The meetings of the International Sugar Council this week are being held as a result of the recommendations made by the Council's Executive Committee in the middle of last month, Early in May the British Government made representations that éx-port quotas for the year to August $1 next would be insufficient to meet the requirements of the free market. The Council's Executive Committee found that the indicated deficiency in supplies was approximately 480,000 metric tons, The Committee made recommendations to the Council by telegram for dealing with 392,000 tons of the deficiency. In the first place, it recommended additions totalling 239,000 tons to the export quotas of Cuba, the Dominican Republic, Haiti, Java, Russia, Australia and South Africa. This recommendation was approved by the necessary three-fifths majority and became effective immediately.
Secondly, the Committee recommended that the increase of 153265 ions to which the British Colonies tion in the European situation, or the American business outlook. However, in view of the uncertainty on Berlin Bourse Weekly Report Berlin, July 2.
The share market throughout the week was dull since all available funds were used for the purchase of tax certificates, all other issues being neglected.
An increased activity, expected to follow in July after the scramble for tax certificates is over now, seems unlikely as the Reich Finance Ministry announced last night that it has extended for two months the period within which those who acquire tax certificates can claim the full fiscal advantages. This means that those who before the end of August, 1939, buy part of the new certificates about to be issued and hold them till the end of February, 1940, will obtain the full advantages offered.
Under these circumstances the share market is likely to remain sluggish for some weeks more.
From the official statement about tax certificates issued by the Reich Finance Ministry yesterday, it is apparent that the certificates issued to date aggregate more than 1,000,000,- 000 Reichsmarks, this amount however appearing to the Ministry as by no means comparable with the latent demands of the market.
Bonds remained unchanged throughout the week. The "Frankfurter Zeitung" share index stood at 125.72, the bond index at 10155 and the wholesale price index at 107.1.
Call money rates rose smartly at the end of month settlement, touching 3 to 3%. On Saturday, however, call money rates declined again to 234—3 per cent.
The following were the quotations of some of the leading German shares on July 26 and July 1 respectively:
Reichsbank German Dye Trust Sclgdetfurth Potash United Steel Works Mannesmann Pipes Harpener, Mining German Mineral Oils Continental Rubber Siemens & Halske General Electrics A E.G Rhenisn-Westphalian Power Hamburg-America Line North German Lloyd Bemberg Rayon Deutsche Bank Deulsch-Asiatische Bank 3060 Young Loan and Dominions would be entitled in the quota year beginning next September should be made during ihe present quota year.
Two countries—Cuba and Germany—complained, however, that, under the terms of the regulation agreement, the second recommendation could not be dealt with by telegram.
The primary object of this week's Council meeting, therefore, is to approve the proposed addition to the quotas of the British Colonies and Dominions. There is little doubt that approval will be given, for when the proposal was voted upon by telegram, 76 votes out of a possible total of 95 were cast in favour.
Text read from the printed page and cleaned; old type leaves the occasional error.