HOME MARKETS.

Press, Volume LXIII, Issue 18902, 18 January 1927, Page 8

HOME MARKETS.

A BUOYANT TONE

ALL STOCKS FIRMER

(BT CABLS—I>BES3 ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AKD JT.Z. CABLE ASSOCIATION.)

LONDON, January 15.

The Stock Exchange commenced the year in the most cheerful mood, with au. active demand for all classes of investment securities, and with a fair amount of business passing in the industrial section. This buoyancy is die mainly to the easy -monetary conditions and the favourable reception of the Treasury conversion loan, dealings in which will commence on Thursday. It is generally expected that the scrip will reach a fubstantial premium, for, according to tho "Statist," the market estimates of the total applications range from £150,000,000 to £200,000,000.. Gilt-edged stocks have all hardened, and Colonials are- noticeably firm. Even the last New South Wales issue, which was quoted at a £3 per cent, discount early in November, has now recovered, and is only at 1J per cent, discount.

Fruit Trade. Apple importers are taking a hopeful view of tho Australian and New Zealand outlook. One of the leading city firms says that the season should be' successful and growers should be able to retrieve some of the losses incurred last year. Against favourable factors, it must be borne in mind that the American crop is large and is bound to extend into the Australian season. So far there is no news of any English importers making forward purchases, which is not surprising when one recalls how badly bitten some of them have been in recent years, but Continental buyers are already busy at prices considerably above the figure which English buyers would give. A feature of the dried fruit trade since the turn of the year has been the increasing demand for Australian currants. This largely is due to firmness of the market in Greece, where prices have been steadily rising, till now Greek shippers are asking 3s a cwt above London spot quotations. Consequently buyers have turned their attention to Australians. Australian Wines. The steady growth of the Australian wine trade is one of the most satisfactory features in the Empire's trade. Tho year's statistics show that imports of wine from Australia in 1926 amounted to 1,755,000 gallons, compared with 1,028,000 gallons in 1925, and 824,000 in 1924. These figures are remarkable, as the imports of foreign winesi the same years were 15,962,000, 16,474,000 and 16,545,000 respectively. Wool Prospects. The prospects for the wool salos opening on Tuesday appear good, -anti traders generally are expecting that the best prices of the last series will be maintained The Economist's" Bradford correspondent says that the belief is general that business will improve during the current year, though at-the moment the demand is small. The position may become clearer as the London auctions proceed. There is a widespread hope that wool values will remain steady during the remainder of the season, as this would do much to stimulate tho demand .for'semi and fully-manufactured goods, but if foreign competition in the raw material markets forces up prices much beyond the current level it will almost certainly put a stop to business. Dairy Produce. The butter position remains satisfactory, for though business has been quiet during the last few weeks, there are indications that buyers will shortly need to replenish stocks, and in view of the smaller visible supplies from Australia, it appears likely that any movement of prices will be upward. A satisfactory feature of the trade is that underpriced butters have been selling well lately, considerable quantities of these having been sold to Sio Continent; Another good point has been the United States and Canadian demand for the best grades, which has materially, assisted in, maintaining prices.

NAPIER WOOL SALE. (PEESS ASSOCIATION TELEGRAM.) NAPIER, January 17. The third Napier wool sale of the season commenced to-night, when a representative catalogue was placed before a full bench of buyers. Tho sale so far is the most satisfactory held this season. Competition was exceedingly brisk, and at no time did bidding ease up. Every section of the trade was anxious to secure wool. Bradford lifted the greatest weight ,of wool, Continental buyers being a close second. . There was apparent a very substantial advance in fine wools and lambs, anything from id to Id. The advance on crossbred was not so great, being from id to id. For coarse and low grade wool there was little or no improvement, though the market was firm, and the same applies to inferior qualities. Pieces and bellies sold very well, but prices for neck pieces were not as good as in December.

SYDNEY WOOL SALES. (bt cable—press association—copibjght.) (atjstbaluh and n.z. cable association.) (Received January 18th, 13.25 a.m.) SYDNEY, January 17. At the wool sales the market was animated with prices fully equal to the closing rates of last week for all descriptions, and with a particularly strong demand for finer grades. Greasy merino sold to 39d.