BRITISH TRADE.

Hokitika Guardian, 13 July 1922, Page 4

BRITISH TRADE.

- FORTNIGHTLY REVIEW, FOREIGN EXCHANGES. LONDON, July 8. The slump in the German mark which caused a smaller decline in the French and Belgian francs, coupled with the events in Ireland, have checked the gen- , oral activity of the Stock Exchange , but high-class investment securities j have been wonderfully maintained, the j chief explanation being the idea that the chaotic conditions may prolong the stagnation of trade and the prospect of further reduction in the bank rate. It , is suggested, however, that such a re- j duction would be likely to have a less I pronounced effect upon seeurieties than previous reductions. The present state of tile Berlin Exchange Ims virtually ;

brought about the standstill of any attempts by Germany to meet the cash payment of accounts and’ the reparations are affecting her similarly in regard to external payments which mi st he made for raw materials.

NEW YORK VALUES BETTER. An encouraging feature of the exchange position lies in the fact that New York values have strengthened during the week, the improvement probably lteing due to renewed expectation of developments regarding a Bi ij tish loan in America. In this respect j tuc city evinced the greatest interest I in the withdrawal of £500.000 in gold | from the Bank of England. A sinti--1 lar decline occurred in the holding of j gol.l by the currency department j against tlie issue of currency notes. I Tims £1,000.000 has been withdrawn and tile money market concludes that this was done for shipment to the United States as payment of interest on the loan the first instalment of which is due in October. THE NATIONAL ACCOUNTS. The “Spectator” points out that among the influences which produced the recent improvement in gilt-edged securities, insufficient attention lias been paid to the National accounts, which are regarded as encouraging on the st ore both of the unexpectedly largo revenue and of the shrinkage in expenditure. THE WOOL MARKET. Yorkshire papers strongly protoste 1 against the last minute decision by B.A.W.R.A. to withdraw all New Zealand wool from the Liverpool sales. They describe this action as being an expedient to prevent a fall in prices. On the contrary it is recognised that witho'rtt the withdrawal tie July l ro,gramme in London aiij Liverpool' wi tilt! have totalled 250,000 hides. The block caused by the impossibility of the Yorkshire combs handling increased quantities of wool is still a vital factor, because it leaves heavy accumulations. thus making if difficult to finance further supplies. The host features ol the situation are the well maintained consumption of tops ami yarns and the gradual improvement iu manufacturing branches, though buying lias not reached anything like the pre-war volume.

AUSTRALIAN A HULKS.

the Australian apple season is Dealing a close. The high prices expcrienc°'l 11,21 "'ore never anticipated, but better figures would have been obtained it several earlier consignments bad nof arrived in a bad condition, making Envers figbl shy of Australian apples. The salcaole portions of the damaged shipments Were .deceptive. They looked "ell, hut were had inside. It was only °' v,,, g to the fact that the English strawberry season was short an,] unsatisfactory. due to an early summer drought, iollowed by heavy rains tint the market for later shipments held firm.