FORTNIGHTLY REVIEW

Hokitika Guardian, 1 October 1925, Page 1

FORTNIGHTLY REVIEW

Till' STOCK TtXCHANGH

J.ONDON, September 2d.

Business on the Stock Exchange for tile last week lias been mainly in rubber shares in which great activity prevailed. This has been detrimental to other markets for investors have been tempted to realise on various other classes of securities in order to huv any rubber shares considered to have good prospects. Gilt-edges have suffered in tliis way and all closed dull, but their weakness lias been increased by the renewed -crisis in the coal trade and the unexpected announcement of a new issue of the conversion loan, which brought existing stock down .sharply, ns the minimum lender price ol ibe new issue was tixed below the current market value. Hut the undertone of the gilt-edged market is fairly cheerful in anlicpation that the new loan will be well subscribed, for the terms of subscription are favourable, as full payment need not be made till after the disbursement of the CA0,000,000 interest. "it the war loan on December I, and therefore the money market is not like]v to be disturbed.

STRIKE AFFECTS BUTTER MARKET.

Rutter importers and dealers anticipate the maintenance of the firmness of the market and high prioes, for there certainly will bo a Serious shortage in the next two month:,. According to Hie newspaper “ Grocer,” imports from Australia. New Zealand and Canada, during September. October and November are estimated at only 40.128 tons, which shows a deficiency 01 9373 tons, compared with the corresponding months of 1924. and tin* actual arrivals aopear likelv to be even less than ibis estimate. Great Britain s weekly eonsniunlion is about 5000 ton = . and it is difficult to sec whore the butter is coming from to lill these requirements during the next three months. The “ Grocer ” suggests that the only possible solution is to advance retail price- and thereby cheek the consumption. The chief cause of the present position is ol course ilie shipping strike. Tito’ delay of shipments has made retailers panicky about luLttre supplies, and consequently they have boon buying freely, with the result that stocks in cold storage have been considerably reduced. Some large o]K?rators also have boon making heavy spoeillative purchases, as they are ,d opinion that even if the strike is settled shortly there can lie 110 large arrivals from Australia and New Zealand fill about- the end of November.

The position of cheese is very similar, stocks of New Xealand being prartieallv exhausted. DRIED FRUITS. The “Buy Empire Food” slogan is apparently having a good otfoet so far as Australian .sttllanas are concerned, fur they are in active demand at from (P's io POs a ewf, with occasional sales of very finest at IBOs. Currants, however, are meeting with the competition of new Greek arrivals, and as the quality of Australians is not too good, the market is weak, with very few sales at prices ranging front HOs to Ids. Lexias are meeting an improving demand at from .‘Ms to Ids. AUSTRALIAN WINES. The demand for Australian wines continues satisfactory and importers report that they are doing good business. AYitli the growing interest: in sweet wines of port type the prospects of the French vintage appear (n be somewhat tin favourable. Owing to storm damage and consequent maladies reports from Portugal express fears that the vintage will lie poorbolb In quantity and quality, but Spain lias prospects cf an abundant liarve-i.