BRITISH TRADE.

Hokitika Guardian, 22 January 1925, Page 4

BRITISH TRADE.

FORTNIGHTLY REVIEW. THE STOCK EXCHANGE. CONDON, January 17. The little boom on the Stock Exchange which marked the opening of .1925 was not maintained Jong. Business this week was very slack. Apparently there was over-speculation in some quarters, and al the first sign of reaction there was a rush of profittaking. with tin- natural result of weaker prices all round. Tea, rubber, mining, kind and Cither industrial shares all moved adversely though not to a serious extent. Gilt-edges are fractionally lower, chiefly owing to the prospects of dearer money and few issue requirements in the near future, but the position is not regarded ns alarming, and it is expected that the effect of the satisfactory outcome of the Allies’ Conference will soon make itself felt and that the markets will improve. PROFITS OF RIG RANKS. The trade outlook generally appears promising, and the monthly circulars of the great hanks, which are accepted as reliable and well informed, all indicate a fairly confident view of the prospects. It is satisfactory to note that the balance sheets for 1924 of the “ Rig Five” London joint stock bailies show considerably improved nett profits. These live in 1921. showed aggregate net profits of £10,948,752, as compared with £9.745,224 in the previous year and £9,998.(109 in 1922. Thus there was an increase last year uf over 12j per cent, in the profits, following a decline of nearly 2 per cent in 192:1.

AVOOL PROSPECTS. Although nobody in the wool trade appears to expect any great change in values at the sales opening in London on Tuesday, there are those who anticipate that the quietness of the American operators at the recent Australian auctions may lie reflected here and that the high prices prevailing last December will not be maintained 'all round, but as only a small quantity ol greasy cross-breds is available for this series the prices for these are hardly likelv to decline.

* Generally, the statistical position of wool is regarded as ensuring that there will he no material fall in values, Interesting expression of Bradford views were given by Air Bertram Parkinson. president of the British AA’ool Federation, in an address. He said that the wool textile industry was

struggling through a very difficult period and the new year had not opened very brightly. -Merinos and fine eross-breds were 20 to 2-5 per rent and medium and low eross-breds 50 to "~f per cent dearer than a year ago. “There can be no true prosperity here with raw materials at such levels and exchanges and tariffs everywhere against us. No one conversant with the wool textile industry would seriously suggest that prices were forced to these levels by Bradford. Tile real point is that the demand for some time past lias been in excess of the ' supply. That will continue until tiic supply overtakes the demand or prices reach such a level that substitutes will be used increasingly and the demand for wool to that extent reduced. Our Continental and Japanese competitors having the advantage of favourable exchanges, lower taxation, and low conversion costs can afford to pay betterprices for wool that we can in both London and the primary markets, and can undersell us in both our home and foreign markets with fmiiished pro. duets. No permanent prosperity at this eml of the trade is possible until English manufactured goods can compete favourably with the goods of other countries.”

THE BETTER MARKET. The butter market is stagnant, liespite heavy reduction in prices, buyers are maintaining a policy of abstention in the hope of forcing E>" market still lower. Meantime, some retailers are putting down prices. Excellent butter is now obtainable M Is 10d a lb. Tt is hoped that this will stimulate consumption, 'hut tlm lower prices are not yet general. .-’ feature is the price of Australian butter, which is only 4s per cwt below Nw Zealand, and Australian is being well pushed. One large store is sticking placards on its motor vans “Rutter down. New South Wales Is Pd a lb.” THCi[f COMMISSIONER’S KURORT. WELLINGTON. January 20 The Department of Agriculture las received the following cablegram dated January 17 from, the High Commmsi ,n----er for New Zealand. London : BUTTER. The market is weak and in view ol large supplies of Now Zeala ul and Australian near tit band, the spot market is very quiet owing t'i the Tog delaying discharge of vessels. Oflii.-i.il quotations tire: — New Zealand —Finest, salted 150 s to IfiOs per cwt (Is 4i!d to Is old |w '(); exceptional no to Ui-Is per ew: ds - .0 per lb): unsalted 16-ls to IliPs per cut (Is ojd to Is (id per lb). Australian—Finest, salted. I''2s. 1565, up to 158 s per cwt (Is !•; to Is 5d per lb); unsalted. 100 s to 102 s per cwt U s 5-scl per lb). Other qualities: Salted. 1 10s to 150 s per cwt Os :i : ;d to Is 4lil per lb); unsalted, '-Ms to 155 s per cwt (Is .'b.'d to Is -ltd per lb).

■ Argentine—The market is weak i.nil prices arc irregular. 146 sto 150 s per cwt (Is 3Jd to Is -Lid per lb); ether qualities. 131 s to Ills per cwt (Is 2Jil to Is 3id per lb). Danish (Slow) —1 Otis to I'lKs up to 200 s per cwt (Is Oil to Is o.l<l per lb). CHEESE. Tin, market is quiet and easier. Official quotations nro: — English- Finest larmcis’ (steady). 120 stoJ2ls ne r cwt ..Is o,'d to Is I',<l per lb). . Canadian—Coloured and white (quiet) Otis to 9Ss ner cwt (Is ',(! to Is id per lb). New Zealand tslow)—Coloured and white, 92s to 9is per cwt (9;,'<l to 10d per lb). Shipments of New Zealand produce arrived ibis week per Bemeilia and Turakina. 11 EMI’. The Manila market is inactive. Earlier quotations .J anmir.v-I'ebrua ry shipments Loo 10s sellers, now L'o I 10s and value. The New Zealand market continues uuiet. with lower qt|ol a I ions Inwards close. Il'gb points January lehiilaiv still one !Us quoted at I l"U ton. lair L 10 aml value. z WOOL. Tlib Bradford market is quiet, but. top-milkers linn. Quota Lions: »l s merino (is 6.1 to (is 7(1. s(i’s super halfbred -ts sd, 50’s prepared coarse crossbred 2s Bid per lb. The next series will commence at London on January 20.