for Commercial Banks, a late sale on Friday s of last week having been reported at 14s, The offer was then increased to 14s 3d with a seller in the market at 14s lOd. Another sale took place at 14s 9d, and the close of the market found buyers offering 14s 4d, with a seller forward at 14s 9d. The offer for New Zealand Insurances stood at 40s 9d for some time until a sale was recorded at 41s 3d, after which the later figure was the offer with sellers in the market at 425. The buying quotation soon eased, however, to 40s 6d, sellers then demanding 41s 3d. They improved again to 41s yesterday, no seller being forward. Buyers of Kaitangata Coals have continued to offer 2s discount for these shares, but sellers have been firm at par. There was a sale at the former figure, and the market closed with a buyer at 2s discount. , There have been few quotations for Westport Coals, but a sale was recorded at 255. The shares were later offered at 26s 6d, no buyer being attracted. Contributing New Zealand Refrigeratings were first asked for at Is 2d. with sellers asking 3d more. There was a sale of these shares at Is 3d and the close of the market saw buyers offering Is with a seller forward at Is 4d. Up to 27s 6d has been offered for British Tobacco shares, but sellers have been firm at 28s 6d. Bruce Woollen shares, preference issue, have showed an improvement, buyers, who up till yesterday, have been offering 15s, quoting 16s 6d. Sellers, however, would not do business at less than 20s. New Zealand Drugs have been asked for at around 50s during the week, but sellers have failed to quote better than 519 6d - . , « 3 New Zealand Breweries have suffered a steady decline for some time. At the commencement of the period, the shares were being offered at 36s _6d, the price falling from day to day until 33s was the demand with a buyer in the market at 31s 9d. The close of the market found a slight improvement, buyers offering 32s Id and sellers demanding 33s 6d. Mount Lyells were first • asked for at '' 17s, but there has been a firming in the price, and the market closed with buyers at 18s 6d and sellers at 19s 3d. By the end of the week Okaritos had advanced in demand to 5s 3d with a seller at 5s sd, but no business resulted. The following are yesterday afternoon's buying and selling quotations, which are Subject to the usual brokerage:— BANKING. Bank of Australasia—Buy £B. sel £9. Bank of New Zealand—Sel 47s 9d. Commercial Bank —Buy 14s 4d, sel 14s 9d. , . Commercial Bank (pref.)—Buy £5 se. National Bank of New Zealand—Sel £5. Union Bank —Sel £8 17s 6d. ' , INSURANCE. National Insurance Co.—Buy 13s 3d, ■e] 13s lid. N.Z. Insurance Co.—Buy 41s. Standard Insurance Co. —Buy 425, sel 475. SHIPPING. Huddart, Parker (pref.)—Sel 20s. P. and O. Deferred Stock—Sel 425. U.S.S. Co. (pref.)—Buy 19s. COAL. Kaintangata—Buy 2s die. Westport Coal Co. —Sel 26s 6d. LOAN AND AGENCY. Dalgety and Co. —Buy £6 7s 6d. Goldsbrough, Mort—Sel 18s. National Mortgage—Sel 545. National Mortgage (“ B ”) —Sel 30s. MEAT PRESERVING. N.Z. Refrigerating (cont.) —Buy Is, sel Is 4d. MISCELLANEOUS. British Tobacco —Buy 27s 6d, sel 28s 6d. Bruce Woollen Co. (pref.)—Buy 16s 6d, •el 20s. Crystal Ice Co. —Buy 21s. D.I.C. (ord.)—Sel 20s 6d. D.I.C. (pref.)—Buy-20s. Milburn Lime and Cement —Sel 30s. M‘Leod Bros.—Buy £l9. National Electric—Sel 13s 6d. N.Z. Drug Co. —Buy 50s, sel 51s 6d; N.Z. Express (pref.)—Buy 15s 6d. N.Z. Paner Mills (ord.)—Buy 17s 6d, «el 18s 9d. Regent Theatre—Sel 19s. Smith and Smith (pref.)—Sel 18s. Wilsons (N.Z.) Cement —Sel 38s. BREWERIES. N.Z. Breweries, Ltd.—Buy 32s Id, ssl *> 23s 6d. N.Z. Breweries Debent.—Buy 21s. MINING. Waihi Grand Junction—Buy 2s 2d. Mount Lyell—Buy 18s 6d, sel 19s 3d. King Solomon —Buy sd, sel Bd. Cornish Point—Sel 3d. Mahakipawa—Buy Sd, sel lOd. .;• Kildare —Buy Bd, sel Is. Dkarito —Buy 5s 3d, sel 5s sd. Paddy’s Point —Sel 3s sd, WAR BONDS. 4} per cent. Bonds, 1938 —Sel £97 ss. ;; 4i per cent. Bonds, 1939 —Sel £97 ss. NORTHERN EXCHANGES. (Pee United Press Association.) The following business was done on ’Changes yesterday:— Auckland.—Sales: Auckland Drainage Board (1932) 4 per cent., payable in London, £96; Commercial Bank of Australia, 14s 7d (2), 14s 6d, 14s sd; Bank of New Zealand, 48s 3d; New Zealand Insurance, 41s 9d; Australian Glass, 24s 6d; British Tobacco, 28s 4d; Colonial Sugar, £3l ss; Waihi Mining, 15s 6d. Late sale Thursday; Mount Lyell, 19s. Wellington.