TRADE AND FINANCE

Hokitika Guardian, 19 August 1924, Page 2

TRADE AND FINANCE

CONDITIONS AT MO.ME

LONDON, August 10

A holiday feeling prevails on the Stock Kxchaiige, and conditions are very quiet, except tor a little activity ill some ot the more s]:eeulativc sections. The general tone i.s quite optimistie regariling the result ol the liondon conierenee. and this view has been lelleeted in an appreciation of telling exchange in New York, lliis bad a stimulating effect on gilt-edged securities, enabling them to withstand the effects of the stringency of money, and the markets closed with gilt-edgeds fii tner all round. The pros] cot of the success of the Conference also caused an improvement in German bonds. Regarding trade prospects, the “.Statist.” in it- half-yearly review, says:

“The general outlook for British business is brighter than at any time since the comment cutout ol the depression in li>2o. mainly because ot the lavourable developments of the past half-year in the field of European const ri k lion. In addition to the financial recovery of Hungary and Boland, and the undoubted improvement in tile liunneiu! conditions of many other Continental nations, there is the outstanding fact that a desire for peace lias at last been established in the long-standing and embittered reparations struggle, which so far . has blocked all comprehensive plans for European reconstruction. ’ The ".Statist’’ admits that it is true there are other elements in the political situation less favourable, and mentions among others tie troubles regarding Russia. Mexico, India. I.ast Afiicn. South Africa, the Soudan, and .Mesopotamia. Also, the business situation here is stagnant, part of the very pronounced improvement which commenced last September having been lost during recent- mouths. This set back, however, appears only temporary ami given an assured settlement of the rep ara t ions question, there is practically certain to he a fresh improvement in the closing months of tUio

KM BIKE WINKS. LONDON. August 10. According to one of the wine trade newspapers, the Empire Exhibition is helping the sal.* of Empire wine in a gratifying way. A prominent trader informs a newspaper that since the Exhibition got fully into its stride his sales of Empire wines have increased by leaps and hounds, with a corresponding drop in p'renen wine. Tit this connexion if is interesting to note that though the July imports of Australian wines wen* small, hut imports for the first seven months of tho year were -IDo.IHO gallons, which is nearly LTD.OOO gallons in excess of the same period of last year. BETTERLONDON. August 10. The demand for butter continues brisk, and. thouwli ini] orts for July amounted to 1 l.i. Illlew t., which was 2-1.1 MO cut. above July. 102.3, prioxsl continue to liaiden. Apparently new arrivals have been well absorbed in addition to a quantity of cold-stored stocks.

Germany is still buying freely of Ksthnninn and Latvian, also of Danish, enabling tho Danes to raise prices. R-o.tailors here have advanced prices to Is 10:1, 2s and 2s 2d per lb. according to quality, and this may affect consumption, especially as margarine manufacturers are taking advantage of tin* dearness of butter to push their artolo to the utmost.

DRIED Ell KITS. LONDON. Aug. Hi.

Dried fruits tire meetinti with a better demand. The market for (Ireek currants is unsettled, after a sharp advance due to speculative bovine, tlwimi to renorts ol duniape by rain and the possible imposition of ati export duty of Mi per cent., shippers have withdrawn all new season’s quotations. Australians have advanced and prices for choice scllinp are I rum Hi.- to .’iSper ewt. ; but these are scarce, the bulk of the oll'erine beiii" of poor quality, which are ([noted at from Hts to -VJs, with medium at 1-!s. Australian sultanas tire in lnrpe supplv and meetinp with a pood demand, Choice. .Tis to IS>: medium. 1-'>s to .Vis: poor. AOs to .VJs. New arrivals of l.exias are selline I reel v at from -If!' to AOs. KUO/.KN l/AM H TIIADK. LONDON. Au”. 11. Tin- feature of the lamb trade is the demand for small plain, which art* selling above prime grades. Til H Til AOK (Hf I.OOi-C. That New Zealand must be preptired for a oencr.nl lowerinp of values was tin- opinion expressed bv Mr (1. Mitchell. president of the Harbours' Association of New Zealand, in an address at the openiii”; of the ninth conference of the association last week. The oradtial settling down of Ktiropean i titiutries after the world war to cultivate their soil and find markets for their produce, was brinpinp many now e.impeliiors into the Pritish markets. In most, if not in all eases, tin- lalmur cost In these eampetiiip eonntries was much lower than ours, and beinp uearer tile markets tliev had a much cheaper freipht ( St. They were, therefore, ill a most favoured position to compete with our produce. Do the other hand tin- stoppage of harrowed money tulwar parj oes, the continued adversities and depressions at Home had severely curtailed the purchasin'.: power of the llritish people. With these factors facinp 11s. lie said. New Zealand could not with reason link for a continuance of h ip! i prices for the whole of her produce. “We have a wonderful country." declared Mr Mitchell, "and must 1.-e prepared for a General lowering of values, and the whole of our thoughts and efforts an* always in the direction of pit-in;: mure eilieient and thereby cheaper service 1 > shippiup and shippers alike, which in turn imi'i make for jowe: c.i-t nf transport to and from tiemarket- of the world.