GOLD SHARE ACTIVITY QUIETENS DOWN

BASE METALS RALLY
By Our City Editor
The pre-Whitsuntide week, with its preparations for the first holiday of the summer season, invariably distracts interest from the Stock Markets, and the more so when it coincides with the Derby. With a welcome lull in events on the international political fronts, but still with considerable business restraint, due to the uncertain outlook, there was nothing this week to influence the general tendency either way, and very quiet conditions ruled in most sections.
Practically the only outstanding feature was occasioned by continued erratic movements in Western Holdings, among Kaffirs. These 5s. shares, which have recently been a centre of feverish speculation, suffered a very sharp relapse, following the mixed nature of the assay report, published last Monday. The week opened with a wave of selling, the price falling, at one time, as low as 13s. 9d., compared with the previous Friday's close of 21s.. 6d., but later recovered to around 17s. 6d. The shares have since been fluctuating wildly between 15s. and 18s. This shake-out exercised a restraining influence on gold shares generally, although recent gains were mostly well maintained. Among lowpriced Kaffirs, Klerksdorp 5s, shares were subject to knowledgeable demand up to 6s. 9d., while, in the Westralian group, Wiluna were again bought up to 19s. 71d., although now slightly easier.
Gilt-Edged Strengthen
Elsewhere, the only other semblance of cheerfulness was provided in the Giltedged section, where stocks achieved allround gains at the beginning of the week in anticipation of some substantial reinvestment of Wednesday's big interest payments. Home Rails were dull on the uninspiring traffic prospect, and Industrials were neglected. Wall Street was closed on Monday last, but the better tone at the mild improvement in some Transatlantics on Tuesday in anticipation of a continued upturn. Although commoditiee generally made a mixed showing, a good rally occurred in base metals on Monday, following the week-end disclosure of the delayed copper statistics for April. The figures showed record consumption of the metal outside the U.S.A., and a decline in stocks. Copper responded strongly on this news, and representative shares furnished a batch of good foetuses, although prices have since eased from the best. Tin strengthened in sympathy with copper.
Shares To Note
Now that activity has subsided in Lydenburg Is. shares, which I recommended a fortnight ago at is. 6d., and have since shown a rise to 2s. 6d., attention might well be transferred to Klerksdorp 5$. shares, in the same market. These have been well bought up to around 6s. 9d., which compares with last year's peak of 18s. Company owns valuable freehold property on the Western Rand, South Africa. and developments are well advanced. Following the suggestion here last week for North Charterland Exploration, among cheap Rhodesian issues, these Is. shares have been the subject of further instructive buying during the past week up to over Is. 6d. They still constitute a fair speculative chance. Among Westralian issues, the recent big rise in Wiluna must have benefited a number of smaller companies having substantial holdings of the Corporation's £1 shares. One such company is Star Explorations, whose is. shares have recently gained 3s. to around 103-d. This concern has widespread interests in all classes of mining shares. Paringa shares, in the same market, have also improved to around 2.s. 3d., following recent news that the treahnent plant had started