STOCK MARKETS NO WEAKER

Southland Times, Issue 23736, 7 February 1939, Page 3

STOCK MARKETS NO WEAKER

EVENTS IN EUROPE FAVOURABLE BUTTER PRICES FIRMER (Received February 6, 7.10 p.m.) LONDON, February 5. Although the stock markets’ volume of business and inquiries contracted at the week-end after the rebound caused by Herr Hitler’s exchange of his guise of ogre to the markets for that of fairy godmother and the gold revaluation, it is regarded as a favourable omen that prices, although easier, have not weak- . Commodities are generally firmer as a result of international relief. Butter is firmer because of reduced Australian gradings, but cheese is weak. Dawson and Sons, reviewing the wool sales, says there is no justification for optimism in the long-range view until the European Powers have settled their outstanding problems.. Meanwhile, the British domestic financial and industrial position does not suggest a serious trade cession. Wool, like most commodities, is now down to a reasonable level which must create an additional demand because of its relative cheapness. The recent sales have somewhat ironed out the serious disparity between the value of Merinos and crossbreds, the latter receding slightly more, although even now the average is out of the line of relative value to the finer grades.

THE WOOL MARKET z

IMPROVEMENT MAINTAINED AT SYDNEY SALES (Received February 6/9.30 p.m.) SYDNEY, February 6. At the wool sales 10,932 bales were offered and 10,254 were sold, also 404 privately. The improvement in the market reported on Thursday was fully maintained in the case of all wellgrown wools. Prices ruled from par to 5 per cent, higher, comebacks and crossbreds sharing the improvement and meeting a particularly strong demand, especially from Japan. Competition was well distributed. Greasy Merino made up toiled. The average price for wool last week was £l2 16/9 a bale, or IOJd per lb. MINING CLUTHA RIVER (United Press Association) DUNEDIN, February 6, For the week ended February 3, Clutha River Gold Dredging Ltd. reports the recovery of 98oz for 136 hours. MATAKI (United Press Association) AUCKLAND, February 6. The Mataki return for the week ended February 3 was 290 z for 106 hours’ work and 7200 yards.