STOCK EXCHANGE

Waikato Times, Volume 121, Issue 20125, 22 February 1937, Page 8

STOCK EXCHANGE

| MANY SHARES NEGLECTED FALLS CONSIDERED OVERDUE. A ONE-WAY MARKET. United Pre3s Assn.—Ylec. Tel. Copyright. (Received Feb. 22, 3.15 p.m.) LONDON, Feb. 21. Not only gilt-edged but many leading industrials were neglected during the week on the Stock Exchange. Many city dealers consider that the falls are overdone in view of the continuance of expanding trade and profits. The market \is at the moment all one way. The public has sold giltedged industrials and tax-vulnerable securities like breweries, and has bought arms and metal shares. Sensational Rises. Sensational rises in metals, accompanied by almost unprecedented activity, have been one of the most important repercussions of the Government's re-armament programme. Simultaneously their down‘ward? course,' passing the worst week since 1931.

Nearly 25,000 tons of metal valued at well over £1.000,000, changed hands on February 19.

A flood of speculative buying carried copper, lead and speller to the highest level in years. Tin, which was neglected early in the week, jumped to 170 s a ton.

Some quarters are concerned at the rapid rise in prices, but the market as a whole considers that the peak has not yet been reached. The United States’ export price for copper has been fixed at more than 117 points higher than the recently-established domestic price, and it is believed that America Will require to import spelter in the near future. The buying df tin appears to have been purely professional, based, on the belief that it was under-valued in relation to other metals. Oils were also in the limelight, there being an enormous turnover of shares at higher prices.

TRANSACTIONS IN SYDNEY.

United Press Assn.—Eler. Tel. Copyrlglit. (Received Feb. 22, 3 p.m.) 'SYDNEY, Feb. 22. The following sales were recorded on the Stock Exchange:—

Bonds.—4 per cent, 1941 £lOl 8s 9d, 1950 £99 15s.

Adelaide Steam, 32/6; Australian Gas “A”, £7 2s 6d; Tooths, 57s 6d; Automatic Totes, 19s 7£d; British Tobacco, 53s 3d; Broken Hill Pty., 89s 6d; ditto, new, 77s 6d; Colonial Sugar, 435; David Jones, 44s 6d; •Electrolytic Zinc, 64s 6d, ditto preference, 665; Coles, £5 I3s; Howard Smith, 245; Lustre Hosiery, 22s 6d; Morris Hedstrom, 30s; Morts Dock, 15s lid; Standard Cement, 17s.