LONDON FINANCE.

Hokitika Guardian, 16 September 1924, Page 3

LONDON FINANCE.

[•nKTXIDHTLY REVIEW. LONDON. Sent. 1.1. With the elo-i* of the holiday season, there has been a slight expansion ol business on the Slock Exchange, though no appreciable reiival is uoticeal !e in the lending market-. Tie only briskne-s lias been in the foreign market. where the gamble in (•ermati bonds continues on a eoti-iderahle scale. The general position i! the Stock Exchange is well described by the liminci;d editor of the “Spectator.” who writes :—** Rig prote—ional operators are doing little or nothing, and the ouhlie i.- not selling, hut quietly absorbing either investments or semispeculative -tacks according to individual fancy. The elfecL ol such 1-ur- . luiscs on prices is emphasised by the sound technical position *0 tie- uitrkct«. and the cotnjJctc lull of six week* in any imnortatit capital I'otations ot an investment description." With regard to the lutnre. the "Sp-.-tat If" adds that who.-e----"pinion? u ei.illv coe'il lor line h in 1,.-.pi, iii". tinniK and • "I'IUU-l i '.* al ein , line I to discern a goo I urine <ll Hii-il!-tics a lieu I Willi the end of September there is little doubt that (h oe u ill 1.-e a speedy and r.erh.i .>. imnortalit revival in eap-ilal ilotat'oli-. and, while it is recognised that investment rc>,Jllice.s am eoiisidei'iitile. the big t*erman loan and the Rus-ian I reaty undertaking to give a British guarantee to a large loan may have a depressing cll'eel oil the markets The writer anticipates that til'' House uf Commons will turn down the Russian Treaty. This view is endorsed b,v other liuaneial writers and experts, notably Air IT Hilton Young, ex-linaiieial secretary to the Trej-iirv. wlm says the loan is little likely to materialise, hut the mere holding out ol hope i.l it ha-l done miieli harm. Similarly, the “Economist” says; •‘We do not believe there is any chance cl’ ih” Commons sain t Lining a British guarantee for tin* Russian loan, t.liote apart from all qiic-ti'iiis ol Russia s present position and policies, the objections are verv strong. We even 'doubt whether the Coveruinent could obtain Parliamentary sauiTimi for guaranteeing the Herman loan, which is alt indispensable step ill the plan for European recovery, il such proposal were afoot.” WOOL SALES. The revised figures for the wil d sales opening on Tuesday give the total available at lS’-MKJ'J hales, of which Australian and N't*"' /calami olletings amount to LhS.iStl hales. Expectations are running high re"ardiii"' the probable course ot values. Most people ill till* trade, taking into (■opsideralii.n the sensational advance in tops which litis occurred since July, anticipate a rise ol U> per cent, in belli merinos and < iu'shreds. Meanwhile cloth makers are complaining that they cannot gel for their c loth anything like the prices warranted by the current rates for yarns, luilois. however, have taken time hv the fnrchr.-k. and many have already put two irtiineas on to Ihe prices if -nits. BO’*)R FRENCH VINTAGE.

Reports from Ereneli wine-growing districts are far from optimistic regardin'' the vintage, which commences about the end of September. Complaints of the weather come from all districts. Ab'Ciu e of sun. abnormally (~,1,| nights, and heavy rains have seri.mslv directed the vines. Y ignei unpinned their hopes on a line, sunny S,-o-U.inl -r. hut sc. far they are being illappointed. and the weather ha-, not improved. The wine harvest is likely to l.c delicient hath in «l" ;, " l,tv :uul ''"inmitieipation "f n > im,r res,,Uers of stocks of 1(123 vintages arc raisin,' prices. Therefore, m the mm>»trade in Empire mines continue, ino-t' satisfactorv, and wine trade news-p.,pe,-s are urging Empire imparting linns to “dig themselves in" more tum|v with British distrihiiliilg mci-,-bants.