A CHEERFUL WEEK

Hawke's Bay Herald-Tribune, Issue 167, 2 August 1937, Page 7

A CHEERFUL WEEK

-Pres* Assn.

Gold Shares Advanee at Home W00L OUTLOOK FlRM

(By TelegT&ph—

Copyri^ht. >

(Keceived 2, 8.45 a.m.) LONDON, Aug. 1. Contrary to expectations, the markets had a eheerful week, though the volume of business was not large. Some sections recorded sharp rises, notably gold shares. Peiping is too far away to disturb any but foreign bondholders. The Stoek Exchange is disinclined to take a gloomy view Of the European satuation. Gilt-edged stocks are flrni. The new Iraq 10an opened at a premium Of 2^ per cent. InduStrials are quietly steady, especially iroh, stoel and coal, while shipping shares continue" to be strong favOurites. A holiday atinosphere, however, pervades the city and there is no likelihood of much activity for several weeks. Bradford dealers expeet to have to face more competition from Japan at the forthcoming wool saies. They anticipate that Japan is likely to be a heavier purchaser this season as stocks' must be light while military activities should also increase he demand. Though the Japanese Ministry of Commerce has significantly urged the industry to use iarger quantities of "261^00116" in conjunction with wool at present about 15 per cent is boing used. Kubber provided the week's disappointment, bu the Financial News says that the price Cannot remain long at the present level. The market expects a fevival of speeulative activity in the autumn. American buyers who are not well covered have already started to buy freely. Mctals are quiet. Lead has fallen to approximately the same price as spelter. The jump in wolfram was due to fears that the Sino- Japanese dispute would interfere with Chinese shipments. Butter remains lirm, but there is little business passing at the present prices. Traders do not anticipate an appreciable break, but boyers are becoming cautious and speeulative rnterest is not warranted. A further small appreciation may occur in the next week or two. but it is unlikely to be accompanied by any volume of busij ness. Cheese is also higher but quiet. Gillander's, surveyiug the prospects for the forthcoming Empire egg season, consider that values will not deviate materially from those of previous years, but empasise tnat it is dangerous to allow shipments to arrive too late when unforeseen happennings can cause lieavy losseS.