BRITISH TRADE.

Hokitika Guardian, 1 April 1924, Page 4

BRITISH TRADE.

FORTNIGHTLY REYIEW

THE STOCK EXCHANGE. iCHTBALXAfi AN» N.Z. CAULK ASSOCIATION. LONDON, March 29 The Stock Exchange lias been uiuku the influence of a number of adverse factors for the last fotnight and especially this week, notably the London strike and the dispute between the miners and their employers, also political events on the Continent, especially M. Poincare’s resignation. The result has been that business steadily increased until in some speculative markets it came almost to a standstill. Yesterday, however, matters unproved considerably owing to rumours, since confirmed, that the tram strike was settled and news of M. Poincare’s happy issue out of his a (flu-lions, with tiie result that the Stock Exchange closed on quite a cheerful note. The bright spot throughout the dull times lias _ been provided by the gilt-edged market, which has kept surprisingly firm, thanks largely to the cheapness ol money and to t.he fact that in the absence of the long-hoped-for trade revival there has been a considerable accumulation of resources lor investment. These have found their way into the gilt-edged market. A striking illustration of the plentiful ness of money for investment is shown by the success of tbe Siamese G per cent loan ol 121,000,000 issued at <).')\_ which was subscribed to the extent of £35,000,000 in an hour without counting a large provincial application. FOR El ON EXCHANGE.

The recovery in French exchange has continued and the value of the franc to-day, 78.45, shows ail increase of fifty per cent in three weeks. The French Government appears to have moderated

its campaign against speculators and it is said its policy now is to slaliili.se the franc at about 80. The rapid recover v of tiie franc has been somewhat of a disaster for French producers, traders and speculators. There is little sympathy for the last-named, but many people were made .involuntary bears. Commercial firms with heavy commitments desired merely to protect themselves against the possibility of continued depreciation of the franc, which at one time looked proba->le. Tn taking protective measures agah-st this contingency they actually incurred more scricftis losses than those against which they desired to insure themselves. The effect has been seen bn the Paris Bourse, which lias been passing through a severe ;-rsis. APPLES. The opening of the Australian apple season which begins with the arrival ol the Esperanec Ray’s cargo of Victorian and "West Australian fruit due on Monday, is awaited with con'.idernble intrust. The market still is receiving fair quantities of American apples. These are mostly inferior sorts which are selling cheaply, but better varieties arc making fair prices. Oregons and Newtons realise 11s to Ms, and Jonathans 11s to 1.3 s a case. Most of those are somewhat wastv and if the Esperanoe Ray’s apples arrive in good condition they should command much better prices. Supplies of oranges are very heavy but this ought not to all'ect the demand for apples. The question of the shipment oi black spotted apples from Tasmania is attracting some attention, and fears are expressed in some, quarters that the presence ol this fruit on the market may have a had effect on prices lor other States’ fruit and damage the reputation of Australian apples generally.

On this subject one of the leading importers says it is a matter of opinion that good fruit should always command the highest market price of the day and it should not be forgotten that even in the wealthiest communities there are many thousands who cannot afford to buy the best, hi any case first consideration should he for growers who, if their orchards do not produce first quality fruit, should not he denied a market for what they have grown. The risk of loss is theirs and if they are willing to take the chances they should he allowed to do so. People here will want fruit as much as in I’oimer years, hut it is clear there is not so much available, and growers should benefit by a higher average for what does come. THE WOOL SALES. The wool sales are drawing to n close without a sign of weakness. Prices for both merinos and crossbreds are fully maintained, and crossbreds are especially strong, thanks chiefly to the active home demand, which fully compensated for the lack of American biddings which are noticeably absent.

Regarding the wool textile industry the '•Economists” Bradford correspondent writes: "it is unfortunate that little business can be done in merino tops and yarns. Prices are maintained by the strength of the raw material position, but there has been a marked absence of activity as users cannot sell at prices based on cost of the wool. In the cross-bred section however, a nice steady business is passing all the time and medium and low tops show a hardening tendency. ‘Consumption is now* on a large scale and as spinners are - well hooked up for several months | ahead there is little reason to fear a I set back. It is obviously a question of I price in marketing cloth; and wholesale! fabric buyers appear to'have made up j their minds not to operate at all freely! on current quotations for finer fabrics, j The demand still favours cheaper goods ■ and woollens are more sought after than worsteds.