FINANCE AND TRADE.

Hokitika Guardian, 30 May 1923, Page 1

FINANCE AND TRADE.

BRITISH SUMMARY. AUSTRALIAN AND N.Z. CABLE ASSOCIATION. LONDON, May 2(5. The Stock Exchange resumed business after the Whitsun holidays in a hesitating mood, business being checked by political developments, both home and foreign, and the weakness of th? Continental exchanges. But things have steadily improved, in spite of the continuance of the unsatisfactory position of the Ruhr and the threats of war between Greece and Turkey, and the markets closed yesterday with a firmer tendency all round. Gill edges especially showed improvement, notably Colonials, in spite of rumours of new issues. Although the collapse of the German exchange has naturally had an unsettling effect on foreign bonds, even these closed fairly steady.

A feature of the foreign exchange market has been the sensational collapse of the German mark, which is attributable chiefly to the never-ceasing activity of tbo printing presses in turning out paper marks and to the delay in formulating a- fresh reparations plan for submission to the Allies. The general opinion here is that until Germany makes some real effort to submit proposals which prove acceptable it is hopeless to look for any improvement in the German exchange position. APPLES. The apple market is steady, with buyers active. Arrivals are clearing well, and good varieties are- fetching satisfactory prices, especially in the northern markets, particularly Hull, which has the advantage of a keen demand front Continental buyers. The quality of the apples now arriving generally is satisfactory, being ripe and of good colour. Mostly they have carvied well, hut one or two cargoes were rather heated. The future course of the market will largely depend on soft fruits. Already large quantities of French cherries are arriving and being retailed at (id to 8d per lb. about the same price as apples. English softfruits are likely to he retarded owing to the prevalence of cold weather, hut. nil tlie'othcr hand the market is being glutted with heavy arrivals of oranges, many of which are selling wholesale at 12s to 14s per 30.'). DAIRY PRODUCE. Butter shows no improvement, and with Danish production heavy, and with shippers begging for orders there is little hope of any increase in activity in colonial' supplies. Buyers have undoubtedly lost heavily during the recent fall, and are now showing extreme care, buying only sufficient for their

dailv requirements. DRIED FRUITS. The quality of the Australian dried fruits, which are now arriving in large quantities, gives general satisfaction,hut sales are only small, as buyers consider, that the prices asked aro too high. For instance, importers arc asking -15 sto s()> for Australian lexia. raisins, for which the best.hid available is only 41s. There are plenty of Cape lexias here which are fetching 4 Is. though tliir quality hardly is equal to Australian. A good trade is passing in currants, hut here again Australian sales arc somewhat restricted, as 71s is asked for Three Crowns, the simp price as best Yostizzas. FROZEN MEAT. Although frozen meat prices show ..■onto slight improvement from the terribly low rates recently ruling, trade still is far from good, and Australian mutton moves very slowly. This week s advance is attributed t" reports of smaller quantities available lor expoit from Australia and the possibility ol forty thousand sheep being reshipped to the Commonwealth. Although the removal of this quantity from our market cannot he regarded as of lunch importance, considering that imports from -ill souls es during the first inrtnight in May comprised 158,01):) sheep and 583,<X)i) lambs. The licet' market has been depressed by lieaw arrivals of Smith American chilled, which has been selling so cheaply as almost to stop business in frozen hoof Fortunately, there is little Australian or New Zealand on the spot. The beef market is very sensitive nowadays, and news that a large cargo ot Argentine chilled had been damaged by -, steamer running aground at 1-' .Palmas has earned the price of South American chilled to jump tliroc-lndt-novice.