BRITISH TRADE.

Hokitika Guardian, 1 September 1926, Page 4

BRITISH TRADE.

FORTNIGHTLY REVIEW. COAL STRIKE HINDERING PROGRESS. LONDON, August 28. Although the holiday season is now at its height and a settlement ol the coal dispute is still not reached, the Stock Exchange remains steady and business in many markets is rather better than usual for this time of the year, though gilt-edged stocks have shown a somewhat easier tendency, partly owing to monetary stringency and the weakness of sterling exchange on New York.

llow strong the general position is may be gathered from the fact that in the monthly valuation of 3G5 representative securities by the “ Bankers Magazine,” there was an appreciation in capital value in the month ending August 19 of about L 52.000.000. or O.i per cent. Therefore, it is not surprising that quiet optimism is the prevailing note on the .Stock Exchange. The general view is that when the coal dispute is ended, there will he a hurst of activity. Already there is talk of numerous new issues ol capital when the holidays are over, and New South AY ales is mentioned as a likely earlv borrower. DRIED FRUITS.

Trade in dried fruits, both Australian and Continental, is very dull, largely owing to the community's decreased spending power, but traders anticipate a better inquiry next month when grocers ought to commence laying in supplies for Christmas trade. The advertising campaign for Australian fruits is now in full swing and is

already bringing inquiries. An advertisement in grocery newspapers is from a large firm of cake manufacturers in Nottingham, headed. “ A new line of Australian fruit cake.” and offering grocers cakes in the manufacture of which all the fruit used is Australian, the other ingredients being mainly of Empire origin. FROZEN MEAT. The chairman of the Union. Cold Storage Company does not hold optimistic views regarding the Australian frozen beef trade. Addressing the annual meeting, he said : “There has been considerable talk in Australia regarding trying* to develop tho sale of frozen beef in England. There i.s just as much hope for developing the use of horse-drawn fourwheeled cabs in Sydney. There is a limited outlet in Britain for frozen beef for the army and for public institutions, also or the Continent, hut the British working man has been educated to want chilled, not frozen. beef.

There is something wrong when South American growers can make fortunes out of cattle grown on land which sells for ten times as muck as Australian cattle lands. -On our •attic ranches in tho Northern Territory, it i.s more profitable to lot the cattle die than attempt to operate the nearby Port Darwin works. AA'liat is wanted to end this stall' of a Hairs is the quickest possible completion of the railway through to Port Darwin.” WOOL TRADE.

Business ill wool at Bradlord 'has been surprisingly active, with a considerable turnover at prices distinctly lavouring sellers. London selling brokers have also experienced a good demand for lots withdrawn from the recent sales and in many eases sales have been made at the reserve' prices. There have also been some sales to- France.

The opening of’ tin; Australian sea son is. therefore, aue.i ted will) m or-: than usual interest-. According to a Bradford correspond cut, the big buying movement that ha; lately been in progress there indicate: Bradford’s impression of the outlook Thu concensus of opinion appears to b< that, keen competition i.s likely, e.-peci ally for all line wools. FEWER. UNEMPLOYED.

The “ Economist ” in a survey of trade says.- “Although the coal dispute lias reached the seventeenth week, the industrial situation shows no signs of further deterioration ; in fact, numerous indications point to a slight amelioration of the position. The number of registered unemployed lias decreased by GO,OOO in the last six weeks, hut the total is still GOO.OOO greater than the week preceding the strike. Increasing coal imports have been an important factor in the partial improvement, hut the weekly consumption of coal in (treat Britain is about 1.500.00 tons, compared with 3.500.000 in normal times. Tho shutting down of heavy iron and steel trades and the use of oil fuel in the railways may account for this deficiency, but it is clear that other industries are unable to obtain the fuel they would normally consume. “The railway gross receipts have shown a noteworthy recovery as the result of the resumption of normal passenger services and increased holiday traffic-, I nit they are still much below last year’s level. Outdoor relief payments are still over sixty per cent above the level of .July, 1925. “ Against those disquieting phenomena may he set the facts that Stock Exchange values on the whole are well maintained and respond quickly to any hopeful development in the coal situation while hank deposits and advances are well above last year’s level.”