FINANCE AND TRADE

Hokitika Guardian, 26 May 1925, Page 1

FINANCE AND TRADE

■ - ]•< HM'N'Ki 1 ITI.Y REVIEW. STOCK EXCHANGE AIOR.K CO.VFI DENT. LONDON, .May 2:1. After ,i period of dullness, at limes almost amountin'.; to depression. the Stock Exchange. during the last day or tv. 11, has slio'.v ol a more confident tone, th inks mainly to the easier monetary conditions and rumours of a big inllux of !11 i• 111 into the Bank of England. This brought a limit a general advance, and gilt-edged and I bone rails shared in the improvement. Speculative .■■locks, however, are still very dull, and tile little rubber -hares boom of a no tniebi :;si>. has died down, following on

lin.-tiiat ion.s of raw material. t'flUlNfAl. I.< 1 A X FLOTATIONS, (in pi'i.lit-iakin g sale- a feature of l!i- Stool; Exchange has been the small piibiif .subscriptions for several recent !ar,:e i'siivs. with the result that the ..iiiderwriter.s are still holding largo •I: alls. They v. ere left with about.

c 111.' M !H.< ii it 1 of the New Zealand and l.ondon Conolv t omv il loans, which

aie l.oih . 111 ot. • d at heavy discount#; hut. despite (lu-. 1 hero lias l.aeu no dil.ie• liy in under.-, rit iii ; ; a New Sotiilt Wales loan id Idi.-'T'IMTiH. This issatisfa P iv. as shewing the nnderwTiters' . oniidem e in the situation and outStiCTII A FI! it A X FX( I LANGE. South African hanks announce that rat - for cabling iiiiiii-y to the Foion have been hr.ill.dit down to par. while hill- payable mi demand can he bought at !• |er <out dis> This is the im-medi-te result of S.mi 1 1 Alicea's return to .mid ( iinvucy. and of the fact that the Hand producers have been sending a I",rge portion of their output in tl: I’retorii. mini for eonversioii into sovereigns. Ii i- interesting to reeall that in I!‘20 the exchange rate lor remitting funds in Smith A lira was 7 per • cut 1 >:. miuni. A RULES. The apple market remains wonderfully linn. and. not wit h-1 ending heavy siip'plie.-. price-, remain at a level v.hieh should prove satisfaelory to grower shipper and importer alike. So far twenty-three apple summers have arrive.l in British ports from Australia and New Zealand, bringing roughly one million use-. These have been sold at an average price of between 15s and Ids per ra-e. Tile -learners have carried the fruit well, and it generally

has been of excelleiii i|Uality. Rruwnlieart has liven conspicuous by its absence. and though s.oiik. variolic.- in the earlier arrivals showed signs of hitter pip and some black -p. I. il is apparent that these faults have been a much lower - ale than in --"toe recent y. er-. I he Continental deman i for apples has declined somewhat a- the season advances. and -otue impiuier- anticipate le-s Ii inquiry after Derby week has pa-sed, but the general impressioii is 1 hat tlcre might not to he ntiv material de- line 111 rallies until -oil fruits bceil! ill arrive tit hr- (pt.lit it ; b lit t Itree ecks hmn e. 1 1 RF T|. • i .-;i r ma rkd ha - tad been ,11 i-ia< iory. 1 r:is 1 1\ becau-e many ar--1 -;v ■:i too .-il e. blit all in go'd eondilion il-1e! 1 " 1 1 high loi e-, S-’Ui" importer.-. |>ave rai-ed the point of whether it is w i.-.a to shit) -o many Viral -. 'I he.se being hard irnii. o-’ially carry well, hilt ill" 1. 1 le-1 ton ado'll i l -: Is tile pri-e.

VJ . *) {:U jer CD-'*, r* *i: »; *ni • r:*. 11 v : tr \l> 1 : t (ixdittmxs. Tla ‘' F. oi r - I m7- 1 ' ’ monthly irate review, -ays; •• A li'lmilgh presell! trade ei.tiditi.eis do 11.1 t call for SO much p - -imi-m a - - "Um pm pie lu've made cut. the\ certainly ale mil calculated to re.i-o mueli cut hiisia-mi. Seasonal '-liallges at this time of year a (fee I •m,. iodic trie favourably and seine Uiil'ava "(fa! iy. but ihe si; 11aii.nl as a whole ha.- Imv. u lit lie . hauge during •lie last month. While I in-re is no evidence loaf ground is L-ine. 10-t. industry slows little ability to make definite headway. Mr Churchill's Budget -O far has afl'ecie.l ilidtt-i rv to biit a slight, event, apart from the atmoiiiieemeni of t!t• return to Ike gold standard. A n 1 urn 1 . tlm gold standard was anlieipated in tlm City I,in preparations in all eases to deal v.ilh new eioidit ions have not proved 1 hoPouglily eempletie. A transitory period of doubt and liesifai ion has oc-.-tirred, and is affecting City business to a marked extent, Inti this should eedilv give lllace to one. of mole

normal condition-.. Tlm ultimate e/l'eet

on British mdosiry ol the I rea.surer s stew will doubtless le considerable.

and we believe Imiml'mial. Imr will uaiu--1:111 v re'iuire miiiii'. lime lor working out."