HOME TRADE.

Press, Volume LXIII, Issue 19175, 5 December 1927, Page 10

HOME TRADE.

STOCK EXCHANGE BUSY. STERLING'S UPWARD COURSE. (BT CABLX—PBISB ABSOCUTIOX—COFTBIGHT.) (AT/STKAUAX AND K.Z CABLE ASSOCIATION.) (.Received December 4th, 5.5 p.m.) LONDON, December 3. The Stock Exchange has been generally steady with considerable activity in certain departments, notably some of the more or less speculative industrials, in which there has been a revival of activity. The gilt-edged market has been dull owing to the competition of new issues, especially the Palestine Loan of £4,475,000, five per cents., at £loos, and the Irish Free State issue. The success of the former was never in doubt, the terms being so attractive, with tho addition of the British guarantee, that one financial newspaper described it as a Christmas gift to investors, who rushed to apply for it. Dealings commenced yesterday, and a premium of li per cent, was quickly established. It is satisfactory to note that this new issue in competition has not affected other Dominion stocks, which, on the contrary, have been in demand, especially the New Commonwealth issue, which, after opening at a half per cent, discount, now stands at only onesixteenth below the issue price. A feature of the Foreign Exchange market is tho steady upward courso of the pound sterling. Measured in terms of the United States dollar, to-day's price—4.Bß 3-16—is the highest on record since 1914, but the rate has not yot reached a point at which gold can profitably bo shipped from America to England, which is estimated to be 4.88}, but financial circles cxpoct that shipments may be possible before very long. The "Financial Times" New York correspondent says that the feeling is growing that England will take gold from tho United States before the end of the first two months of 1928. Bankers think that 100,000,000 dollars or more could be shipped without disturbing the New York market.

Butter Market. After a dull week, the Imttcr trado showed moro activity yesterday. Prices recovered about two shillings. Tho improvement is apparently partly due to fears that the strike may seriously affect supplies of Australian butter, but buyers are also beginning to fill their Christmas requirements, and stocks of the best Colonial butter are by no means excessive. Meantime. Australian butter is being freely advertised by the Australian Publicity Department. This week a number of newspapers, both daily and trade, contained a full vpago advertisement extolling the virtues of Australian butter. Next week the campaign will be extended to omnibuses and hoardings, by means of striking attractive posters.

Wool Market. Describing the position of the Bradford market, a correspondent writes: ♦'Quotations for all qualities of topß are firmly maintained. and manufacturers, however, are. disinclined to spoculato more freely. Many of them are of the opinion that for a period the market has about. reached its highest level, arid'they are prepared to stand out for a time as they have fairly well covered their requirements. They are encouraged in this attitude by the refusal of their customers to follow any further upward movoment in values. At the moment spinners are being pressed for quick delivery of yarns, and more of ,them are being compelled to work overtime. There has been a good deal more machinery brought into action in this department, but the present pressure is mainly due to manufacturers having let stocks get down to a low level, and now they are pressed for seasonal goods. In view of the limited amount of new business, spinners fear that the present activity may soon fall away. WOOL sales. LONDON FIGURES. tot CiBLl-PHISS MSOCU.TKW-COPIMOHT). (iTJSWUX-AN AND ».«• CABLB ÜBOCU<CK».I (Received December 4th, 5.5 p.m.) December 3. At the wool sales 7885 bales were catalogued, of which 4302 were Australian and 2583 New Zealand There was a good selection of all descriptions of merinos. There was an excellent selection of greasy crossbreds, which were mostly speculators' lots and there were a few scoured shoes. Everything sold well under keen general competition, prices, being fully maintained. There were few withdrawals.

WAIHI GOLD MINING COMPANY. (Received December 4th, 5.5 p.m.) LONDON, December 3. The Waihi Gold Mining Co. has re■olved to increase its capital to capitalising £1,017,017 standine to the credit of the share premium account and £13,250 of undivided profits. BUTTER AND CHEESE. REDUCTION FOR SYDNEY. December 4th, 5.5 p.m.) SYDNEY, December 4. The price of butter is to be reduced by a halfpenny to-morrow to Is 7d retail Cheese is to be reduced by one penny to lid, for loaf, and IOJd for large.

IRISH FREE STATE. RECONSTRUCTION LOAN. (Received December 4th, 5.5 p.m.) LONDON, December 3. The Irish Free State is floating a loan, applicable to reconstruction w «k. The amount of the loan is £15,000,000, bearing interest at the rate of five per cent., and the price of issue is £97; £7,089,175 is to be issued immediately, and the remainder two years hence, " £4,006,925 in Ireland, and the remainder in the United States. HIDES. (BY CABLE—PBISB ASSOCIATION— COPTBIOHT.) (AUSTRALIAN AND N.Z. AND BTO CABLE.) (Received December 4th, 5.5 p.m.) LONDON, December 8. Bides are very firm owing to a shortage •f supplies; all dry-salteds are quoted at ISid per lb, and wet-saltedi at lid.