— jSales reported: Bank of New Zealand, £2 8s (late sale Thursday); National Bank of Australasia (£5), £4 15s. Christchurch. —Sales: Australian Bank of Commerce, 14s 6d;_ Commercial Bank of Australia (cum div.), 14s 7d (5); British Tobacco, 28s (2); Mount Lyell, 19s; Mahakipawa, 8d;; New Zealand Breweries, 32s 6d, 32s sd, 32s 6d. Sales reported: British Tobacco, 28s 4d; Commercial Bank, 14s 9d. CHICAGO WHEAT MARKET. (United Press Association.) ' ’ (By Electric Telegraph—Copyright.) NEW YORK, January 22. Chicago wheat: March, 80J cents per fcushel; May, 83J; July, 65J. AMERICAN MONEY RATE. (United Press Association.) (By Electric Telegraph—Copyright.-) NEW YORK, January 22. Call money rate of renewal was 1J per •ent. all day.

LOCAL AND OVERSEAS MARKETS.

DUNEDIN MARKETS.

There is no business passing in milling wheat, as millers are now waiting for the new crop to come on the market. In the Taieri and Milton districts, however, it will be some time before the crops are ready for thrashing. During February, on the other hand, harvesting should be general in Central Qtago. Dry weather has affected the crops to some extent in Central Otago, but the rains which have fallen in this district during the week should _ benefit them considerably. The crops in the Taieri and Milton districts are looking well, and good yields should be obtained. Reports from Canterbury state that the hot north-west winds which have prevailed since Christmas have badly affected the growing wheat, especially north of Ashburton. The winds have caused the wheat to ripen prematurely, and the heads will as a consequence be lacking in weight. Millers’ prices for flour, etc., as are follow: — Flour: 2001 b, £l7 ss; 100’s, £lB ss; ,50’s, £lB 10s; 25’s, £l9. Bran, £6 per ton. Pollard, £6 5s per ton. Oatmeal: 2001 b, £24 10s; 25’s, £25 10s. The only business passing on the local market is for small lots of fowl wheat. Local values for this wheat have been declining owing to the cheaper quotations appearing on the market from Canterbury, where merchants are anxious to clear their stocks before the new wheat comes forward. Buyers, however, are operating very cautiously. In the meantime the nominal quotation for good fowl wheat is Gs 3d per bushel, sacks extra, ex store. The market prices for old milling wheat may be given as about equal to those ruling for the new wheat, _as there is no chance now of selling milling quality at the previous rates. New wheat is quoted on a basis of 5s lOd f.0.b., sacks extra, for Tuscan, with the usual increments tor Hunters and Velvet. , Little business is passing in oats, and merchants holding stocks have been reducing their quotations in order to make sales. The current quotation for As varies from 3s Id to 3s 3d f.0.b., s.i., with little interest being displayed. New season’s oats are now making an appearance in Canterbury, and 2s to 2s 3d per bushel, sacks extra, on trucks country sidings, is the quotation for Algerians. The price for Algerians is low this year, consequent on the low quotations being received from Australia and the trend of lower values for all farm produce. Canterbury grown oats have also been affected by the hot north-west winds experienced there. In Otago the crops are backward, and are in need of more sunshine. Few consignments of chaff are reaching the market, and it is difficult to make sales. Feeders realise that the market must decline, and they are satisfied to look on in the meantime. Moreover, owing to an absence of work for carters, more horses than is usual at this time of the year are being turned out to grass. The only way in which chaff can now be placed is in small lots, ex store. The top value of the best_ quality is £5 per ton, sacks extra, and in order to force sales lower prices will have to be accepted. The potato market is being well supplied. A number of are_ digging earlier than usual and sending in their potatoes in order to obtain a monetary return as quickly as possible. This has caused an over-supply of tubers, and sales have had to be effected at lower prices. The current value of local-grown potatoes —ton lots —is in the vicinity of £8 10s per ton. , New