FINANCE AND TRADE

Hokitika Guardian, 26 July 1922, Page 4

FINANCE AND TRADE

CONDITIONS IN BRITAIN REVIVED

LONDON, July 22. The reduction of the Hank Rate had a good effect on all investment sections of tlie Stock Exchange, and until yesterday, when a slight reaction set in, there had been continued improvement in gilt-edged and Home railway stocks which would have been even greater but for the prevailing uneasiness about Reparation problems. There has been little life in industrial stocks on the Stock Exchange, despite the cheapness of money,, for any important revival of international trade is unlikely till the economic outlook in Europe improves. EXPORT TRADE DULL.

The position of the export trade to Australia continues most unsatisfactory. The quantity of cargo available from the United Kingdom is far below the average for this time of the year. Steamers are leaving with only about one-third of the average amount ot cargo which they carried before th. war. Thirteen steamers, which arc listed to leave London for Australia during August with ail average targe capacity of between 9000 and 10,00! tons each, are likely to fare very badh for cargo. RUTTER -MARKET PROSPECTS

The butter market remains very dull. The wet weather has produced an abundance of grass in Britain and on the Continent with the result that we are now getting supplies from France and Holland, in addition to the hulk of the Danish output, which is being shipped here instead of to foreign countries owing to the dcp-.vciation of German and other currencies. From now till the laic autumn when the now Australian and New Zealand butteis will arrive, we shall he dependent upon foreign supplies, so prices arc not likely to go lower. The probability is, rather, that there will be a slight

upward movement, but it must be tememberod that , the big multiple shop companies have stored large quantities of butter for their Augnst-September requirements. „ THE APPLE MARKET. TIi 1 Australian apple season finished unexpectedly well, and the prices obtained for the Haradine’s shipment were a great improvement on those realised for previous arrivals. The reason for the firmness is the great shortage of soft fruits, which the ram came ton Into to benefit-. GOOD OUTLOOK EOR WOOL. The satisfactory opening of the London wool sales,' which has surprised the maiority of users, has put fresh life into tlie Bradford market. The firmness of the liner grades of raw material has inspired more eontidenc and led to more enquiries and caused the disappearance of the low ([notations which previously prevailed. A well-known wool authority writes that the general outlook, though overshadowed by' the uncertainty oi European poliiioal and financial developments, is iindouhldly good. I here nre several hopeful features in tit' 1 Home trade. Unemployment is diminishing. (-specially in the woollen section. There has been some impioven,cut in line worsted iiMiiiilacture and most spinners of worsted yarns an fullv booked lor several months ahead.

Gorman lox tile c- litres •ontinue to he well employed and Pn. cm «. v hang, balances still seem to be .sufficient 1> available to negotiate their requirements in raw materials. The position regarding the United Stales is still unset th d because ol the difficulty of agreement on the tariff measure, lull prices are maintained at the highest level.