BRITISH TRADE.

Hokitika Guardian, 31 May 1922, Page 4

BRITISH TRADE.

FORTNIGHTLY review

THE STOCK EXCHANGE,

LONDON, May 27. i The reversion to the pre-war system of dealings on the Stock Efxchiiiigo and the lengthening of the day’s business by an hour have so far brought little benefit to members, for all markets arc inactive, the public showing no disposition to avail itself of carrying over faculties. Very little business is passing except wiuit would ordinarily be done for cash. This is partly due to the refusal by many firms to do “con- . tango” business and partly because , after eight years’ dealings for cash the public is not yet familiar with the method of “contangoing.” The Stock Exchange docs not. expect much “con- , ango’ husine.s still business in speculative stocks revives more actively. THE MONEY MARKET. 1 An interesting feature of the money market lias been the flotation of the Straits Settlement loan of £4,200.0:10 at 4V per cent, issued at £9.5. terms which are almost identical with the New South Wales recent issue. The Straits loan proved even less attractive to the public than did the Now South Wales loan, for the underwriters wore left with over 08 per cent, the public subscription only amounting to £75.000. The newspapers regard this as ail indication that the public are of opinion the time is not yet ripe for the issue of colonial loans on these terms, which borrowers will have to revise if they wish to attract subscribers. EVIDENCE OF TRADE REVIVAL.

There are increasing signs of n. revival of trade at band, notwithstanding adverse influences with the Irish 1111rest. labour difficulties, the complicated European political situation, and the uncertainty regarding Germany’s reparation payments. These seem outweighted by favourable factors, notably cheap money, increased shipping activity fas shown by heavier entrances and clearances of cargo in ports in the United Kingdom), and reports from world-wide trading centres of the reduction of stocks of raw materials and finished goods to more manageable proportions. Unemployment and shorttime working in the United Kingdom, though still on a considerable stale, arc lessening, and employment shows an increase in nine out of thirteen lending industries in the United .States. As the “Statist” points out, n business revival is ustiuly heralded by increased speculative activity ill stocks and commodities, the cessation in the fall of commodity prices, and a pleiititude of loan money at low rates. These three conditions have been fulfilled for some time past. The effect is more noticeable in NonYork than here, as the depression originated in the East and came boro via flic United States. Tt is reasonable to look to those countries for the first signs of its passing. Such a sign is not noticeable in Japan, blit it is clen'dy discernible *in the United States. The New York Stock Exchange shows more pronounced activity throughout the whole list than in 1021. Also there lias been a much increased demand for stoi ks and shares in London, and .the provinces, with a rise in quotations. THE FRUIT TRADE. Despite heavy arrivals cf apple-, the trade for all .sound fruit continues satisfactory. with n bris 1 : demand. Unfortunately tile condition of many cargoes leaves much to be desired and prices realised therefore cannot, be remunerative. Pears also are very variable in condition many arriving almost worthless but. the few really sound ones are fetching excellent prices. Many importers are pressing for the compulsory promoting of both apples. and pears prior to shipment. They ((insider it hopeless to .expect fruit to arrive sound when put on hoard at a tempera tore of a hundred degrees. It is possible the underwriters may insist on pro-cooling ns a condition of granting policies. wanuatm nMmffisrMmn