BRITISH TRADE.

Hokitika Guardian, 12 June 1924, Page 3

BRITISH TRADE.

FORTNIGHTLY REV lEW

THE STOCK EXCHANGE

LONDON, June 7. There hits been a holiday air over the Stock Exchange this week, the roinhincd ell'oet of Epsom and the approach of the Whitsuntide recess having reduced, most departments to a stiite of inactivity. Another contributing Lector to the general dullness has been the unsatisfactory course of loreign exchange-, which produced a heavy tendency in most foreign homls. Ihe weakness of sterling exchage on New ) ork has c aused some apprehension ol a possible increase in our bank rate, cited tin- ha.- eati-ed quietness in the gilt-edged market, hut prices remain steady, thanks to large disbursement.-. of money for June dividends on war loan and other stocks. Industrial shares have been dull, especially oil-, some liquidation from Paris leaving followed the fall ill franc exchange, and Home railway stocks

have been depressed owing to Labour trouble-. One bright -pot is the Kaffir market, South African mine- being treely bought. WOOL POSITION'. With rclcrcncc to the wool |m-itiun. a correspondent ol the "Economist" writes: "No doubt finance is playing

a very important part, and if Germany could he relieved of its present financial tightness great improvement would soon he seen in all the markets. The Eieuch political crisis is also having an adverse inllueiice upon the textile industry in northern I'rance, and, while we do not think a strike will materialise among the textile workers of this country, the fear of it is influencing some forced sales. Trade in the consuming centres has been exceedingly slow since the close of the London sales. Hence the future Is regarded with some concern.” THE HUP TRADE. Experts who examined a parcel of Tasmanian hops ex the Argyllshire describe l Item as fine quality brewer’s hops, with good colour and aroma, and excellently dried. The market at pro-, ■cut is cptiet, lent trade is expected to revive with the warmer weather, especially as old stocks are practically cleared and no English will ho availatcle till mid-September. It is estimated that the barrelage of beer ill the United Kingdom for the year will amount to 21.1iH0.t11111, and. as crops of hops in this country will he insufficient to make this quantity of beer, any Imps that Tasmania ships to this country will he readily absorbed if the quality is equal to the Argyllshire parcel. ’I lie grow th of hops in the United Kingdom is still tinder control and the quantity permitted is lar below brewers' requirements, with the result that large (|tia til it ii's of foreign hops tire imported, childly from California. ■ ,icse Californian hops are ol far interior quality to Tasmanian Imps, which are the nearest approach to Kentish that has ever been imported. FRUIT. The apple trade in all centres remains good, and prices realised are satisfactory. except lor blemished apples. Even these are fetching much more than their intrinsic value when compart'd with clean Iruit. The strength ol the market in London is probably due'to the great number of visitors in town |or Wembley and the Epsom, and also to the absence of good soli fruits. So far strawberries are very searec. and, though French I'lierries are arriving in large quantities, their value is ttnsat istnclory. A feature 111 the apple trade is the demand tor hard keeping sorts. untidily Stunners, which are making excellent' pi'ii'e-. DRIED ERFITS. Australian dried fruit- are not selling well, anil prices realised are unsatisfactory. Currants are quoted at b*s to (ids per cut. with interior a- low a* •M s. Our ol t It" t".cling brokers saythat, the nualtty -Imus a great lalling•>!T .* compared with last -ea-on's growth, leaving much to lie desired as to e dour and eonditiou. Many parcels vary in size, the grading being most unsatisfactory. The latest panels to arrive -how a slight improvement, hot It in quality and roiidilinn. So far only ciimmiili sorts of sultanas have arrived. They are selling at Irmn Ads to ()2s per cut. Tin* outlook lor dried fruits generally is not bright. It i = estimated that California lias a stock of .Tiluntil tons of raisins. DAIRY PRODUCE. Tlie butter position shows little change, and prices remain firm, Germany having taken -nine thousands of casks ol Danish, enabling the Danes to maintain their price, but there is suiiu' misgiving regarding tlie lilture and many trailers anticipate a downward movi'ineiii, as weather eonditinoK are favourable for a large make here, and the Danish output will shortly reach its maximum. Consequently there Itliiv sntin he some pressure tu sell some of tlie large quantity of colonial butter stored here, especially as ealiles rei'i'L cil indicate that Australia and New Zealand are likely to continue shipments.