BRITISH TRADE.

Hokitika Guardian, 18 April 1923, Page 4

BRITISH TRADE.

FORTNIGHTLY REVIEW. < i THE STOCK EXCHANGE. i LONDON, April U. ; An outstanding feature of tlic Stock ; ■ixe’tunge is the strength of gilt-edged i counties. sonic of which have est.il> i idled new records. Notable among ] In sc is the 5 per cent, war loan, which \ 'cached CIOY ss, a ii--e of no less than \ J 5 since October. British Goveinner, t stocks, e- rpnration stocks. i ololinl Government stocks, and Indian ails all show advances, and the do- • nand exceeds the supply. One fait r | , vsjionsihli* tor the strength of Brili-h ; funds is the rumour that the Budget ; nay eentain sum: l provision L r farther , conversion of war loans, while the i on- ■ hope that incline tax "ill he 'educed has accentuated the demand or good securities. 'REACTION IN STERLING. The 'reaction in the sterling exchange i n \cw Y"fk has caused some anxiety. The financial writer in "The Speeta- j tor" says that the relapse L not simple ing for there is every re’son to believe that the recent advance in the pound sterling was largely stimulated l.v special 1 van-actions, such a : Ameri- ; c, r !U purchases of Briteh securities at a low- level, operators obtaining a douh’e \ profit hoth hy reason of the rise in | the securities and the movement of ex ha ll go. ft may he doubted if the j re cut rise w as entirely justified by: the economic conditions between ire! tv.-n countries. Quite apart liom tbe : jr, ;U tr. de balance ill her favour. Am- : eiiea has h ot <: 1.1100.000.01)1* if foreign count vies Within thioe year-. I whir!) .should give her further < outroi over t 'e ex Itauges. Other lina-miol vfilers -tigge-i that | the break is due to the selling of ster- j ling in America to pay for foreign bonds bought in New York hy British investors. BFTiF.U MARKET DF.I’lfE-SlvD. •'Phe butter market is still ternijly slow, and importers litul the greatest: (lilliculty ill making sales, as buyers all seem to have suliieient stocks lor the present needs, and are determined to use these before they boy again. But tie: e are s ane slight signs of improvement. for Germany has resumed pun basing Danish, after some months abstention, and America is also taking -onto Dani-h. Tile lower retail price of 1- Did per lh. now ruling in England is likely to increase the consumption. VcaiiHt this must he put the i g-i that the spring i- here, ami England. Ireland and I'nlinental eoun- | tries are ; .ll increasing their output. ! 1. ml n iup otters attribute the slump | m b: tier largely in the fuel that eonI siileraule •)> -lip.'.ies of New Zealand j hut ter have been shipped direct to | roi vineial i outre.-, .'.here it came into I compel it ion with Danish, and sales ! could he effected only hy lowering j p; , .. This, of e lii-e. is the experts' view, hut the l.om! .iters' eonj bullion is that London i~ the best centre of distribution for hotter, and that shipments 1 1 oetports, where the demand is comparatively .‘mull. en'y Pave the ejiVet of withdrawing l.uye; ■ j end i,e inin-l ii inn from London. I’UDi; A FSTBA!.I \N APPLES. The Auslialian end New Zealand j apple season hud a disappointing commencement. prices till round being en- [ satisiai tore. This is largely dee to

tho fact that most Australian apples were immature and lacking colour, w'iiilo tile prevalence of bitter pit, especially in Ribslons and Cox’s, took • many shillings a case off their value. It is part/ieiiivtly unfortunate that ■ these early arnvals should be so poor. • as there are still plenty id American apples here, with which Australians compare unfavourably, bath as regards appearance and the prices rcalt-ed. The presence of these immature pitted Australians on the market has ih no much to nullify the effect of advertising pro- i paganda. Several importers are advocating a postponement ol the first shipments of apples to the last week in February. Fndoubteilly another ten days on the trees would he beneficial■ One blight spot in the apple trade so far is the fact that there lots been no sign of brown heart, which "<’s the bugbear of la-t sen-on's crop. In tho five steamers that have arrived, the closest inspection has reve ded no ’.."own heat t in any cargo. Importers attribute this to the greater care «’ the skipping companies with regard to the ventilation of bold-'. 1 e elo-e I storage- and tlie esc of lucre dunnage. There is a good demand for apples, anil the importers expect better prices it the quality cf fresh arrivals improves.