BRITISH TRADE.

Hokitika Guardian, 22 July 1924, Page 4

BRITISH TRADE.

«<>- IT IK STOCK EXCHANGE

LONDON. .Jnlv 10.

Apprehension of an early rise in the bank rate having apparently passed away, a better tone lias shown it

self on the Stock Exchange, and the gilt-edged market is recovering from its recent depression. The unexpected revolutionary outbreak in tirazil lias had a somewhat disturbing effect, but this has been counter-balanced by the removal of fears of dearer money, the improvement in sterling exchange with America and the prospect that the l.nmlon Conference of Prime Ministers will improve the international political situation. These factors have brought about some revival ef confidence and the tone of the gilt edged market is distinctly firmer. NKW ZEALAND'S .MiI.I.ION ISSVE. Although there is no great activity an improvement is noticeable in war loans ami the conversion loan, also in the scrip of several recent colonial issues, and a satisfactory incident- has been tin l placing privately ot a million of New Zealand four and a half per cent stock at ninety-live, on the same terms as the five million loan was floated in May. This million was placed without affecting the market in any way anil its sale shows how easily the market can absorb large issues ol capital of this sort.

Hat. while gilt-edgd stocks are firm, other securities have not been well supported and several recent capital issues of industrial companies have not been fully subscribed. KOBEIGN KXCAHNGKS.

The foreign exchange market has been somewhat unsettled, with considerable lluetuatioiis in dollar exchange, but a strong rally has set in ami the rate to-dnj was firm at just under cue cause being through the large American demand for sterling in connect ion with the big How of Amorican visitors to Europo. IM’TTKH.

Colonial blitter prices are well maintained. although Ihtni'h is weaker owing iti an absence of demand troin Germany. British supplies of best butler are beginning to decline, as is usual at this time of the year, so it is expected that prices will not go lower, but increasing ipiaulities are coming from Siberia. Import*, recently have been about lfi,1)110 to 80,000 casks weekly and 100.008 casks are due next week. The quality of this hotter has .greatly improved and it is affecting the prices of lower grade Imtlers. Some buyers are taking it instead of I risli and colonial.

APPLES

Tin; ;ip]pli' market continues very linn. especially lor Imnl keeping vari-oii-s ami llir- prices paid surprisingly high omsideriiig lion Covent Garden ami other markets arc lmavily sup plied with Continental small fruits. One reason fur tin' firmness is undolllittally tin* demand caused l.v hosts of visitors to London. Another is that the English apple erop is oxpeetod to he small owing to disease, and many fruiterers are purchasing >mrmers to store for autumn requirements. Vet another rea-on i-: that the apple-eating hahit. i- steadily growing, due in the opinion of many people to llie advertising propaganda being carried on, not by the dominion- alt-lie. but bv other expoiting countries. The most remarkahle feature of the apple trade is the high prices realised lor blemished Tasmanian Stunners. Many of these have a most unsightly appearance, almost covered with black spot, yet they are realising up to His (Id a ease. Opinummav dilfer a- to whether apples ot this sort are a good advertisement for Australia, hut the fact that they are selling so well disarms criticism regarding the wisdom of shipping them. It must, however, he remembered that this is an abnormal year, for the reasons already mentioned, and that prices now being realised probably constitute a record for the third week in duly. —ct—>