Finance and Trade.

Hokitika Guardian, 5 October 1922, Page 4

Finance and Trade.

BRITISH REVIEW. LONDON, September 30. The past fortnight ha.s been a trying pci iod on the Stock Exchange. There has been so much uncertaintj regarding events in the Near East that business Iras been reduced to a \ei> small compass.' With all sorts of rumours flying about it was only natural that people would be extremely cautious and prefer to keep their money on deposit rather than risk it even in gilt-edged securities. Although . bus 1 - ; „es,s has been so restrained, there has been no great depreciation in price.-, for, if buyers have been conspicuous liv’their absence, there has been no influx of sellers. The whole position has been so uncertain that only the most hardened operators have dared to run the risk of opening fresh business, as the whole aspect of affairs might change at any moment. Tn this position of affairs the prsopoets for nowissues are far from favourable. It is understood that several oversea States are anxious to raise leans, but are likely to defer operations as long as they conveniently can. One bright spot in the Stock Exchange is the rubber share market. Following a slight improvement in the price of raw material there has . been a steady absorption of rubber . shares aiul prices for these have not . shared the general weakness hut show an all-round appreciation. ' The foreign exchange market has ’ been upset, by the disquieting position in the Near East. The German mark is suffering most though in this ease f unfavourable reparation prospects and s continued inflation were also contriI botory factors. The weakness of the ’ dollar exchange, is attributable mainly j. t> remittances to tho United States in payment for exports, but another - cause is the fact t! at the British Government must pay America about « £l-1.009,000 interest on the Empire’s I debt in October, and a further £12,1 000.000 mi st he met on November Ist. : glut of fruit.

The English markets arc glutted with fruits of every description. Home eiops of plums, pears and apples are \ cry law, and heavy supplies are arriving daily. Spanish grapes are in plentiful supply, while Switzerland, France, Germany and Tyrol are all sending great quantities of apples, which in former years used to he consumed locally nr exported to Hisisa. Xow th ' exchange between these countries and Britain is so favourable to them that they are able to sell their fruit very cheaply and still receive a handsome profit. Californian np; les sold in "Liverpool as low as -Is Gd. a ease. American barrels 10s Gd to 18s. X»v.t Scotian Gravenstcins we:e Ids to Ids a barrel.