season’s ryegrass is now coming on the market in Canterbury. Merchants are not buying to any extent, as they consider that farmers’ ideas of value are too high. The quality of the seed is not of the best, it being on the light side. The drying winds in the north have brought the seeds on too quickly. As far, as the Otago district is concerned, it will be some time yet before the new season’s ryegrass is available. It is expected that there will be a heavy crop of cocksfoot this season, and that more of thio variety will be saved in the outlying districts than usual. As a consequence it is expected that lower prices will rule than has been the' case for a number of years. Reports from the south go to show that the fescue crops are looking well, and the same can also be said of the crops of crested dogstail. The crops in the south are coming on nicely, and the heads are filling without premature ripening. Produce lines are quoted wholesale as follow:

Chaff: Good quality, £5 per ton, ex store, sacks in, for prime; £4 to £4 10s, sacks extra, for medium. Eggs;. Stamped, Is Id, case Is. Dairy butter: Milled bulk, 9d to lOd per lb; pats, 8d to 9d. Bacon, Is Id per lb. Hams: Ordinary, Is Id; boneless, Is 2d per lb. Onions: Melbourne, 16s per cwt. The dairy butter market continues very weak. Eggs are plentiful, and prices are low. FRUIT REPORT. All varieties of fruit have been in heavier supply during the week. Prices, liowever, have been erratic. Cherries, for instance, were offering at low rates early in the week, but supplies have since eased off and the market has firmed _ a little. Choice quality cherries were selling at as low as 6d per lb a few days ago, but the wholesale prices then advanced to Is per lb. The Florence variety of cherry is the one most on offer. Small lots of strawberries ’are still reaching the market. Best quality have a good demand. Other sorts arc offering at low' rates. Early peaches are in fully supply and prices are easier. The quality is improving with each consignment. Some of the peaches are, however, very small, and are really not worth sending to the market. Apricots are also in better supply. The market is over supplied with tomatoes, many consignments arriving from Canterbury. Many of the tomatoes are, however, in an over-ripe condition. These have to be sold at any price obtainable. The market is expected to firm up considerably before the outside grown tomatoes reach the market. Reports from Christchurch state that the outside grown will be late this season, and that it is probable that only small quantities will be available. Oranges are in good supply and sales are hard to effect. Ripe bananas have a good demand. The Waipiata which arrived yesterday, brought supplies of Fiji and Samoan bananas. The cargo was being unloaded yesterday afternoon. Large supplies of new season’s_ apples are arriving from Nelson, . Lines of Beauty of Bath are now arriving from Central Otago. These are offering at low rates compared with the prices ruling in previous years. Sales of all classes of vegetables have been on the slow side, as householders are now using the vegetables from their own gardens. The potato market has eased. Heavy supplies are being received from the Outr.am and Kakanui districts, and also from the suburbs. Peas are plentiful. The demand is practically confined to good sound quality, for which ljd to 2d per lb can be obtained. Wholesale prices are as follow:Apples: Nelson Gravensteins, 10s to 12s Cs per case; Nelson Astrachans. 9s to 11s; Central Otago Beauty of Bath (crates), 2Jd to 4jd per lb. Bananas: Ripe, to 25s per case. Oranges; Australian Valencias, 13s to 16s: Californian navels, 30s to 40s per case. Lemons: Californian. 40s per double case. Cherries; Choice, 8d to Is per lb; others, 4d to 7d. Strawberries; Choice, 9d to Is 2d per pottle; others, 5d to 9d. Tomatoes: Christchurch hothouse firsts, 6d to 8d; dessert, 5d to 7d; local-grown, 7d to lOd; small and inferior, 4d to 6d. Apricots; Choice, crates 3d to sd; cases 4s 6d to 7s 6d. Red and black currants. 4d to 5d per lb, Gooseberries, Id to IJd. Plums: Dessert, 2d to 3d per lb; cooking, to 2d. Peaches: Crates, choice, 3d to 4d per lb; cases, 2s 6d to 4s 6d. Loganberries, 7s to 8s per bucket. Raspberries, 7s 6d to 8s 6d per bucket.

