BRITISH TRADE.

Hokitika Guardian, 21 August 1923, Page 3

BRITISH TRADE.

FO R T XIGIIT L Y RE VIE \Y. THE STOCK EXCHANGE. AUSTUALItN AND N.Z. CAULK ASSOCIATION. LONDON, August 18. This has been a very dull week on tho Stock Exchange. Some brokers describe yesteiday as the idlest .ay since the war. fur although tile Stock Exchange thoroughly approved the firm tone of the British Note to France, its publication end ie< option in trance could only have an unscttliiig effect ell the markets, particularly foreign bones. Towards the end of the week, a less pessimistic- tone lias become apparent and nc-.-p market- closed better; gilt-edgeds s; eciaiiy showing considerable firmness, with colonials quite steady. THE WOOL TRADE. The pro~pocLs of the wool sales opening on September 1 are being eagerly discit-sed. and the general expectation is that there will be spirited competition. for buyers have had no chance of operating since July !b "hen the strike put an abrupt end to the last series. France and Belgium aie expected to be well represented, hut Germany is an uncertain quantity, fur though it. is well-known that the Germans have immense quantities, there is always the possibility of a general collapse in Germany in the meantime. British mb foreign buvers are starting for the Australian sales and owing to the uncertain positi the Continent many are said t i he going without any ■etinite programme and will have to be guided by cable instructions when the position is •better defined. THE WINE TRADE, ■pile wine trade generally is going through a period of dullness and from all sides come reports of a poor demaii'b 'I his is parti.-idarly the ease with claret, of which consumption has declined so greatly that a joint effort is being made by Bordeaux shippers and English importers to revive ts populii i ity by means ot iplvert ising propaganda. An extensive campaign is contemplated. Even in Eiamo the consumption of wine is very small comparatively. r.ml though the presence of Humorous holiday vt-itor- in Bans and the seaside resorts has somewhat stimulated the demand, sales generally

are far from satisfactory. There is. indeed, a superlluity of wine in Era nee and all sorts of expedients are being suggested to increase consumption, among them being the prohibition ot foreign wines. A novel proposal, emanating from a senator, is tin t Ereneli soldiers serving in the Ruhr, who already receive a daily ration ol bali a litre of wine, should have their allowance raised to a litre. In the Rhine and .Mo-el le districts ill,- fall of the purchasing power ol the mark has caused an enormous decline in the consumption of wine, and | coplc aie drinking nothing but beer, eider and currant and gooseberry wines, whi.Tt they manufacture at. home. With the French and German wine trades in this position, it is not surprising that business in Australian wines is far from satisfactory. The consumption of ..utralian wines in the I nited-King<l >m in the last seven months was Jfll.flUtf gallons. ((inquired with .TO.OfIO gallons in the corresponding period a year ago, and !2ti.()00 gallons in the same seven months ol the previous yea:. Besides general trade dullness, the ness ot Australian wine militates against the demand. DAIRY PRODUCE. Sales of New Zealand and Australian butter during the period oi the strike are estimated to have about equalised the quantity "hieii has an ived, and been held iip in steamers, so that stocks are still lairly high, but supplies from all somces now are commencing to decline. Ita'ler- generally consider there are good | ro-pccts of prices being maintained f“i ike pr<’si;tu. Eears have been expie'-ed in .1-111 ■ quarters I hat. tie- la Ming M twenty-six i efrigerated steamers in London owing to the -Alike, some of them since the end of June, will interfere sernnislv with the Ireight arrangements for next season, but theie seemlittle ground lor the-e leafs. lor shipowners consider that, with mail steamei s and refrigerated bints that have been turned round to the West Coast of England, there will be quite sufficient tonnage available for No" Zealand and Australia wben the first shipments are ready.