COPPER PRICES RISE

Hawke's Bay Herald-Tribune, Issue 52, 17 March 1937, Page 4

COPPER PRICES RISE

Result of Rearmament POWER BOARD SUPPL1ES A rise in the price of copper, considered to have been brought about by. the rearmament of nations, has induced the Hawke's Bay Electirc Power Board to inquire whether it might be worth while increasing its present supply of copper wire, so as to be on-side in the event of a further rise. The secretarymanager, Mr H. H. Wylie, is to look into matters and report at the" next monthly meeting of the board. The question was raised by Mr M. S. Chambers, who said that there was a considerable amount of speculation ifi copper at the present time, due to rearmament, Would not the board be wise in increasing its supply of copper wire before th© prices rose? he asked. "We recently purchased about £12,000 of copper, which we got at £34 a ton, while the price has now jumped to £79 a ton," said the chairman, Mr T. E. Crosse. "It's just a matter of opinion whether we should spend £5000 or £6000 more in copper wire just in case the prices rise," said Mr Wylie. "At present we have enough in stock for about 12 months." * The board decided to ask Mr Wylie • to look into the matter further and to make a report next month.