BRITISH TRADE

Hokitika Guardian, 15 June 1921, Page 3

BRITISH TRADE

FORTNIGHTLY REVIEW

STOCKS AND SHARES

LONDON, June 11. Business on tho Stock Exchange re mains dull and uninteresting. The public is apathetic. Despite the prospects of a settlement of the coal strike, industrial stocks are particularly flat. They are feeling the competition of new issues. Tho announcement of the South Australian-Tasmanian loan has a depressing effect on the giltedged market which is carrying a considerable amount of unassimilated stock from tbe recent fldod of issues. Some r esentment is expressed at the particularly generous terms of the Australian loan which is likely to prejudice many gilt edged stocks. The money market has been abundantly supplied owing to Government disbursements, but business is restricted owing to tbe shortage of bills. FOREIGN EXCHANGES. The outstanding feature of the foreign exchange market has been tbe fall in the New York Exchange which is attributed to tbe influence of speculators who are anxious to take advantage of the customary autumn fall in the dollar rate now that the recent improvement appears definitely ended, and the probability is that those who have to import from tbe United States later on are already covering themS<?lv6S.. THE WOOL TRADE The good result of the. London wool sales was expected owing to the strength of tbe primary markets and an improved Japanese and Continental demand. A feature so far has been the activity of Germans, who are taking average faulty merinos of all grades cross-breds and even old and poor conditioned B.A.WR.A. wools. The appreciation of the franc enabled France and Belgium to operate with higher sterling limits, and though their demand depends largely upon the exchange their outlook is rather brighter. Yorkshire buyers are reserved, but arc taking a fair share of the crossbreds.

The general impression is that the stagnation in the Bradford market is almost entirely duo to the industrial position there. Still, there will be an all round improvement as soon as the coal strike is settled and the new wages agreement in the wool textile industry is established Meanwhile some spinners tired of waiting for the coal settlement are adopting oil fuel. The piece goods trade is stagnant. New orders are small find spasmodic, but the prospects will Bo hopeful when the industrial outlook improves. THE METAL MARKET.

Metal quotations have been favourably influenced bv the more hopeful labour outlook and the depreciation in the sterling exchange. The latter is mainly responsible for the advance in electrolytic copper. Heavy offerings of tin caused a relapse in the week’s turnover, 3400 tons, the largest for many months. There was some surprise that values did not decline further. FREIGHTS. The freight market is depressed and only hand to mouth chartering is recorded, even the present low freights failing to stimulate charterers into activity 1 AUSTRALIAN WHEAT RATES. Australian wheat rates are unchanged .Tune 52s 6d. later loading 50s.