FINANCE AND TRADE

Dominion, Volume 13, Issue 306, 20 September 1920, Page 5

FINANCE AND TRADE

MONEY MARKET EASIER POSITION OF WOOL AND WHEAT (By Telegrajh-Presj Aaßoolatlon-.Oonyrleli? CRec. September 19, 11.5 p.m.; London, September 18. The Stock Exchange during the last few days has recovered somewhat from the earlier heaviness, due to the indue. fHal unreel, but buyers are still very cautious and little disposed' to operate till conditions show a more settled tendency. The money market is becoming mors oomfortable. The position has been eased by the Bank of England indicating a desire that rates should not become" too stiff,. Foreign exchanges have been fluctuating considerably.' The heavy fall in the American exchange, and the decline in the franc are attributed mainly to negotiations for the repayment of France's part of the Anglo-French loan. Now that an arrangement, has beon completed, . both have recovered considerably. The improvement in the frano 'is also partly due to a report that a large portion of the French 6 per cent, loan will be. issued shortly in London. Business in all metals except spelter has. been on a larger scale than for some j time past owing to an optimistio view as to the outcome of the coal trouble. Somo quarters considered that the demand for copper hag been satisfied, and that values may decline. Tin is being persistently bought by leading operators, who apparently take a food view of .the future, dospite uncertainty as to the - labour and political outlook. Theje is large business in the East, where values nave been reduced to meet the London parity, bwiiig to anxiety of the Chinese to liquidate,, partly in order to. meet kisses in the rubber business. Lead continues to be of a hand-to-mouth/ character, users seeing nothing in tie immediate situation to justify purchasing ahead of requirements. The wool trade expects Tuesday's sales to open dull. Tho Home trade has very few orders.. The market is inclined to wait for the opening of the Australian sales. Top quotations aro weakening also. Uncertainty regarding the coal situation is likely to mean weaker support, than at last 'sales. Continental condi- ??. s . arß practically tho same, with the addition of an adverse oxohansO. Only a few ordexs have been received from the United. States. It is exnectcd that values of fine merinos will be" maintained, and that otner sorts will cheaper. Awell-known authority regards the international wheat position as by no means unsatisfactory. He anticipates a decline ' n Pfjees, but there cannot be any great fall fall Russia reeumles exportation, i ' ,e impossible till she has a 6table. Government, which may be two years hence.-Aus.-N.Z. Cable Assn