SCRAMBLE FOR VITAL METALS

Hawke's Bay Herald-Tribune, Issue 48, 12 March 1937, Page 5

SCRAMBLE FOR VITAL METALS

-Press Assn.-

Britain Seeking Iron From Soviet £2,000,000 ORDER

(By Telegraph—

-Copyrisht.)

(Recejved 12, 11.25 a.m.) LONDON, March 11. Owiaig to the Bpeetacular rises In tip. that took the market by surprise only a week ago a leadiug firm of metal brokers has advised th© curtajlment of the quota on the ground of possible ovei'-supply jn relatioa to geguine demand, It appears that the 'bulk buying is eoming from speeuiators, not consumqrs, based on the belief that tin is undervalued in relation tq other metals. The tqtal turmover of ihe fqur base metals yesterday representod £1,500,000. Som© operators are believed to have made large fortunes, Rubbe? agaja is hjgher on Russiqn and Americaa buying. An incr§a^ingly heqtiq world seramble for raw materials is evidenced by # German decree epntrplliag supplies of iron and the gtoppage qf e^pofts from Belgium. The British Iron and, gteel Federation is negotjating with the Soviet for the immediate purcfiasq of half a. milliQn fons qf iron qrq valued at £2,000,000. The qxcitement extended tq wheat and cottqn. While reactions from time to time are inevitable, the general opinien ia that the higher oommodity prices have come to stay. City business men express the opinion that one happy aspect of the" rise is that it makes it more difficult for Italy and Germany to earry out their dangeroua rearmar ment schemes. $