Cauliflowers: Choice, 3s to 4d per sack; others. Is to 2s per sack. Cabbages. Is 6d to 3s per sack of 18. Lettuce; Choice, Is to 2a per dozen; others very slow of sale. New potatoes: Local, Id to Ijd por lb. Rhubarb, Is to Is 6d per dozen bunches; loose, Id to l|d per lb. Cucumbers: Hothouse, 6s to 8s per dozen. Swedes, 4s to 4s 6d per cental bag. Green peas, Id to 2d per lb. New carrots, 4s per sugar bag. Broad beans. Id to l|d per lb. LONDON WOOL SALES. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 22. At the wool sales 9612 bales were offered, including 1204 from New Zealand. Approximately 4150 bales were sold. There was a large offering of greasy merinos, principally super-styles wool and a miscellaneous lot of scoureds. The bidding was restricted almost entirely to Yorkshire. Prices were unchanged, and there were heavy withdrawals owing to the reserves being too high. New Zealand greasy crossbred, “H. 8.,” 6Jd and s|d, WHEAT. FLOUR. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 22. Wheat: Cargoes are firm and prices are steadily maintained. Parcels are 3d higher. Futures —London: February and April, 19s Id. Liverpool: March, 4s 2|d; May, 4s 3d; July, 4s 4|d. The spot trade is dull. Australian, ex ship, 24s 6d. Flour is quiet. Australian, ex store, 20s to 21s. Oats, peas, and beans are slow and nominally unchanged. BUTTER AND CHEESE. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 22. Butter is dull. Danish, 130 s. Choicest salted New Zealand, 114 s to 116 s; Australian, 108 sto 112 s. Unsalteds are 2e to 4s premium. Cheese has a very poor market. New Zealand white and coloured, 55s and 565; Australian, 545. The following cablegram hag been received by Messrs A. 8. Paterson and Co. from their London principals, dated January 22: Butter.—Market quietly steady. Danish unchanged; New Zealand, 114 s to 116 s; Australian, 108 s to Ills. Cheese.—Market depressed; sellers anxious; 55s to 565, Messrs Dalgety and Company, Ltd., have received the following cablegram from their head office, London, dated January 22; —The butter market is quiet, and the market for cheese is dull and lower. Quotations: —Danish butter, 130 s to 1325; New Zealand finest butter, 114 s to 116 s; Australian finest unsalted, 110 s to 114 s; Australian finest salted, 108 s to 112 s; Australian finest G.A.Q., 102 s to 106 s. Australian cheese not quoted. New Zealand cheese, white, 54s to 565; New Zealand cheese, coloured, 54s to 565; Canadian cheese, white, 72s to 78s; Canadian cheese, coloured, 72s to 765; Canadian cheese, c.i.f., not quoted. ■ FROZEN MEAT. Messrs Dalgety and Company, Ltd., have received the following cablegram from their head office, London, dated January 22: . Lamb.—The market for New Zealand lamb is weak and the demand is moderate. Quotations: —New Zealand prime Canterbury lamb, not quoted; New Zealand prime North Island, 28/361b, 8d; New Zealand prime North Island, 36/421b, 8d; New Zealand prime North Island, second quality, 7Jd. Mutton. —The market for New Zealand mutton is weak and the demand is quiet. Quotations: —New Zealand prime Canterbury mutton, not quoted; New Zealand prime North Island mutton, 48/561b, 4£d; New Zealand prime North Island mutton, 56/641b, 4Jd; New Zealand prime North Island mutton, 64/721b, 4Jd; New Zealand prime North Island ewes, 48/641b, 3|d. Beef. —The market for beef is weaker, and the demand is poor. Quotations; — New Zealand prime ox beef hinds, 44d; New Zealand prime ox beef fores, 3|d; Argentine chilled hinds, 6£d; .Argentine chilled fores, 4d. Pork.