BRITISH TRADE.

Hokitika Guardian, 4 May 1922, Page 4

BRITISH TRADE.

FORTNIGHTLY REVIEW. ! I THE STOCK EXCHANGE. LONDON, April 29. The Stock Exchange has been under the influence of a variety* of ad verso circumstances during the past week, notably the lack of progress at tho Genoa Conference and a nervous feeling arising from the disagreements there, the engineering crisis, uncertainty regarding the -Budget, and the deplorable events in Ireland. All these contributed to a reactionary tendency in tiie stock markets, but there have been no serious declines and, though Brftish gilt-edged stocks generally are lower, colonials have displayed a number of substantial rises. Tho premiums on recent colonial issues, however, were not always maintained, and the fact that New Zealand scrip is selling at 2s 6d dis-

count is regarded in some quarters as indicating that things are not yet quite good enough to justify* the colonies in placing 5 per cent stocks on the market at par, but this temporary halt in the upward movement of securities is hardly surprising, for recent appreciation lias been enormous. Tables of Stock Exchange values published in the “ Bankers’ Magazine’ show that during the last four weeks 387 representative stocks made a total gain in capital value of nearly £325,000,000, of which £177.000,000 is in fixed interest stocks. Every one of thirty-four different classes of securities showed an increase, ranging from 8 per cent in electric lighting and power companies to 19 pe r cent in tramway* and omnibus undertakings. Tlie general impression is that appreciation is likely to continue. One well informed authority writes:—“Stag-

nant trade and cheap money seem likely to be factors operating favourably for some weeks to come. Conditions j seem favourable for a continuance of j financial activity, and there will probably bo a further rise in securities.” 1 THE WOOL SALES. Prospects for the opening of tho 1 oinlon wool sales appear very’ favour- ; able. There is a general expectation that prices will show a further adva.iuo, probably of from 5 to 10 per; ecu in liieriiioes and 5 per cent in fine cross-hreds, with medium and low c.i'-oss-brcds firm at late rates. The j market for mc.rinoes is expected to ho strong for some weeks, as United States’ buyers arc expected to operate more freely in the near future, and good combing mcriliocs arc being con- : sinned faster than they are being pro- | duecd. Finn rates are likely to eon- ‘ tinue till the new clip appears, when ‘ there may be some falling oil'. Tops ; continue to harden. Some makers ' havo so heavily sold forward that they . are not adopting new oiders ami are . generally- asking Id advance over last week for merino tops. Orders for

yarns are increasing, spinners enjoy- j ing a larger turnover and commanding 1

■ better prices. There are more activities in all ! sections of the cloth trade, but the export trade is much better than the I Imme trade. Some fears are expressed ' that high, prices may cripple trade at th,- manufacturers’ end, and at presi cut there is no advance in the price ! of cloth commensurate with the rises ! i,n wool tops and yarns. It is pointed ! out that prices of tops now avera.go Go per cent above pre-war levels, seventies’ quality showing an advance of 10,5 per cent. DAIRY PRODUCE. The cheese market i s in a peculiar position, for, though there is no undue accumulation of stocks and prospeeI live arrivals are moderate, trade is almost at a standstill. Retail prices for best New Zealand have been reduced to lid per ll> without stimulating I sales. The only explanation offered is that tho unusually cold weather is causing people to prefer moat to cheese, and that, with a return to normal spring temperature, the demand' would improve. APPLES. The apple market lias been somewhat affected by two bad cargoes, but all good fruit is selling well. A fen- , ture is the large Continential demand, especially for Cleopatrias. Now that no cargoes are going; to Hamburg, all Scandinavian needs must be filled from England. Hence there is 11 good market at Hull. j