BRITISH TRADE.

Hokitika Guardian, 14 June 1923, Page 4

BRITISH TRADE.

FORTNIGHTLY REVIEW. THE STOCK EXCHANGE, LONDON, June 10. The Stock Exchange had the usual Derby Week slackness, and business has been on a small scale. The strength of gilt-edged securities was hardly maintained. There lias been some sellin’g, which is attributed partly to a desire to provide funds for the new Austrian loan, but the ready subscription of the West Australian loan, and the firmness of other new 'issues, show that the gilt-edged position is unlikely to have any serious setback.

THE AUSTRIAN LOAN. Great interest is being taken in the Austrian loan, which is expected to be well subscribed as, allowing for redemption withiil thirteen years, it will yield in interest £8 12s 3d per cent, and it has not only a prior charge on the Austrian Customs and tobacco monopoly, but is guaranteed in sterling with respect to both principal and interest b.v European States in the lollowing proportions: Britain. France, and Gzecho-Slovakia 21! per cent cacti; Italy 201 per cent; -Belgium and Sweden 2 per cent each; Denmark and Holland 1 per cent each. The loan is novel in operation, and nothing quite of its kind has been attempted before, and as the “Investors’ Clu’onicllc” points out. it makes history as the first constructive effort to repair the ravages of the Great War, and as the first tangible outcome of tlie co-operation of the nations in the economic work fur which the League of Nations stands. THE GERAIAX MARK.

The German mark continues its downward course, and the issue of llie last Note has had no good effects, to-day’s quotation being 335.090 In 393,000 to the pound sterling. This further decline is apaprenlly due not . to tlie Note itself, which is regarded as an improvement on its predecessors but to its hostile reception in France. WOOL TRADE DEPRESSED. Tiie Bradford wool trade is in a depressed .state, with much pessimism among holders of lops, some of whom are endeavouring to liquidate their holdings at considerably below cost. These iconic v.ere predicting that yesterday’s Hull sales would show a decline of 1 lo ~j per cent., as compared "Tf.b last L.ijit) in aisles. This probably wi uLI have been the case il the Yorkshire bankers alone had been operating, but Frenchmen bid freely, with ilu- les'.ilt that the "hole offering of 25.(1(10 bales wr- sold, the Frenchmen taking 80 per tent. All line wools realised London pri;es and only course surfs showed a slight tendency in the havers' favour. EXPORT TAX TO I (ELI’ EMPIRE. The Yorkshire cloth manufacturers are meeting witli severe competition from lhe Continent. Owing to the depreciated exchanges Freni li manufacturers are able Lo cut below the Britr-h price, by at least one shilling a v;:r' on certain cloths, consequently our exports i.f cloth, to Flame have shrunk to almost lu-gligmh- quantities. In this connection it is intcresl ing to note that Sir llcnr.v Whitehead, p-:c-i----lirut uf titc Bradford (Tiambrr’ of Commerce, suggests that tile Imperial Ivr-oiioiui • ( onfereuee should be asked to consider tins advisableness of the colonies placing an expert tax on monopolies like rubber and merino v.tcl shipped from the Empire. in order to help British inannl'iictiu'c! 's in meet the competition fn-ni foreign mu! kets. SUITS AT IL lid. Ait interes-tpig reminder i.-f the (b vernment’s vain endeavour to solve our clothing difficulties alter lhe war is furnished by the publication of mi offer of standard suits of clothes at Fls lid cadi, wholesale. These suits were made 1,.v a Government Deputin'ent d--m(ii.*ili---.!l .-older.- and ethei- '-lit croud -c-n unatlraoti' e. In ]P2O they "el'i- hawked about at £2 I Is Bd. without finding many Imy-t-:s. In 1921 they were again , Ifere.l at half that figure: now a quarter of a million arc offering at a “givingawny” price. DEMAND FOR APPLES GOOD. The demand for apples eoiiiimies sitri l i-iiigly go. :I, allhough arrivals are heavy. Apparently the advert ising propaganda lou led a good effect, hut the strength of the maiket- is .undoubtedly mainly (in ■ lo Hie backwardness of si;ft fruits. Usually flufirst of June sees our market flooded a idi cheap st run berries. ’lnis year they are conspicuous by their nb.-em<* :ind supplies of F'Oneh chonies have been cheeked hy a cold spell. The British Ministry of Agriculture reports that, all el.is--0.-i of small fruits have l-een damaged hy the lici't. Strawberries are likely in be an average e.up. though very backward, (.'berries are only 80 per cent of the average. Importers therefore are imp,-In! Pint ike sea-on. which si irted so badly, will finish well, though there eve ten cargo:--- uill lo ariive.