—The market for pork is dull and declining, and the demand is limited. Quotations: —English porkers, 80/1001b, 9d; New Zealand porkers, 80/1001b, 6Jd; New Zealand porkers, 100/1201b, s£d. Australian Lamb.—The market for Australian lamb is weaker, and the demand is poor. Quotations; —G.A.G. Australian lamb, 28/36!b, 7£d; G.A.Q. Australian lamb, 36/421b, F.A.Q. Australian lamb, 28/361b, 6Jd; Third Australian lamb, 5Jd. Australian Mutton. —The market for Australian mutton is weak,_ and the demand is limited. Quotations: —G.A.C. Australian mutton, 40/601b, 32d; F.A.Q. Australian mutton, 30/551b, 3jd; Australian ewes, 3Jd. Quotations are for new season s South Down lamb, and last season’s mutton. CANTERBURY ‘ MARKETS. (Per United Press Association.) CHRISTCHURCH, January 23. The latter half of this week has been one of inactivity in the grain and produce market. In the potato section there has been a total lack of life since the last report at the end of last week, and at the commencement of this one there was a shortlived rush, and values reached £4 7s 6d a ton, f.0.b., s.i. It was a “weather market.” Now that advance has ceased the quotation is £4 5s a ton, f.0.b,, s.i., for April-May-June delivery. That is the sellers’ quotation, and there are few; if any, buyers at that figure. This makes potatoes worth about £3 2s 6d a ton, on Oats and chaff are unchanged, and business is unusually quiet. Wheat has recorded no movement, and business in “ free ” wheat is on the basis of 5s 5d to 5s 6d a oushel, on trucks. Fowl wheat to-day is quoted at 5s 3d, f.0.b., s.e. There is an odd sale of old season’s fowl wheat being made at 5s 10d, f.0.b., s.e. . . There is no Business passing in small seeds. The position is that farmers’ ideas of values differ materially from those of merchants, and a deadlock at the moment is the result. BANK OF ENGLAND RETURN. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 22. The following is the Bank of England return:— , ISSUE DEPARTMENT. Note issue in circulation .. £346,461,899 Banking department 55,768,227 £402,220,126 Government debt £11,015,100 Other Government securities 233,146,155 Other securities 11,477,218 Silver coin 4,361,527 Gold coin and bullion .. .. 142,220,126 £402,220,126 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Rost 3,524,481 Public deposits 22.323,852 Other deposits (bankers) .. 68,812,580 Other accounts 33,384,549 Seven-day and other bills .. 1,440 £142,599,902 Government securities .. .. £40,246,247 Discounts and advances .. 10,994,845 Other securities 25,958,043 Notes in reserve 55,758,227 Gold and silver coin .. .041,040 £142,509,902 The proportion of reserves to'liabilities is 45.20 per cent. Short loans are quoted at 2 per cent.; three months’ bills at 2 7-32 per cent.

