BRITISH TRADE.

Hokitika Guardian, 29 March 1927, Page 3

BRITISH TRADE.

FORTNIGHTLY REVIEW. ( , RECENT LOAN FLOTATIONS, fAustralian & N.Z. Cable Association.] . LONDON. Alarcli 26. The Stock Exchange has been pass- - mg through a dull time and the tone genera Ay has been somewhat heavy, s thanks to the combined influences of v the Chinese trouble, the Balkan rum- ( ours, which had their effect although s they proved groundless, and to losses tine to the collapse ol a short-lived , boom in oil stores. But. despite these untoward circumstances, the gilt-edged market has remained steady, although there has been a constant stream of new issues, the most important ol which is the London County Council's £6.000,000 loan of -I J per cent, issued at 931, which was quite unexpected, it proved unattractive and the underwriters had to take about 80 per cent. Another interesting issue was the Italian 7 per cent loan for public works. £500.000 in ten-year bonds, issued at- 971. and £1.100,000 for twenty years, issued at 961. At those prices the issue was most attractive and was over-subscribed in an hour. There is still no news of the Australian Commonwealth conversion loan, which may he further delayed as monetary conditions are uncertain and some financial writers state all hopes of an early reduction of the Bank rate have evaporated. NATIONAL TRADE. The state of trade in the United Kingdom at last appeal's to show definite signs of improvement. According to the monthly review in the “ Economist,” during February and the early part of .March production continued to expand and the unemployed were absorbed ns rapidly as was the case a year ago. when assisted by the coal subsidy, trade was notably improving. If the coal industry, which is now employing Hfl.ooo fewer hands than a year ago. he left out of account, there are actually fewer unemployed to-day than last Alarcli. The iron and steel trades 'are going ahead rapidly, hehruary’s production of steel ingots being at a higher daify rate than at any time since 1920. Current orders will keep , this industry busy for the summer, but : there is no sign yet of hooking still farther ahead. There has been a similar, though less l marked, revival in shipbuilding, which has had favourable repercussions Upon the boilermaking and marine engineering industries Thus the most depressed British industries have shown an increase in employment, and. in view of the extent of orders in hand and the comparatively long period they cover the improvement may he regarded as something more than a flash in the pan. Most of the other industries of the country show certain, though in many cases verv modest, improvement. DAIRY PRODUCE. i Although the butter market closed the week quietly, the position gener-

ally is regarded as satisfactory. Buying in the early part of the week was on a. large, scale, and the big retailers were much in evidence, as well as Americans aild Canadians, who took coi-sideraole quantities of choicest Australian and New Zealand butter for export. It is interesting to note that while colonial and Argentine butters advanced prices for Danish and Dutch remained unchanged. Apparently this is due to the prospect of increasing Continental production. WOOL SALES. The London wool sales ari progressing in a most satisfactory mariner, with healthy competition at prices fully per cent above January rates for meriuoes and from 5 to 10 per cent higher for crossbreds. United States buyers are taking medium crossbreds and Russians are buying scoured merino combings. Yorkshire i , s operating principally in greasy New Zealands and Germany in crossbreds from Piinta Arenas. A satisfactory feature of the sales is that speculator’ wool is being sold wherever a reasonable profit is forthcoming. ..Reports from Bradford show that top-markers’ quotations are very firm.. Prices for yarns are stronger and several spinners report more inquiry.