BRITISH TRADE.

Hokitika Guardian, 27 November 1924, Page 4

BRITISH TRADE.

Til !•] STOCK EXCHANGE. LONDON, Nov. 22. A spoil of j »roli t-t;iI;in<£ followed the lit tle houm on the stock - exchange which niiirketl tin* return of the Conservatives to power, and consequently

there has keen a slight relapse from the highest prices touched h.v ninny speculative shades. Hut the general tone remains good, though the volume of business is soim-what small, and giltcelgcds generally show lirmncss, a marked feature being the keen demand for script in recent issues. A nntahle instance is the last Queensland loan, which is now quoted at Dlls premium. ■Several new issues of corporation and good industrial concerns have been ieadily subscribed. In an article entitled “Empire Kxch.angt' Problems,” the “Statist.” after describing exhaustively exclmngc conditions in Australia, South Africa, and New Zealand, says: “It can now lie appreciated that the real root of the exchange trouble is the absence in Australia and South Africa of that degree of freedom of expansion of currency which exists in this country and New Zealand. The old Notes Hoard of Australia was carrying out what was essentially the policy of the new hoard of the Commonwealth Dank, which has

initiated a more liberal policy. Vet it has not completely abandoned the old policy. For instance, it does not appear to oiler unrestricted rediscounting facilities In joint stork hanks. Also the additions to currency which were recently sanctioned are treated as advances upon which interest is charged and are not subjected to the vicissitudes of trade demands, hut tire required to he repaid within a limited period. The real remedy for exchange dislocation lies in the adoption <d a more liberal currency policy. Australia ought to allow the joint stock banks to obtain Commonwealth notes ircel.v by discounting the trade hills, and it tin* re-discounting of British Treasury kills were also permitted, readier means would he olfered for converting London balances into local currency. THE WOOL TRADE. The wool trade is awaiting with the keenest interest the reopening of the Loudon wool salse on 'I uesday. lor everyone is anxious to see whether London will follow the sensational advance which occurred in Wellington last week. Opinion generally seems to lie that crossbreds must advance, though it is a Utile doubtful if they will advance, to anything like the basis established at Wellington. Many people are talking about a ten per cent, rise in medium and course qualities, and this does not seem unlikely, for everybody wants eross-brods and the new <lonium currency regulations ate likely to mean having by (lermaus. Ilegarding merinos. prices tire expected to be tolly equal to the hist series. daiitv iMtonrcrc.

'rite butter market remains quiet, but n.,, , c .,-,.|it decline in values ha. enabled retailers to lower prices, and the result has been a satisfactory increase in the consumptive demand. As the quantities due to arrive in the near future are not excessive, importers are hoping to maintain present values for the next week or two. “Kangaroo" brand lias now been on the market a fortnight, but has not aroused much enthusiasm. and Toolcy Street does not report any considerable inquiry lor it. Incidentally, it limy he mentioned that the brand on the boxes is very inconspicuous in some places. Ihe branding is so badlv done that the “Kangaroo sign is invisible. All that can be seen is a portion of the surrounding circle. TIIK METAL AIAIt K KT. The spelter market has been most active lately, and stocks have been reduced very low. This is largely due to the (lermaus buying both here and in Belgium, and I’nited Stall’s. The total world’s stocks are estimated at a little over III.tilt!) tons, mostly in the hands of American producers. lIICII COMMISSIONER'S REI’ORT. WKI.LINOTON. November

The Department of Agrii till tire has received the following cablegram, elated, November 22. from the High t’omniissietier for New Zealand. London : - BETTER. The market is steadier with h”lle:t inquiry. Official quotations ate: .New Zealand- Sidled, line:.l . “Ill:, to “09:, per ewt t I 9,‘el to Is |Od p”f 99, either qualities, ISOs to 191 s per ewt Is T ',el to I s S pi per lb). Australia Salted. (incxL IS Is to ISfls up to lSs s per 1-wt (Is 791 to Is Sd pelill : imsalled, ISNs to 190 s. up to I9ls per ewt (Is Sel to Is Ppl por lb ; other qualities, salted, lfiOs to l7Ss per ewt (Is opl to Is 7d per Ihl: imsalled. 171 s to l-sps nor ewt (Is (bill to Is lid a lb). ('aii:idian--( , reiim.”ry I7ls to l>ls per ewt (Is ('del to Is 7Je! per Mi); exceptional is:;.- per ewt ( Is 7:pl per Mi). Argentine—Unsalted 17(is to ISOs per ewt Is lild to Is 7 1 1 per lb); exceptional, IS2s per ewt (Is 71d per lb):

other ipialiiios. l'ils to Ills per ewfc (1 s o;|il to Is (ltd JK*r Hi). Danish -Mine (loino ospt'iinllv in lino.st. I’lSs to 'J'J ds pel' out (Is 11.‘,il to Is I! :!.! per Ih).

CHEESE. The ili’inanil is small bill steady. Official quotations are : English—Fine’st farmers,’ sleady, lifts to 12(1 per ewt ils Old to Is dpi per lb).

Canaelian —ln fair request, coloured and white 9.’!s to 91s. lip to 90s per ewt <!Oil to 10',el per lb).

New Zealand —There is si steady demand lor tnntiirod sui ts in good roudilion, lint new season’s sue slow. New season’s eoloiired aml white tills lo Ills per ewt (Old per Hi) : old season’s folonred and white 92s lo Ills per rwt (l.’jjtl to Kid per lh). Australian —ln lair request, coloured SSs to lids per ewt (!».',<l to HJd per lh). A shipment of Xew Zealand produce arrived this week per s.s. I’orl Den-

C ASKIN'. Kreneh rennet is now quoted at £45 to (.'■*> I ner ton. IIKMP. The .Manila market opened quiet, hut closed firm and business has been done in “ .1 ” crude Xovember-Janiiarv shipments at L's 3 10s and value. The Xew Zealand market is quiet. Small bus!-, ness has been done in highpoints Xo-vember-.Tanunry shipments at £43; fait" CIO. Fair is now quoted at Cll a ton. WOOL. Fair business has been done in Bradford at higher but irregular prices. Trade is disorganised on account of the Inch prices realised at Wellington. Quotations tor tops are: —01 s merino (is Sd ; oti’s super half-bred Is Id; Ill’s prepared coarse cross-bred 2 s id per lb. TALLOW. The market is linn and quotations are unchanged except for —Mutton, line o3s 3d to oils (id; mixed, dark to dull, 45s to -17 s Oil; gut Ms to llis Hd per ewt. KG OS. There have been small arrivals of new laid. English, Irish, Danish, Dutch and Delian, 27s to 35s per lojtg 100; Italian and Australian “-Ms to 275; South African. Syrian and Argentine 17s to 235; Lithuanian and Russian. 15s to 18s; Xew Zealand 25s to 20s.