BRITISH TRADE.

Hokitika Guardian, 24 May 1927, Page 1

BRITISH TRADE.

FORTNIGHTLY REVIEW’. STOCK EXCHANGE DULL. [Australian & N.Z. Cable Association.] LONDON, May 21. Dullness prevails oil the Stock Exchange, and the course of the markets this week lias been most disappointing, especially as last week, the outlook was bright. The reason for the present conditions are not far to seek. First is the panic on the Berlin Bourse which reached here, and second is the unexpected withdrawal of LI .500,(IOC of gold from the Bank of England on Thursday which dashed our hopes that the Bank rate would he reduced to 4 per cent. Gilt-edged securities are weaker all along the line, but, fortunately, there is no pressure to sell and the same may he said of all the other markets. NEW SOUTH WALES LOAN. Subscription lists of the New South Wales conversion loan closed to-day. No information is yet forthcoming regarding the result, hut general expectation is that the subscription has been satisfactory and that the underwriters have not been saddled with a great amount. Earlier in the week, when there were hopes of the Bank rate reduction, people were talking ol the loan being fully subscribed, hut since monetary conditions became harder and the gilt-edged market weakened, the feeling became less optimistic.

FRUIT TRADE. We are now more than halt way through the Australian and Now Zealand apple season. I hough arrivals have been heavy, about 500,000 eases coining within a iortnight, prices have been well maintained, and the trade generally is very satisfactory.. Ibis is largely due to the demand from German'.' and also from Scandinavia, large quantities being transhipped every week t.o Hamburg and other Northern European ports. Importers are opt ini iSI it: about the future, most of them expecting prices to he maintained till the end of the season. Our English fruit is very backward and Continential cherries which usually are plentiful towards the end of May, have not yet ap|>enred in any quantities. The quality of New Zealand fruit gen-< orally is very good, though the latest . arrivals were on the ripe side and some importers are complaining of occasional I slack packing. Western Australians mostly are satisfactory, hut some ate soft and bruised. Tasmanian fruit is somewhat disappointing, for though much is excellent there is too much hitter-pit. especially in Cox’s, the result being that prices for those have varied from 10s to 225. Rears from Western Australia, Tasmania and New Zealand have mostly landed in good condition, and have met an excellent market. DAIRY PRODUCE. The butter market conditions steadily improve and the demand is likely t„ he so good that New Zealand stored stocks, which for some months Late been a menace to trade, have been nearly all absorbed. Australian nnn Argentine arrivals are clearing well There is a shortage of secondary butters. with the result that these are fetching prices within a few shillings of choicest. A feature of the trade is that to-day New Zealand butter is actually quoted higher than Danish. The official market report gives prices for finest New Zealand as 162 s to 1645, exceptional 1665; Australian 160 s to 1645; Danish 164 s per ewt. The reason for this is increased production in Denmark, which is nearing the highest point, England and Germany seem to

he the only outlet for Danish butter just now and as the policy of the Dane is to clear the output every week, they have lowered the prices.