LONDON MARKETS QUIET

Southland Times, Issue 23166, 6 April 1937, Page 3

LONDON MARKETS QUIET

WHOLESALE PRICES RISING SHORTAGE OF SKILLED LABOUR LONDON, April 4. The markets have been quiet owing to the holidays, the Press taking advantage of the lull to analise the national outlook, The Times weighing in with a vigorous warning of the dangers of rising prices and the importance of avoiding a clash between the demands of the Government and private industry. The Economist, taking the editorial of The Times as its text, in a notable article emphasizes that it is important that the Imperial Conference should clearly grasp the fact that the economic situation has radically changed since the Ottawa Conference and that an extensive programme of public works, disguised under the name of rearmament, coincides with a peace-time boom.

Wholesale prices are already rising alarmingly and a serious shortage of skilled and semi-skilled labour is developing in certain key industries. Unions are demanding higher wages and sporadic strikes have already occurred. Some industries, to which export trade is of vital importance, are refusing foreign orders because they are unable to satisfy even the demands of home consumers.

Persistent rumours from New York that the sugar conference seeks to stabilize the price at between and 1J cents per pound cannot be confirmed in London and a preliminary meeting of the International Sugar Committee which disagreed on the beet quota indicates that the conflict between cane and beet producers which lies at the bottom of the dismal history of sugar cannot be solved easily. Optimism has temporarily departed from the metal market and there is likely to be a further decline as the result of President Roosevelt’s criticism of excessive prices. SYDNEY - STOCK EXCHANGE METAL MARKETS WEAKER (Received April 5, 9.30 p.m.) SYDNEY, April 5. The recent drift in base metal prices was reflected in further weakness in Great Barrier and Mount Lyell shares and the investment market was today easier. Today’s

MINING RETURNS ADDISON’S FLAT (United Press Association) WESTPORT, April 5. The Addison’s Flat Gold Mining Company’s return for the period ended March 31 was 30oz of gold for 35 shifts. OKARITO (United Press Association) DUNEDIN, April 5. The Okarito Five Mile Beach gold dredging return for the week ended April 3 was 19oz 2dwt for 128 hours’ work. GOLDFIELDS DREDGING (United Press Association) DUNEDIN, April 5. The Goldfields Dredging Co’s return was 18oz Idwt. ONION INDUSTRY REGULATIONS Regulations for the control of the onion industry have been drawn up undei the Board of Trade Act. The regulations were published in the New Zealand Gazette of March 18 and deal with grading procedure, minimum prices and methods of disposal. For the purposes of the regulations also, the Dominion has been divided into four onion districts, each island being split up into northern and southern portions. Onions grown in any one of the defined districts may not be disposed of by auction outside that district without a permit. Growers and vendors of onions are also required to submit at the end of each month a return showing their transactions during the month, thus enabling a check to be kept on available stocks and giving a guide to the necessitv or otherwise of imports.

quotations are:— £ s d Bank of New South Wales 38 0 0 Commercial Bank, Sydney 22 18 0 National Bank (£5 paid) 8 0 0 Associated Newspapers 1 3 7>/ 2 do. (pref.) 1 3 3 Burns Philp 3 19 0 British Tobacco 2 12 3 Tooth’s Brewery 2 16 6 Toohey’s Brewery 3 13 6 Australian Glass 4 14 6 Wilcox Mofflin 14 4 Henry Jones 2 7 9 Winchcombe Carson 1 16 6 John McGrath 2 3 6 United Provisions 11 4 Sergents 1 14 0 Peters 2 9 3 Gordon and Gotch 2 12 6 Kandos 1 4 9 Waldas 1 2 9 Electrolytic Zinc 3 2 6 Woolworths (buyer) 7 2 0 Woolworths (N.Z., buyer) 7 6 0 Selfridges (N.Z.) — Buyer 3 11 Seller 4 0 Sale 4 0 Mount Morgan 17 714 Mount Lyell 2 9 3 Rawang Tin 12 3 Larut 1 0 0 Melbourne Sales The Melbourne market is generally quiet and steady, base metal stocks being a shade better. Quotations were:— £ s d Commercial Bank of Australia 19 10 National Bank (£5 paid) 7 19 0 do. (£10 paid) 16 5 0 Adelaide Steam 1 12 6 Howard Smith 1 3 6 Ci'.rlton Brewery 3 4 6 G. J. Coles 5 3 0 Drug Houses 1 9 114 Australian Iron and Steel (pref.) 1 8 714 Australian Glass 4 14 0 Dunlop Perdriau 1 1 3 do. (pref.) 1 15 0 Goldsbrough Mort 1 17 9 General Motors 1 4 6 Hume Pipe 1 0 6 Mount Morgan 17 9 Mount Lyell 2 9 3 Broken Hill Propty. 4 5 9 North Broken Hill 4 2 3 South Broken Hill 2 12 3 Waldas Shoes 1 1 6 Sulphide 16 11 Kauri Timber 1 3 9 Emperor 19 6 Loloma 1 4 0