BRITISH TRADE REVIEW

Dominion, Volume 20, Issue 50, 23 November 1926, Page 9

BRITISH TRADE REVIEW

SHARE MARKET UNSETTLED

GILT-EDGED SECURITIES STEADY

The London Stock Exchange is passing through an unsatisfactory period as a result of heavy selling orders from Paris. Colonial stocks, however, are steady.

By Telegraph. - press association Copyright.

London, November 21

The Stock Exchange is passing through an unsatisfactory period, for though the approaching end of the coal strike has had a good effect, this has been neutralised by heavy selling orders from Faris as the result of a substantial improvement in the value of the franc. Large blocks of international securities have been thrown on the market, causing flatness in many sections, but gjlt-edged securities remain steady, as fears of a rise in the bank rate have passed. Colonial stocks are steady, and Mr. Bruce’s statement has had a reassuring effect, although prices have not yet responded beyond a fractional increase here and there. The Wool Outlook. The prospects of the forthcoming wool sales are being eagerly discussed. The rather pessimistic views prevailing a fortnight ago have been improved by the prospects of a resumption in the coal mines, and by good reports of sales in New Zealand, but traders generally would not be surprised to see a slight fall in values on Tuesday in their annual review, Messrs. H. Dawson and Company point out that the principal factors to be considered during the coming season are that it opens with a fairly clean start as regards supplies in the primary markets, that stocks in consuming centres are not heavy, and that there is a good undertone of general confidence in the manufacturing districts of Europe, excepting England, where industrial disputes have caused depression. France’s ability to adjust her finance is a factor that will seriously affect the position of merinos, and the effects of the stabilisation of the franc will have to be gauged carefully. The great desideratum in the textile trade is a period of stable values with a minimum of fluctuation. There is evidence all over the world of a call for manufactured goods at reasonable values. Butter Market Depressed. The butter trade continues to be most depressed. One of the biggest importers says he cannot recall such stagnation in November, which is usually a busy month. He says that undoubtedly the industrial depression due to the coal strike is largely responsible for the lack of demand, but retailers seem to be keeping off colonial butter

in the hope that there will be a drastic reduction in prices. He adds that they are steadily refusing to buy NewZealand butter at control prices, and sales of new arrivals have been almost negligible. There certainly have been fair sales of new Australian butters, and stored New Zealand butter at about 1405., at which price it is possible to make a small profit at the newretail price of Is. sd. per lb. Finally, the importer says:—“There is no diminution of the huge stored stocks, for as the old New Zealand butter is taken out the newly arrived goes in. Indeed, at present, the cool storage proprietors seem to be the only people making any money out of butter.” Poor Demand For Dried Fruits. Business in dried fruits is limited in scale. The demand is disappointing, and the majority of small retailers have apparently not yet filled their Christmas requirements. These will have to be filled before long, so it is reasonable to hope for an early improvement in demand. Australian fruit is certainly being well advertised. ■ One sees the slogan: “Buy Australian Currants, Sultanas, and Raisins” everywhere in the newspapers, on hoardings, at the railway stations, and on carts. Australia’s advertisements have now invaded the fields alongside the principal railway lines.