PRICES WEAKEN

Evening Star, Issue 23375, 19 September 1939, Page 6

PRICES WEAKEN

DECLINE RESTRICTED TO AUSTRALIANS SELLERS GUT LEVELS OF METALS APPRECIABLE LOSSES IN LEADING SCRIP Reacting to the latest overseas news, transtasman stocks quoted on the Dunedin Exchange this morning suffered a market setback. Once again no buyers came forward for leading metals, despite an all-round cut in values by vendors, prices showing upwards of a 2s decline. Commonwealth industrials also receded, the few leaders quoted finding much lower levels. Business was restricted. Among metals, Mount Lyells weakened Is on a holders’ market of £1 11s, while Souths and Norths showed a 2s decrease. Zinc ords. gave ground, while Morgans and Rawang Tins dropped 6d. Broken Hill Proprietaries moved to sellers £3 10s, a Is below yesterday’s buying offer, purchasers to-day setting £3 8s limits. Sellers of G. J. Coles cut prices by 4s to an offer at £3 10s. with best purchasers 3s away. Sydney Woolworths were available at £1 2s 3d, but there was no response. Dominion stocks showed little change. Insurances retained recent strength, but Bank of New Zealands remained weak. Industrial scrip was inactive. SALPIS REPORTED. . —Bate Yesterday.— 4 per cent. Stock, 1952-55, £95 10s. New Zealand Drug, £3 Bs. Woolworths Properties. £1 3s. —This Morning.— Hume Pipe, 18s fid. New Zealand Breweries, £1 13s.

KAURI GUM STRONG AMERICAN DEMAND Something in the nature of a boom has developed in the New Zealand kauri gum market during the past fortnight, apparently entirely due to the sharp appreciation of the dollar exchange. Business has been transacted on a scale not experienced for 10 years or more, actual sale being .probably restricted only by the limited stocks of the particular grades most actively sought. The exchange value of the dollar has .perceptibly fallen from its extremely high level, but already a volume of business is reported which will greatly hearten the reduced number of diggers still left on the fields. It would be inexpedient to suggest when and how these purchases will actually leave Auckland for New York, but that consideration is as compared with the welcome demand enjoyed. No sales are being made at present to the -United! Kingdom and the Continent, but even without that outlet it will probably be found that the American purchases alone will be quite sufficient to lift the sales to twice the normal amount. WINTER BUTTER NEW SOUTH WALES OUTPUT In the three months ended June 30 the New South Wales output of factory butter was 30.080.0001 b. showing an increase of about 9.000,0001 b over that of the same period last year. This autumn and winter level of production, in fact, has not been reached in any of tile previous 22 t years.