ROME MARKETS.

Hokitika Guardian, 6 April 1921, Page 2

ROME MARKETS.

CABLE NEWS.

A LIFELESS TONE. FINANCIAL STRINGENCY. [llY TELEGRAPH —PER PRESS ASSOCIATION'] LONDON, April : 2. Under the influence of the coal strike the Stock Exchange is lifeless. There lias been little business since the holidays, but no panic, the belief being that common sense will ultimately prevail. A feature of the Stock Exchange nowadays, is the absence of the speculative spirit and the consequenti diminution of business. Mining, oil! and rubber shares are all neglected, the investors’ motto being safety first. In this connection it i.s interesting to note that the new capital issued for the first quarter of 1921 amounted to £61,299,800 as with £136,094,500 for the same period last year, and £97,610,200 for the first quarter of 1914. Of the 1921 total over half consisted of Government corporation stocks. The Bradford wool market is very quiet, and 64’s arc quoted nominally at about 3s. Most of the mills are practically closed, as American orders for tops, yarns, and wools are almost completed. Khaki orders have been finished, while there are no new orders reaching the market. The piece goods trade remains stagnant, sales being very slow, despite extremely low quotations. Good Botany blue serge is offering at 11s per yard as compared with 35s in the beginning of 1920. In some cases there is cut-throat competition for orders without success. ■ The financial stringency continues with extreme caution, and there is much apprehension, as the continuous fall in values has made a readjustment of stocks most difficult. Things are now at the worst, and the only hope for alleviation lies in the lowering of the costs of production. WOOL SALE PROSPECTS. The prospects for the London wool sales, opening on Wednesday, are not encouraging. The* German demand has greatly reduced owing to the sanctions and the United States is out of the market, while the Home trade is absolutely stagnant. Buyers therefore welcome the reduction in the quantity offering, hut as it is understood that their limits arc to he increased about 15 per cent above present values withdrawals will probably he heavy, though cheap lots may meet with a demand. FREIGHTS AND METALS. The freight market is very Hat, and Australian wheat is quoted. .April-May 60s. May-June 57s 9d. The metal markets have been adversely affected by the coal strike, w hich" has checked the advance of'copper just when considerable expansion and consumptive inquiries made th • outlook promising. Similarly it is the case with tin, for which the demand from the consuming centres is very disappointing. Reports from Malaya state that the Government stocks total 10,000 tons, and the low prices are likely to cause the closing of all the Chinese mines, which cannot produce at the present values. Even the bestequipped mines are omy making small profits. It is estimated that tlm Malayan production will decrease 50 per cent, unless a recovery in prices occurs in the near future. The spelter consumption continues to he small and the weakness of the market has been, increased by heavy German shipments to arrive before the Reparation Bill comes into force on April loth. The coal strike is viewed "ith complacency by Lancashire cofton spinners’ manufacturers, who mostly have sufficient coal to keep their machinery runi ning for a month. Should the strike last longer and cause a reduction m the output of cloth and yarn, they will appreciate in value. ‘ _ - - !■ ■■mil » I I lull lllffll