BRITISH TRADE

Dominion, Volume 13, Issue 236, 30 June 1920, Page 7

BRITISH TRADE

PERIOD OF FINAN&AL STRINGENCY MARKETS DULL AND PRICES DECLINING MANY WOOL CONTRACTS CANCELLED By Telegraph-Press Association-Copyright „ London, Juue 23. Though the money market. has been active with loans for the approaching eud 6f tho half-year, quietness has been the feature of the week in both, money and stock markets. The main cause lias been political, especially the situation in Ireland and the Near Bast, and olso the uncertainty regarding tho final reparation with Germany. A disturbing factor has been the issue price of the New South "Wales !oa:i. The improvement in some Continental exchanges is not viewed optimistically, being regarded as less the result'of domestic aiid financial improvement than of the nearer prospect of Germany paying <ui instalment of the indemnity.

A feature' of, the prevailing financial stringency and tho slackening of. the trade boom has been the vast number of can celled orders, especially in .the wool trade, which is discussing the advisableness of compiling a "black Jist" of . customers who cancel orders without good reason. Nevertheless, reports from ■ the 'North and Midlands indicate that cutrent contracts will enable the factories to work at the fulf.est pressure, assisted by a period of remarkable freedom from industrial disputes. The impression prevails that wages and profits have both about reached the highest water mark. At' the 6amo time, the public are spending less freely, and a period of private economy appeal's to have set in. A strongly pessimistic outlook in the wool 1 , trade continues, and the trade is anxiously awaiting the opening of the next London series of wool sales, on July 0. It is pointed out tlint the Tasmanian wool offered at Liverpool on April 20 was about the best Tasmania had ever sent to England. Some of the 'best-known spinners were present; but the best bids were 56Jd. for wool which would have realised 90d. in March'.

The produce market has been dull for some time, and the dullness has been more pronounced in tho past week, the main causes being the fluctuation of silver awl the exchanges, and also the slump •in the export demand. Prices, wit*h few exceptions, have declined. There is practically nbuimg aonig m tallow, and quotations for all descriptions are lowor. The freight market is very unsettled. Charters are becoming more difficult to obtain, and, with increasing tonnage and decreasing demand, homeward freights are tending downward.—Aus.-N.Z. CaKe Assn. CLAMOUR FOR DECONTROL OF MEAT SPECULATION AS TO PRICES. (Rec. June 29, 10.35 p.m.) London, June 28. The reaction in copper, after the previous week's rally, is attributed largely to the difference between the standard and refined prices. Buyers remain distrustful until a truer margin is established. It is anticipated chat the 'tin market will experience further violent fluctuations, though probably the price has already reached bottom. The "Metal Bulletin" considers that in view of the ample stocks of spelter there is no reason to expect spelter to rise, though thero may be temporary advances. Meat prices form a matter of' mUch speculation in view of the fact that British meat will be released from Government control on August i. Some traders anticipate a period of severe fluctuations in the price of British meat, and still clamour for all-round decontrol, -but the Government resists the demand. Meanwhile retailers have asked the Food Ministvv to ensure for all a fair share of the British and best imported meats. —Aus.-N.Z. Cable Assn. COMMONWEALTH LOAN

TO BE RAISED IN AUSTRALIA. Sydney, June 29. The Commonwealth proposes to ratse locally a loan for waa- services and repatriation. It waa intended to raise the loan abroad, but the tightness of .the British money market, as disclcscd by tho recent New South Wales loan, makes this undesirable. Authority has already been secured for raising a loan of twenty millions.—Press Assn.