FINANCE AND TRADE

Hokitika Guardian, 23 June 1925, Page 4

FINANCE AND TRADE

FOIiTN IG ITT f.Y R EVIEW. STOCK EXCHANGE DEPRESSED.. [Australia A: N.Z. Cable Association ] LONDON, June 20. There lias been no improvement on the Stock Exchange ami conditions of gift-edged securities remain much the same as a fortnight ago, except that prices have weakened further. There lias been a steady floxv of selling, mostly on behalf of uudorivriteps, in order to get their commitments in respect of several went issues which still stand at discount of over 25s per cent., notably Ncxv Zealand. New South Wales and the London County Council loan, DEARER MONICA'. The result, of Giis state of affairs is that boiToxvcrs this xveok have been compelled ito offer more favourable terms and the issue of £2.000.000 at. 5 pier cent by the .Synthetic Ammonia Nitrate Company under ihe Trade Facilities Act, has been made at an issue price of 198.

The boom in rubber shares has been cheeked by the relapse in the price of the raxv material. EFFECT OF SHANGHAI DTSTUR RANGES. The foreign bonds market has been somewhat upset- by ihe disturbances in Shanghai xvlijch naturally have caused a heavy fall in Chinese bonds. HOME RAILWAYS IMPROVED. The only satisfactory feature has been the distinct revival of home railway .shares, apparently induced hv the optimistic speech of Viscount Churchill. chairman of the Great Western Railway, "ho spoke hopefully of the prospects of the Snith Wales coal trade and the substantial prospects of trade and the siib.-tantial results arising from economies etfeeied by the Great Western directors. Among uexv industrial issues is one of Australian interest, the Union ( old Storage Company’s 3,22(1.000 of G per cent £1 preference shares. COI.DAI’SK OK ITALIAN EXCHANGE. K\| laming the collapse of the Italian exchange the “Statist’ says that speculation apparently had little to do xxitli the depreciation. Most Italian baying orders lor loreign rurr.oi-c-ies in list be considered due to genu-

ine trade requirements. The present, movement probably is .-ea-oiial nt character. Its main cause must lie sought in the comparative failure of the la-t Italian wheat crop ami consequent iiiipnrtx of grain that mnv are licing made. What, has happened is the strongest argument that can be advanced lor lliil.v's immediate return to the gold standard. THE BUTTER MARKET. Despite the fact that stocks of hatter in cold storage are very heavy and arrivals of Australian and New Zealand butler continue large there has b,. a; a good demand lately, with a hardening of prices. Three weeks of hot weather have curtailed both home and Continental Mtpnlics, and buyers apparently have come to the conclusion that there i- little prospect <4 prices going lower, consequently they have come on the market and have purchased freely. BETTER OUTLOOK EOR CHEESE. The hot weather also has had a good effect on the cheese market for constltiij lion. Cheese always I'i-cs xvith the lemperat lire, and as the ] rnspeetixe arrivals are small the outlook is de'idcdlx fax-wurahle. A I’l'I.ES. The apple trade is feeling the effect of tin- competition of soft, fruits, particularly strawberries, which mux are being marketed freely. ihe quality, however, is not equal to standard, berries being mostly small and deficient in llavoiir owing to the dry weather, but enstenuoneer.s are taking them in place of apples. consequently price.- i f t' lower qualities of apples have xxeakeu-

ed. The decline lias been accentuated by the Diet that many Tasmanian and Victorian apples are of indilfere" quality. The best sorts, particularly keeping varieties, like Stunners, continue to meet an excellent demand, and make good prices. The Continent is Diking emmideruble quantities of xx ell-coloured showy fruit. THE WOOL TRADE.

Regarding the wool outlook, a Bradford correspondent writes that the amount of new business xvhieh ] reducers of yarns and piece goods are receiving is insufficient, to make them antic ipate a marked sustained revival j u.st yet. Consequently they are adhering to the policy of doing no more than cover actual needs, xvhieh are very limited. They are quite content to run the risk of the verdict gix'en at the London sales in July, and are waiting to ,-ee Australia's policy regarding liquidation of the balance of woo! on band.