BRITISH TRADE.

Hokitika Guardian, 20 February 1924, Page 4

BRITISH TRADE.

FORTNIGHTLY REVIEW. THE ,STOCK' EXCHANGE. ICSTRALIAN AND N. 7.. CABLE ASSOCIATION. • LONDON. Feb. Kb 111-.' .Slock Exchange lias boon moderately uvtive lately and most tle(lejiai iments can best be doscriltcd as <|iiicily steady. Speculators have been conspicuous by their absence ami most of the business done lias been in investment stocks, which have maintained their prices despite such apparently adverse inthn.-nce as fears about what the new Labour Government might do, the fluctuations in foreign exchanges and the issue of the huge Japanese loan on highly competitiv terms.

The success of the Japanese i.~:- .• following on them or public Kiihscrip tion to the Ithodesian and Vi cat A::-, tralian loans may have caused some surprise, but it must be remembered that the Japenesc loan gives a yield of nearly seven per cent, and that Japanese .stocks have always proved attractive on this market. It is also certain that many of the applications came from ‘'Stags" or would be profittakers.

THE METAL .MARKET. One section of the Stock Exchange which bus shown great activity has been copper shares in winch there have been numerous transactions at advancing prices. Following the rise in those metals, the .Metal Exchange has been the scene of great activity, and there have been large dealings in copper, tin, lead and spelter at continually advancing prices, 'the most spectacular advance has been in tin, which reached £2Bl per ton yesterday. Americans were buying heavily in the market, which had already risen considerably. There has been speculation recently by outsiders and part ol the advance is undoubtedly due to the demand from hears anxious to cover. Some of those who sold short have been caught, and have lost heavily. Last week's turnover amounted to 5300 tons of standard tin.

The lead position appears very good, for consumption is high, the demand well maintained and supplies still restricted. 1L is reported that during the heavy consumption by the I'nited States, no .Mexcinn lead will he avail-

able for export to Europe for some months. The key to the position appears to lie in America. Spelter has displayed great, activity the week's turnover reaching a total of SUVMI tons, trading in forward metal being especially conspicuous. Standard copper has been very brisk, with tiie week's tiiruver at 11.000 tons. Its. comparative cheapness has attracted speculators, and there lms also been steady business with eoosumers both here and in tile Foiled States.

MINE. There was a considerable increase in the quantity of wine imported into the Fnited Kingdom in -January, the total amounting to .591,D1M gallons, as compared with 800.00!! gallons in .January, 1022. Australian imports in January. 1021, wore 88.020 gallons, as compared with 02.329 gallons in the previous -January, and 87.711 gallons in January. 1022. The home consumption of Australian wine in January. 102!. was 52.720 gallons, as compared with -18,002 gallons in January. 1022. An interesting feature of the imports as shown by tlm Foard of Trade returns, is the remarkable progress ia Spanish wines. Spain sent us last month the record quantity of 255.800 gtvlhuis, which exceeded Fra lire's quantity and was second only to Portugal. which sent 014.007 gallons. DA fit V PRODUCE. The butter market has been dull, under the influence of heavy supplies, and prices would have declined more than they have done but for the imminence of the dock strike, which has been the weakness of Australian and New Zealand unsalted, which has been selling at about 2s to Is under salted for some time. Fn.salted lias been over supplied as Australia and Xew Zealand, tempted by the premium ol about Bs. which has been commanded by unsalted for some time, have been sending too large a proportion of unsalted.

Argon tine is now sending us nkmt 30,000 boxes of un.salted weekly. This is of excellent quality ami ns its price is about 20s a ewt. less than Australian. the blenders are naturally giving it preference. As to the prospects of the dairy produce trade, the opinion is generally optimistic.

Speaking at a dinner of produce importers. Mr A. Robinson, managing director of the Anglo-Continental Produce Co., mentioned as an outstanding feature of the world's competition for food, that the I'nitod States was no longer tin exporter of dairy produce hut a big buying competitor for them in the world’s markets. Many other countries, including China. .Japan and Eastern countries generally, were taking large quantities of dairy produce everv year. Tt was also noticeable that Germany, notwithstanding her supposed poverty, was again coming into the market for butter and bacon.

as well as being the principal buyer of American lard. Also many of the smaller countries of Europe were recovering from their war wounds and would soon he demanding their share of the world’s produce. As the exi hanges become normal, prophesied Mr Robinson, this competition for food would become intensified. Another point was the higher standard of living in Britain to-day. The demand was almost entirely for the best goods, whether butter, cheese or baron.