OAMARU MARKETS. (Special to Daily Times.) OAMARU, January 23. Thera is little to report on the grain market, and business has been quiet during the past week. Merchants are wait; ing for the new season’s crop, and several lines of “ pool" wheat have been sold, though it has been more difficult to dispose of certain varieties of “ free ” wheat. The stock market remains quiet. Practically no stores are changing hands, and transactions have been confined to butchers’ requirements and lambs for export at schedule rutas. BEET SUGAR. (United Press Association.) (By Electric Telegraph -Copyright.) LONDON, January 22. Beet sugar: February, 5s 9d. AUCKLAND GAS COMPANY. NET PROFIT OF £00,255 FOR YEAR. (Special to Daily Times.) AUCKLAND, January 23. A net profit of £90,255 is_ shown in the report and balance sheet of the Auckland Gas Company, Ltd., for the year ended December 31, 1930. To this has been added the amount brought forward of £40,425, making a total of £130,680 available for distribution. An interim dividend of 4 per cent, absorbed £44,998, and a further dividend of 4 per cent., making 8 per cent, for the year, will take £44,999, leaving the sura of £3683 to be carried forward. The working account shows that the total sales for the year amounted to £461,525, compared with £463,899 the previous year. The interest on war loan* and debentures was unchanged at £1794. The manufacture of gas cost £198,183, compared with £205,452 in 1929. The distribution costs were a little higher at £50,453, compared with £47,289 for the previous year. The sum of £25,876 was written off for depreciation, compared with £24,027 the previous year. The balance sheet shows share and debenture capital at £1,437,545, compared with £1,435,327 the previous year. Temporary loans on deposit are shown at £55,211j compared with £68,188. Capital expenditure on properties and plant is at £1,360,533, compared with £1,363,038. Investments in debentures and Government loans are shown at £40,100. The following is a comparison of the company’s results over the past three years;— 1928 1929 1930 £ £ f Brought forward 40,273 40,285 40,425 Net profits .. 89,321 89,897 90,255 £129,594 £130,182 £130,680 Dividends, 8 p.c. 89,309 89,757 89,997 £40,285 £40,425 £40,683 FOREIGN EXCHANGES. (British Official Wireless.! (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY. January 22. (Received Jan. 23. at 5.5 p.rn.)

LONDON METAL MARKET. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, January 22. (Received Jan. 28, at 8 p.m.) following aro the official quotations In the metal market:—

Par. Jan. 20 Jan. 22. Parli, fr to £1 ,, 124.21 123.87%. , — Brussels, belgas to ei SS 34.82% 34.82% Oslo, kr to £1 ,« .. 18.160 18.10% 18.10% Stockholm, kr to £1 18.160 18.12% 18.13% Copenhagen, kr to £1 18.150 18.10% 18.10% Berlin, marks to £1 .. 20.43 20.43% 20.42 Montreal, del to 61 4.86 2-3 1 4.85 0-10 4.80 3-10 New York, do) to £1 4.80 2-3 4.85 11-32 4.84% Yokohama, pence to yen 24.58 24 16-32 Hongkong, pence to do! 24.45 11% 11% Bombay, pence to rupee 18 17% 17% Batavia, florins to £1 12.107 12.07% — Milan, lire to £1 ,, 83.46 02.71% 93.72% Amsterdam, guild to £1 12.107 12.00% 12.00% Prague, kr to £1 24.02 103% 104 Geneva, kr to £1 .. 25.22% 26.00 25.00% Vienna, schillings to £1 24.50% 34.52% 84.52% Helsingfors, marks to£l 193.334 102% 102% Madrid, pesetas to £1 25.22% 40.50 46.45 Athens, drachma to £1 25.22% 875 375 Lisbon, escudos to £1 4.50% 108.25 108.25 Bucharest, tel to £1 073 817 817 Rio de Janeiro, pence to mllrels .. 18 4 17-82 1 4 7-16 Buenos Aires, pence to pesos 47.82 34% 84% Shanghai, pence to tael 23% 16% 15%

Copper, spot Ton. £41 18 X14 Fall 13/Copper, forward 44 16 1014 Fall 13/9 Electrolytic, spot 47 0 0 Fall 20/Electrolytic, forward 48 0 0 Fall 15/Wire bars .. .. — — Lead, spot 13 7 fl Fall 7/0 Lead, forward .. 13 13 8 FaU 1/3 Spelter, spot 12 11 3 Fall 1/3 Spelter, forward 12 16 714 FaU 1/1014 Tin. spot .. ., 116 3 0 Fall 28/9 Tin, forward 117 S 0 Fall 3/9 Sliver, fine 02. 1/3 15-16 Rise 2 7-lfld Silver, standard 1/3 1-16 Rise 14d