BRITISH TRADE.

Hokitika Guardian, 9 July 1924, Page 1

BRITISH TRADE.

I ORTNICIITLY RKYIKW. THE STUCK EXCHANGE. LONDON, July Fears thal a rise in the hank ralo was imminent caused some uneasiness on the Stock Exchange, anil there has been some selling of gilt edged*, with the result that prices have eased all round. The decision last Thursday to leave the. rate unchanged led to a somewhat better feeling and a slight recovery in prices, hut the general impression seems to he that the bank rate will be raised before long unless American exchange moves more favourably and the international situation i mproves. HUNGARIAN LOAN. The most interesting event of tlie week has been the. flotation of a portion of the Hungarian reconstruction loan, amounting to nearly eight millions sterling of seven and half polecats at, eighty-eight. As this, including tin' redemption of the loan, yields

over 170 s per cent, it is not surprising thal the loan was rapidly over-sub-scribed, the lists being closed it few hours after the opening. THE .SHIPPING TRADE. 'fhe position of the shipping trade shows no improvement, and the views of a number of loading shipowners, published in the newspaper “Fairplay,” are extremely pessimistic as regards both the present and the future. For instance, the managing director of a great shipping company points out-that though there has boon a small but very welcome improvement, in general trading conditions, in the past few months, it is due to two outstanding factors, firstly, the earthquake ill Japan. which led to quite att abnormal demand for tonnage to carry building materials, etc., to the devastated

areas, and -econdly. the exceptionally heavy crops ill the Argentine, which caused a large demand for tonnage. "Both of these factors are now operating to a much lesser extent,” the director continues, "with great uncertainly. The general financial and international situation that still exists, resulting in the continuance of the restricted purchasing power of Europe, makes the outlook for the immediate future far from reassuring. I cannot see any likelihood of the improvement experienced during the early period ol the year being maintained in the next half year, (hi the contrary, the present sagging tendency of freights which is apparent in most quarters, is likely to continue, perhaps in an accentuated form, with probably many steamers which are at present with difficulty being maintained in commission. having to lie again laid up. In this connection it is interesting to note that Germany's shipping activities are being restricted hy lack ot monov. as the* Dutch banks which in pre-war clays used to advance money to Cel-mull shipowners on lirst mortgages on their ships, are now refusing This assistance. A German business man. who recently went to Holland to i| v to obtain loans lor German shipping, gives in the newspaper "Bursenhalle." a gloomy account of his reception, and describes his complete failure to raise first mortgages on freight steamers. This, he considers, is due to the unjustifiable pessimism of Dutch banks regarding the financial stabiliiv of German shipping firm-.” butter firm. Firmness in the butter market continues. and notwithstanding a further advance in prices the demand shows no diminution. According to one leading importing linn the satisl'aeanry consumptive demand is largely attributed to the effects of the \YoniMoy Exhibition. where upwards of five million visitors have had the merit- ot Australian and New Zealand hotter brought prominently before them. Another suggested reason for the firmness of the market is the shortness of the Eu-dish make, owing to many ot the dai.'v farmers selling cream at high prices to hotels and restaurants instead of making butter.

APPLES. The Australian ami New Zealand apple season is rapidly drawing to a close and it appears likely that the final results will prove s;u:-laetot>. The demand continue- good and higb prices arc being paid, (“specially fot Stunners, some of which have readied 2os a case, while even hlemi-hed Tasmanian Stunners have made 13-. m ' porters continue to complain about the unsatisfactory marking of and in many instances cases niarke. blemished contain better fruit than those marked standard. I here ate also complaints about had grading, some eases marked 21 inches containing apples under two inches in c.iameter.