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Grey River Argus, 14 September 1937, Page 2

COMMERCIAL

[Per Press Association], AUCKLAND, September 13. Sales: Commercial Bank 17s 6d; Colonial Sugar £47; Taranaki Oil (3) 6s 2d; Mt. Morgan 11s 2d. Sales, 12.15 p.m. call: Farmers’ Fertiliser 20s 9d; Mount Morgan Ils Id; Stock, 15/2/43-46, 4 per cent. £lO3 ss. DUNEDIN, September 13. Sales: Nokomai 2s 3d; Woolworths (Sydney) £6 14s. WELLINGTON, September 13. Sales reported: Colonial Sugar £47 ss; Shillings’ Limited 19s 9d. Unofficial list: Dominion Life Assurance (6s paid) 3s Bd. Sales, noon call: Four per cent. Stock, 1955, £lO5 ss; British Tobacco 49s 6d; Broken Hill 77s 3d; Coles 97s 3d (odd lot). CHRISTCHURCH, September 13. Sales: Broken Hill Pty. 77s (2); G. J. Coles 95s 6d; Taranaki Oilfields 6s 3d (3>; Woolworths (South Africa) 16s 4d; Broken Hill South 48s; Mt. Morgan Ils (2). Reported: Commercial Bank of Aust, (late sale Saturday) 17s 6; Broken Hill South 48s 6d (late sale Saturday); Mt. Morgan (late sale Saturday) 11s lid.

LONDON MARKETS. [Aus. & N.Z. Cable Assn.] LONDON, September 11. The reviving cheerfulness of the London markets has received a savage blow from Wall Street. It is idle to deny that the wave of selling there is causing considerable anxiety in view of the amount of European money invested in America, which most people this side of the Atlantic consider has several years of economic recovery ahead. The opinion of many city business men, in spite of the week’s happenings, remains as optimistic about America as America is apparently pessimistic about Europe. The immediate outlook for markets in London is unsettled, but dealers are deriving some comfort from the comparative calmness. Gilt-edgeds are almost cheerful. Sino-Japanese loans moved widely and erratically. Industrials presented few features of interest. The initial cheerfulness in oils has not been maintained. Mines are irregular, and rubbers are slightly firmer, but shares have not followed the whole improvement in the price of the commodity, stocks of which have been increasing less rapidly than expected. It has seldom been more difficult to estimate the probable demand at the London wool sales. Bradford’s purchases will be governed by immediate requirements more than anything else. Many firms, which are fairly well stocked with tops, may be disinclined to operate. The Continental demand is obscure, as some Bradford merchants expect a drop of 5 per cent, on merinos compared with the July series. Others think 10 percent. nearer the mark in order to bring prices into line with Bradford’s quotations for merino tops. The demand for crossbreds is expected to be good, as stocks in all consuming countries are low. Some sales in South American wool are reported in London from the sheep’s back. Fine crossbreds will probably open 5 per cent, cheaper than in July. No change is expected in other qualities. The butter market is featureless, and the demand poor. The bulk of the stock at the moment is in the hands of importers, who are endeavouring to hold the position in face of the apathy of buyers. The immediate outlook is for a fluctuating market. Cheese is equally quiet and irregular. There has been a good demand for lambs this last few weeks, and early arrivals should meet an excellent market. Home supplies are limited, and are commanding high prices, and therefore will not comuete with frozen. Mutton is quiet in spite of the small supplies available. Any im-

provement in the demand must result in higher prices. The dearness of chilled beef resulted in an increasing inquiry for frozen. The available supplies are limited, and consequently business is good. The hides market is weaker. SHORT CANADIAN WHEAT CROP. OTTAWA, September 12. The Canadian wheat crop estimate is the lowest since the year 1914. namely 168,999,000 bushels in spring wheat, and 191,192,000 bushels of winter wheat.