TRADE AND FINANCE.

Hokitika Guardian, 2 May 1923, Page 4

TRADE AND FINANCE.

BRITISH REYIEAY. AUSTRALIAN AND N.Z. CABLE ASSOCIATION. LONDON, April 28. The foreign exchange market has been quiet, the only feature being the fluctuations of the mark. According to the “Economist,” it would appear that the recent break in the mark was the result of no settled policy, and would seem raher to he due to the Reiehsbank suddenly losing heart cm a particularly strong outburst of the demand for foreign currency. The,Government and the Reiehsbank now seem determined to carry on a policy of stabilisation, but the higher level and the raising of the bank rate to IS per cent, shows the lengths to which the authorities are prepared to go. THE BUTTER MARKET. Butter continues on its downward rnurso. and though some optimists consider that the market has touched bottom, supplies are so large that a further decline would not be surprising, especially if the Danes continue their presnt policy of forcing prices down in order to clear their shipments each week. Danish to-day is quoted at lobs to IGOs. a decline of los since Mondav. In the face of such action it is impossible ten* holders of colonial butter to maintain their prices. The chief hope of a recovery is that the lower retail price of eighteenpenee now riding may stimulate consumption, which should iucroa.se considerably by the expense of margarine. THE APPLE TRADE. The apple trade does not show any improvement. Prices realised in Lou don, Liverpool, and Hull are equally disappointing. The only apples realising above IDs a case are Cleopatras :i I Dunns, and occasionally some Cox s. A large proportion of the apples aiv making (is to 8s a case. .Sonic are icalising 8s Gd to Os Gel. One of the hugest importers estimates the cost of landing apples here at fully 10s a case, so present prices represent a serious 1 iss to shippers. Apparently the selling pi ice of apples has got hack to the pre-war level, while costs, charges, freights etc. are almost double the pre-war rates. Importers are complaining 1 utterly of the poor quality of Tasmanian apples, of which many arc. immature and rotted, lomparing most unfavourably with Oregon and Washington .Vewtinvns. of which considerable quail lilies are stilt arriving. Some cue

rather wasty, hut good lots are selling readily at 8s 3d to 13s a case. One Liverpool importer reports that in ids opinion, Tasmanian shipments, rummeneed much too early. He urges the Government to prevent such early -hipping in the future, if supplies of Americans continue so late in the season. .Many early Tasmanian varieties ought not to lie shipped, for obvinudy while good Amerieans arc available there is little chaTa e of immature Ribstou-: and Alexanders fetching remunerative prices. Although wholesale prices are so ' >■- satisfactory, some shop-keepers arcasking exorbitant prices. One la'-go West End store, in its weekly price list, offers Australian Jonathans by the case at 27s Gd to 28s Gd. Importers iegurd this price as outrageous and -nine of them are protesting to the manage s of the stores. SUGAR SUPPLIES. Following a, reduction in the estimates of the Cuban sugar crop to 8.070,0;)'} tons, compared with a turnout ol 1.102,000 tons last season, there has been wild purchasing of Cuban sugar. Prices have risen greatly, and the position is not likely to be re-1-ned until late in the autumn when j-tho European licet crops come along. The advance lias been serious for many retailers who refrained from Inlying some time before the introduction n! the Budget in the hope that the Chau-

cellnr of the Exchequer would reilwe the duty. The reduction failed to imiteriali-e. and ,-iuee the Budget ieliners have raised prices f> s ;i,| u ,-v with the iv-ndi that shudl retailors hare been compelled to sell below oust to meet tho competition of the multiple simps. Now juices have been raised all round, leaf sugar to 81d tier 11). i.ud granulated to 7ld per lb. The p-’-i manufacturers are nb-o likely to advance. prices, TIIE STOCK EXCHANGE. Tiie Sim I; Exchange has leaped tho benefit of a satisfactory Budget, dut'i the gilt-edged and the industrial groups have been nrtivo. British I mid. have improved all round, especially the Conversion Loan which shows an td-vau-'C ot CG os since tho beginning of the year. The improvement in gilt-edg-generally may he attributed largely ; i ihe Chautellor’s generous provi-mn for debt redemption, while industrials have benefited by the reductions in the inc-mo-lnx. Another routril.nlfug outer to the < heerfillness ot tiie stock markets is the more optimistic vi. u which is being taken of the European political situation.