MARKETS OF LONDON

Gisborne Herald, Volume LXVI, Issue 19997, 24 July 1939, Page 6

MARKETS OF LONDON

RECORD BUTTER IMPORT WOOL IN DEMAND •GOVERNMENT ORDERS (Klee. Tel. Copyright—Unitod Prep;; Assn.) (Reed. Julv 24, 1.30 p.m.) LONDON, July 23. Herr Hitler's economic adviser, Herr Wohltat. before returning from his visit to London, hinted at the possibility of a revival of the AngloGerman trade talks. Yesterday’s appeasement suggestions were too late to influence the market, which still lacks stamina, though -the undertone is firm.

The prospect of an early revival of United States business should not be without effect, especially .on the commodity markets, where the situation is being watched closely. The endeavour to maintain butter at the recent high level has been unsuccessful. There is a continued lack of spot inquiry. The total imports in June were 51,584 tons, the highest monthly import ever recorded. As the bulk went into the hands ol' .buyers, the incentive will be to hold off, especially as the July figures should also be heavy.

Cold store stocks in June increased roughly by 5500 tons. Moreover, the higher retail prices tended slightly to check consumption. The urgency of securing crossbred supplies is demonstrated by the demand at the London sales. Though the opening prices were somewhat modified, it is assumed that further Government orders will make demands on material machinery in the near future. Some traders doubt whether the volume of crossbreds available until the overseas crossbred selling season opens will be sufficient to cope with the further substantial Government requirements. The crossbred manipulating machinery is running at capacity and a considerable amount of Merino machinery is 'being adapted to crossbreds.