PRICES STEADY

Hawke's Bay Herald-Tribune, Issue 179, 16 August 1937, Page 5

PRICES STEADY

Press Assn.-

Far East Affects British Markets DAIRY PRODUCE FALLS

(By Telegraph—

•Copyright.J

(Received 16, 8.45 a.m.) LONDON, Aug. 15. Last week's promise of a continuauce of ri-sing markets has not materialised, jiartly owing to the unfavourable developments in the Far East. But though there has been little fre3h bu(ying, there has also been little sclling. Consequently, prices have stood up fairly well. The market still takes the view that there will be a strong revival in tho •autumn especially as trade statistics continue good. The outstanding feature of the week has been the slump in Chinese and Japanese bonds, most of which are now around 20 per cent. below the levels of a month ago. Gilt-edged securities, however, are firin. Dominions aro receiving good support. Industrials aro inclined to quietness. speculative interest having evaporated. They closed dull and uncertain. Newspaper shares are lower, owing to the increased price of paper. The optimism in Tooley Street, like that of other markets, has not been maintained. Prices broke in the middle of the week, selling as much as for.r shillings down. The effect has been to destroy the confidence necessary to sus* tained reeovery. Some traders anticipate, apart from spasmodic improvements in the future, that the outlook indicates a lower market developing. Danisli remains pegged at 127/- per cwt., but the weakne&s of Empire butter has caused Siberian and Dutch to fall, and they are now in poor demand at deelining rg-tes. - Cheese has developed a sympathetie weakness, and quotations are nominal. The stoeks of erossbred wool at Bradford are the lowest in the memory of the oldest merchants. Between now and the end of Novcmbei\ the 'main source of sujDply vrill be the London saies. The small amount carried forward suggests that -there will not be much available in that quarter. There seems no doubt that the demand for crossbreds will again be substantial when the selling season opens. In addition to the home demand, that of the Continent can searcely hold off. Japan -'s requirements are likely to be iftcreased rather than decreased as a result of tho Ghinese-Japanese wai*. As an indication of the acute position at Bradford, various firms normally . trading in overseas crossbreds have boaght home-grown at saies in various parts of the United Kingdom.