BRITISH TRADE.

Hokitika Guardian, 25 January 1922, Page 4

BRITISH TRADE.

A BETTER OUTLOOK. LONDON,, January 21. v Interest in the Stock Exchange continues to centre in gilt-edged securities which maintain their strength in j face of strong competition from nunie- ( rous new issues. There is a strong demand for all existing investment stocks and shares, of which the .quantity offering is very restricted. British (government securities are especially buoyant, and the improvement in the Government's credit .is shown by the fact that 5£ per cent. Treasury Bonds at £99 are being replaced biy the. issue of 5 per cents, at the same, price. I Another indication of the Govenv | ment’s strong position is the under--1 writing of £30,000,000 of o per cent. ■ local loans stock at £57. The last is- i 1 sue of this stock in October iyas placed , at £52, and a similar issue last Janu- ■ ary at £SO. 'This position is causing ; the market to anticipate a reduction ! in the bank rate, but this seems only : possible in the event of an early re- j 1 duct-ion of the American bank rate. ■ Foreign' exchanges have , _ become | steadier since ( the ylase of the Cannes 1 Conference. The decline if , the- ! man mark to 840 is a t tri bo toil to the • commencement of the payment of re- ; partitions., ~ , ,• , j WOOL PROSPECTS. ! An outstanding feature of the world i trade is the great strength of the raw 1 material markets, due .to general com- ‘ petition. France, Germany, the United States and the Home trade are all I keenly competing at the London sales j for suitable lots, especially . merinos i and fine crossbreds, their competition j being indicative of a large consumpj lion and confidence in the future of i these wools. One .of the principal 1 ■ brokers considers that America will j shortly become an important factor, l:i 3 stocks ,of merinos in America are ■ ! very small. If so, there is no prps- - ! pect of lower prices for merinos. * f The condition of the tin market in * | tin? United Kingdom unsatisfactory. > j Consumers are buying little, , and i ' several tin plate works in South Wales may be compelled to close before the end of February owing to lack of orders. ; BUTTER AND FROZEN MEAT. * The provision trade has undergone a great change for the better. The improved, demand for butter has been - followed by a similar improvement for cheese, bacon and lard, which have 1 keen terribly depressed for months, bint which have participated in the revival with good .sales at rising prices. The butter position continues to improve, with a strong demand. The estimated consumption is now fully 50 per cent in excess of that a month ago. Government stocks are practically cleared, except oddments. A largo quantity was recently shipped to France, Belgium, Switzerland and Italy. Probably the greatest amount ■ of Australian in the history of the trade has been sent to the continent. Smaller quantities have been shipped to Canada and the United States. A satisfactory feature of the trade is ! that the public is largely -deserting margarine, although its price has been reduced'. The authorities of Saint Bartholomew’s Hospital have decided to give the patients, nurses and staff butter In lieu of margarine, which they have been compelled to use for 1 several years owing to the dearness of butter. Other institutions are acting similarly. Frozen mutton and lamb are meeting with a,n active demand, which the 1 constantly hardening prices have fail- ! ed to Cheek as the supplies of home killed are short Frozen beef is very

dull, and there is little demand, owing to |the heavy’ marketings of 'South American c-hiled beef, which is selling very cheap. Further large quantities of chilled beef are arriving, so there is little prospect of an early improvement in prices. Last year’s imports of beef created a new record, amounting to 11,630,863 cwt., 1,750,000 cwt. above the figures for 1920, the previous best year. Twenty-six per oent consisted of chilled and frozen beef with 64 per cent, of the total. Australia was next with 14 per cent., Uruguay had 10 per cent and New Zealand 7 per cent. The imports of mutton and lamb weqe 6,510,151 cwt. also a record. All exporting countries increased their output except Australia which decreased by 1,750,000 cwt. New Zealand was the chief supplier, with 57 per cent The Argentine supplied 20 per cent., and Australia 6 per cent.