BRITISH TRADE.

Hokitika Guardian, 19 September 1923, Page 4

BRITISH TRADE.

fortnightly review. AUSTRALIAN AND N.Z. CABLE ASSOCIATION. LONDON, Sept. 15. Germany’s more complacement atti- , tudo respecting the Ruhr and the . satisfactory settlement of the Italo- - Greek incident have had the effect , which might have been anticipated on - the Stock Exchange and the tone has been good all round. Although the volume of business transacted is still ; disappointing, prices for almost *> ■ , shares are well maintained, especially foreign bonds. Japanese .securities have recovered substantially from the ■ fall which followed news of the earthquake, now we learn that first reports of the damage were exaggerated Gilt edges retain their firmness, and many colonials show satisfactory ml vances. The flotation of the Victorian Loan of nine millions had no depressing effect on colonials. Its appearance is welcomed, owing to the difficulty which now exists in securing the return of a full live per cent on trustee stocks. Tins notation is regarded as an indication that fears of a rise m the bank rate which were current last week were groundless, and a Iresh crop of new issues, including several colonials, is expected now the holiday . TUo nfffnrn (if til'

season is over. The affairs oi British South Africa Company are again attracting notice, on an announcement that the company purchased from the Public Trustee about a quarter of a million of its ex-enemy shares, vested in that official. All these shares will he cancelled, thus giving holders of the remaining shares a proportionately larger share of the company's assets. The market ls greatly relieved by the knowledge that there is now no possibility of this largo parcel of shares being gradually sold by the Trustees, and there has been considerable buying of shares at prices up to 1-1 s, a rise of 2s eompaied with the beginning of August. THE ECONOMIC CONFERENCE. Discussing questions to be presented at the Imperial Conference, the -‘Spectator’s” financial editor writes: "The city believes that all questions affected iiy the trade relations of Empire should lie considered strictly on business lines, as for the good of the Empire as a whole. The same rule should govern all financial transactions. We are not aware whether a scheme for an Empire currency based upon Empire Treasury bonds will bo discussed at the conference, but so far as such proposals at present are comprehended in banking circles they tre not received with much favour, being rightly or not regarded as unworkable.” THE WOOL TRADE. Tlu* present series of wool sales has reached the halfway mark, and tlmposition remains satisfactory. Tilt- attendance of buyers lias been well maintained, and generally speaking the

tone of the market is very firm, vcith a better tendency. Slight irregularities noticeable towards the end of last week have now entirely disappeared. This is partly due to tiie improvement in French and Belgian exchanges, which enables buyers in these countries to pay more money at auctions, and if the improvement continues, ns many people expect, the Continental demand will remain strong. It is ru moil rod, also, that part of the wool purchased hv Aorkshire buyers is intended for export to flic Continent An interesting feature in the wool trade is the increasing purchases of tops by Japan, which has been our best market for tops this year. The Board of Trade returns show Unit during August shipments of tons to Jnapn amounted to 1,01-LOOtllb, nearly double the shipments in July. Altogether in eight months of 1 l?f)3 Japan lias taken 5.1-13,00011), compared with 1.7(18,00011) in the corresponding period of 11)22, and 1.115,00011) in 1913. It. is feared, however, that, the recent calamity may check .Japan's buying powers temporarily a( any rate.

THE FRENCH WINK .MARKET. The newspapers recentlv have h< e: falling attention to what they call i glut in French wines, urging restaurat.lours and hotel keepers to give (lit public the benefit by reducing prices '''in- "Wine Trade Review” points nut that the newspapers have omitted tc refer to one of the important featurein the east', namely Ihe quality. It is true there is milch winy at present un-

sold in French growers’ hands, hut the "Review” doubts if it is fit for export. The hulk of it would he dear at any price. As a matter of fact, there is no glut of good wines, for which the demand exceeds the supply, and prices at llie place of production are hardening, despite the approach of the next vintage. TilF, BUTTER MARKET.

The high retail price of butter, 22d a pound, has not yet caused a decline in consumption and wholesale values continue to harden. The general expectation is Unit there will he a further advance, especially as supplies due from Australia and New Zealand during next month are only about thirty-throe thousand boxes, and other sources are steadily declining.