BRITISH TRADE.

Hokitika Guardian, 4 March 1924, Page 1

BRITISH TRADE.

FORTNIGHTLY REVIEW. THE STOCK EXCHANGES. LONDON, March 1. Business on the Stock Exchange lias liceii moderately active, with prices generally maintained. It was thought that the settlement of the dock strike Would have brought about a revival o) activity, but so far there have been no signs of any increase in operations. Apparently speculators are being re- • trained by the uncertainty of foreign exchange movements and threats of fresh labour troubles in the coal mines and other industries. Having regard to these circumstances the comparative limitless of the market, notwithstanding the falling off in the amount of business, is, as the “Statist” points out. encouraging and warrants the expectation of a ready response to any favourable developments. AN INTERESTING* COMPUTATION One of the most satisfactory features of the stock market, may bo found in the “Hankers’ Magazine” in a statement which values 305 representative securities during the months of December and January. These showed an aggregate shrinkage of capital value of about C70.f100.000. Since then this loss has been much more than recovered, and the magazine's latest valuation shows that by February 1!) these securities showed an appreciation of €113.000.000. This improvement demonstrates, as a wellknown financial writer says, the inherent buoyancy of markets winch have had i o contend with such factors as the establishment of a Labour Government, a short hut sharp railway strike, a great strike of dock labourers and a fresh slunin in foreign exchanges. FOREIGN EXCHANGES. Interest, ill the foreign exchange market is centred on the fluctuations of the French franc which after a satisfactory recovery on Monday relapsed sadly on the fall of the Belgian Cabinet and touched the low record of lOo.On. There has been a slight recovery to 103.30, hut the market still is very jumpy and there is a great lack of confidence regarding the future. The latest scheme for stopping the decline is M. Massnrd’s. He ha- deposited a project of a law for the re--trieiion of the sale of francs io foreigner-. Tie states that since the decline of the franc foreigners have been having large quantities of French money. The object of his proposed law is to conserve francs in circulation and keep them in -T* ranee. THE WINE TRADE

A feature of the French wine trade during the last few weeks. has been the large purchases by Germans .n high prices of the b-r qualities of wine from Bordeaux. Algier and several other centres to a total value, accordin'.- to the “Wine Trade Review.” or over forty million franc-s. This sudden revival of the German demand after several years’ abstention has caused a certain amount of alarm in political and financial circles, as no one can understand why German merchants have suddenly determined to exenango their bank credits for merchandise. The Bordeaux Chamber of Commerce advises caution regarding local purchases, suggesting tha tif the t rans.lotions are to he paid for at the close, of a given term the operation may lie re-

garded as specultaing on a further fall of the French franc, while if payable immediately in cash the operation may be intended to minimise the credit balances into which international experts now are inquiring. The Chamber says that the withdrawal of large quantities of raw material and articles from national consumption must result in raising prices to the home consumers The committee advises members to make only cash sales and only sell articles not indispensihle for general use.

The latest effort of propaganda to draw attention to tho famous wines of Anjou, Bergundy, Champagne, Cote d’Or and Gironde is the production of a film illustrative of the industry in these districts which has taken two years to prepare. It will be shown in due course throughout the world.