STOCKS HIGHER IN LONDON

Southland Times, Issue 23835, 5 June 1939, Page 3

STOCKS HIGHER IN LONDON

REMARKABLE SPRINT BY GILT-EDGED GOVERNMENT WOOL-BUYING METHODS RESENTED (Received June 4, 6.30 p.m.) LONDON, June 3. > In spite of mid-week profit-taking the Stock Exchange closed with prices substantially higher. Gilt-edged have risen 2.4 per cent, in the past fortnight. A curious feature of the present rise is the remarkable sprint by giltedged compared with the slower progress of industrials. Industrial recov- , ery is still far from general. The retail store sales in London dropped by 7.6 per cent, compared with last year, contrasting with the increase in the rest of England and indicating that the revival has not touched the light industries in the south. Wool textile circles are critical of the Government’s buying methods. The orders have been placed through various federations and non-federated members of the wool trade will not participate, which is felt to be unfair and, if quick output is the chief consideration, unwise. There is also considerable resentment about the secrecy with which the Government has enshrouded its operations, in contrast with the publicity given to dealings in the cotton trade. Speculative activity made butter firm on an active market. Traders consider that prices should be maintained unless disturbing political developments arise. . „ Cheese also is firmer and, as New Zealand and Australian supplies are short, should go higher. FOREIGN EXCHANGES ’ (British Official Wireless) (Received June 4, 6.30 p.m.)

THE METAL MARKET (Received June 4, 6.30 p.m.) LONDON, June 3. Metal quotations are as follows:—

RUGBY, June 3. Par. June 2 June 3 Paris, fr to £1 197.60 176 47-64 176 47-64 New York, dol. to £1 4.866 4.68 5-16 4.68% Montreal, dol. to £1 4.866 4 69 5-16 4.69% Brussels, belgas to £1 35 27.50’4 27.50% i Geneva, fr. to £1 25.2215 20.76% 20.72% Amsterdam, fl. to £1 12.107 8.74% 8.77% Milan, lire to £1 92.00 89 89 Berlin, reichmarken to £1 20.43 11.67’,4 11.67’,4 Copenhagen, kr. to £1 18.159 22.40 22.40 Stockton, kr. to £1 18.159 19.42 19.42 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 MM MM Prague, kr. to £1 164.25 MM Helsingfors, marks to £1 193.23 226% 226% Madrid, pesetas to £1 25.2215 — M* Lisbon, escudos to £1 110 110% 110% Athens, drach to £1 375 547% 547’4 Bucharest, lei to £1 818.60 660 660 Belgrade, dinars 376.3 209 209 Rio de Janei/o, pence to milreis 5.8fl9 2 25-32 2 25-32 Buenos Aires, pence to dol. 11.45 20.23’,4 20.24’4 Montevideo, pence to peso 51 18 18 ' Bombay, pence ! to rupee 18 17% 17% j Shanghai, pence to yen — —

June 1 A ton. £ s d June 3 A ton. £ s d Copper— Standard, spot 42 9 4% 42 8 9 Forward 42 16 10% 42 15 7% Electrolytic 48 0 0 48 15 0 to 48 15 0 48 15 0 Wire bars 48 15 0 48 15 0 Lead— Spot 14 10 7% 14 13 1% Forward 14 15 7% 14 18 1% SpelterSpot 14 0 7% 14 3 1% Forward 14 5 7% 14 8 1 % TinSpot 226 17 6 227 2 6 Forward 224 12 6 224 12 6 Silver— Fine, per oz 19 15-16d 20d Standard, per oz 21 %d >1 9-16d