BRITISH TRADE.

Hokitika Guardian, 25 June 1924, Page 4

BRITISH TRADE.

FORT NIGITTI.Y REVIEW

THE STOCK EXCHANGE

LONDON, June 22.

The Stock Exchange has been at its fpiietest during the week. The Ascot meeting wa.s responsible for decreased attendance and some loss of public interest, but there In s been an underlying feeling of • increased confidence. This has !>eeii reflected particularly ill the firmness of gilt-edged stocks. The New French Ministry is welcomed as a probable stej) towards a reparations sclllumcui. while the defeat of Oon-oi-ul Smuts has shown no appreciable intluence. In fact it scarcely produced a liijjdc in the Kaffirs market. Gilt edged- have felt the benefit of relatively cheap money. Brokers report a steady absorption ol high-class investments.

New- South AY‘.desks most recent i—ue. .-mil a large percentage of w Inch was left on the underwriters’ hands, has improved a little and now is quoted at 1- discount. 'Hie “Spectator" says the limitless of investment markets is strange in view of the large volume of cai ital creations in the present year. The “Bankers' Magazine" shows that the value of ?.<>•"> roprosentativo stocks at the end of May was £li;!).o«Hi.f:of> above the .lannary level. The ‘‘Spectator" says that if hopes of the rcstoration ot European political (outidence fire realised, Uml billowed liv increased activity in international trade, ihere may Utter be a tendency _for industrial stocks to benefit at the vsjieiua of gili-edgects. WnOI.LEN TEXTILE TRADE. The “Yorkshire Post" says that unemployment in the Bradford textile trade is heavier now than it was earlier in the year, and the position is made worse by demands lor increased wages which the employers definitely have refused. The recent decrease in the activity of Bradford mills is chiefly due to the decline of trade in ci‘o:-;s-lireil yarns with Germany owing to buyers’ inability to pay as the result of German restrictions on sales of foreign currencies. THE AYOOL OUTLOOK. An interesting summing up of the position of the wool trade was given by Air Ernest Gates, a* the annual meeting of Salts. Saltaire. Limited, whose mill Messrs Bruce. .Massey. Lawson and. others recently visited. Air Gates said the wool trade had two sides. Btitaiu’s | osition in the wool trade seemed to have widely increased at the expense of the manufacturing business. In other words, while Britain had maintained supremacy so far as wool transporters, merchants, and

financiers were concerned, she was in danger of losing her manufacturing trade. Armchair economists advised that the .solution was a reduction of

the selling prim hut these simply were made tiji of the cost of raw materials, labour, interest and taxation. British mnnuf:icturo:s were prepared to uotk for its little profit as the foreigner. They paid the highest wages in the world except in America, where there was high ptnteetion. Britain's taxaiioii was the highest in the world. Britain could not obtain wool cheaper, because her competitors could obtain sterling credit for wool purchases as easily and cheaply c.s Biilish nianufa; lurers. The results had been ivilectcd in the trade during Hie year. Wool had been relatively dearer than tops, and’ tops dearer than yarn, and yarn dearer than cloth. To all except those in the strongest financial position this was an extremely serious matter. Air Gates, examining the prospects of oversea trade, pointed out the limited buying capacity of Europe and the difficulty of siumounting the

Foiled States tariff, lie added: “The ihuninicns are buying increasing quantities of cloth. We have reason to

show gratitude for the j reference we enjoy in those ma:kets." WCnb| .KN Wool. RACKS.

Seldom attorn; t:s are being nu’de in A'oi l-.-hire to manufacture wool packs

ol woollen material owin': to the serious damage caused to jute pad's tliroue.lt tin- admixture of jute libre with the wool, which defies eradication at every .stupe of niauuiiK tiire and entails heavy cost in boiling doth. Various wonlih n materia's are being made ini into packs in an attempt in reach a bag wi-ij»liiu*j below four pounds wliieli will stand books and not tret-Ii unduly. A (oinniil tee represent in" various sections of tlie II ratifill'd Hade is mi; ervising tlie e.xperiutenis. The suggestion is that the woo! buyer should pay half the extra rest and that used baps should lie ref -hipped t i the colonies for use Men ill. By lliis menus it i.s evperfeil flint ultimately the lost to the grower will be no creator than the present into lack rest. All brands and marks will bo on a detachable square of linen sewn on the bale. THK PA IRA' I’ROPEC'E .MARKETS. .New Zealand and Vnstralian butter lias clip .-.'.1 good : rices, unusually high in relation to Danish. This is due lo the falling off of Horniany's demand lor D.-mi-li I'l'udiiee. but the market :i| pears lo have readied its peak. Everythin" depends 11 ; ■ >ll whether the Frendi Coveriiment in its anxiety lo keep down tho cost of living will extend it-, embargo on- butter exports. As tlm matter now stands the Embargo

will l»; lifted on .Tulv 1. Whenever it is iciaiived very heavy supplies win

tench London, whidi togoihor with i-ask- 1 of Siberian just arrived ami an expected increase in home and lii-.ii supplies will probably lead t. a fall in priii's.

A PPT-Em. A titles are maintaining their prices exeeptionally well, hilt six or seven steamets still are to arrive, while the '•■arm weather of the past few days is lending to a daily increase in the quantities of British and Ereneli soft fruits available.