BRITISH REVIEW.

Hokitika Guardian, 14 May 1924, Page 1

BRITISH REVIEW.

FINANCE AND TRADE. LONDON, May 11. Tbe Stock Exchange lias been passing through tin uneventful period, anticipations that an improvement in business would follow the removal of uncertaintly regarding the Budget proposals not having been realised, but prices generally are well maintained, oscpmlly for high-class investments, and it is satisfactory that gilt-cdgeds remain so steady when the dilference in their yields and that, of first-class foreign trends is taken into consideration. Another cause for satisfaction is to be found in tbe eti.se with which attractive new issues are being .subscribed. thus affording ample evidence that plenty of money is available for investment in good securities. The outstanding feature of the foreign exchange market has been the relapse cd tlie French franc from (>7 to 73. This is attributed \o various causes, including the German election, labour troubles in the Ruhr, and the reported trouble with the Turks in Syria. French newspapers attribute tbe decline to the mat lunations ot Franco's enemies, who evince the greatest interest, in making the franc fall on tbe eve of tbe election. Tire “Matin” says: “No otic is fecliu.r anxious over tbis new offensive. Tlie Government lias taken measures to slop the doeline. Everylting tends In show that speculators on the fall will lose heavily.”

Commenting on the British trade Position, “Barclay's Bank Review”.

sav.-s : “The recovery of trade is still very hesitant, and may easily be arrested. Reports from various industries make it clear that in spite of recent improvements, the position is still uncertain, while much of the business Inin” undertaken leaves little margin lor (nolit, but the fact that trade lias been fairly well maintained during the past throe months, despite the difficulties which have prevailed, is encouraging and suggests that there are possibilities of still fin liter improvement if labour disputes can he avoided and a settlement of the reparations problem reached.” '

APPLES OX HOME MARKET. rjOXDON. Ma.v 11The Australian apple season so far has proved disappointing. The prices realised cannot be regarded as satisfactory. Tbe main cause lias Ik-oii tlie presence on the markets, e.-pciallv in Liverpool of large quantities of American apples, which have been selling very cheaply.. It is doubtful whether this -fruit would have been shipped here, if the quality of Australian arrivals bad been equal to the high standard of the previous year, but the Americans have taken advantage of the widely-circulated reports about. the black spot, ill Tasmanian tipples, and their poor quality. All really good apples from Australia and New Zealand have met with a good market, but black spotted or bitter (tilted fruit has been saleable only at poor prices. A satisfactory feature Ilf tbe sea-oil (so far as tipples are, eoncerncd) lias been that where .steamers carried tipple- as well, pears on two or three .ships have been very vasty, but out of 15 steamers which have so fat arrived front Australia and New Zealand, only in one instancy) has -Cere iseen any serious cause tor complaint with regard to apples.

BUTT KB POSITION. LONDON. May 11. The position of the butter market continues puzzling, tor Though t.lnj f.0.1i.. New Zealand and Australian pi ices declined about Is. and even at the reduct': m tbe demand is veiv quint.

The advance in Danish is entirely line to the demand from Germany, which took 1(1.500 casks last week, in addition to the whole Swedish output of •1000 cask-, and also made large purchases from Holland and the Baltic provinces. The result is that English retailers who sell Danish all the year round are paying for it to-day 50s a cwt. more than for New Zealand. The London representative of a New Zealand Co-operative Dairy' Company has written to the Press (minting out that Danish hut tor is being retailed at 2s ji lb., whereas equally good New Zealand butter can be obtained for Id less, and urging bousewi ves to take tbe latter, but so far the demand has shown no improvement, and buyers are merely taking daily requirements.

The weather in Great Britain continues cold, and il is reckoned that we have lost fully one month's make thereby, but conditions on the Continent are favourable for production, and the output is increasing.

FROZEN BEEF. LONDON, May 11

It is satisfactory to note that Italy’s consumption of frozen heel continues to increase steadily. Last year Italy imported about 2:».0110 tons. eliiells from Au-tralia and the Argentine, this year it is c-timated that her requirements will be fully 80,001) tons, probably more, and it is understood that considerable put chases are being made in Australia for direct shipment.

Probably ns a result of war-time experiences, when Italian soldiers fought alongside British soldiers and ate the .same rations, the taste lor meat is spreading among tlio Italians, and demand for frozen meat lias been greatly increased by Government propaganda. The result is that now the demand is greater than the suppb Vi'hnt Italy wants is not large fa’ beef, but lean sides without kidney fat. ' There is an excellent system of distribution throughout Italy by means of refrigerated railway trucks, and several well-equipped cold stores. I’ro>poets in other Continental counivies are not so encouraging, largely o„ account of disturbed iinnncinl conditions and adverse exchange, m.tabt in Germany, and it is significant that r large parcel of Argentine frozen beef shipped to Bel-Mum and probably destined for Germany, was bought _ hj English agents and re-exported to England.