BRITISH TRADE.

Hokitika Guardian, 28 September 1927, Page 4

BRITISH TRADE.

FORTNIGHTLY REVIEW. the stock exchange. LONDON, Sept. 24. Activity in the industrial section of tho Stock Exchange fell ofF consider, ably last week, many speculators talcing their profits and people wore wanting to sell shares instead of buy them. Rut during tho last day or two a firmer tendency has developed and there are signs of this continuing Gilt-edged stocks have been dull as have the Government’s conversion proposals. hut the market is gradually taking a more optimistic view of tho new offer, which is said to he now meeting a good response in the belief that any further issue made will bo on a less favourable basis. WOOL TRADE. The wool sales are proceeding satisfactorily. There is no sign of any slackening in the demand, and prices aro fully on a level with those established at tho opening. The Home trade are the principal operators, with ; Germany a good second. America has ; been .taking a fair quantity of stipes, j but. Franco has been operating only on a small scale.

Commenting on the difficulties of the manufacturing situation, the wool coirespondent of the “Statist” compares present and pre-war prices for tops, showing that increases in Bradford values range from 30 per .cent to 86 per cent, compared with September.. 1913. The greatest appreciation is in merinos, hut the cost of wool is consistently keeping well ahead of the price at which it can be sold as .tops, yarns and piece goods. It is impossible to lose sight of this .fact, although an improvement is admittedly coming about in manufacturing conditions. Spinners complain that yarns are being sold at prices not covering the cost of tops by pence per pound. Manufacturers say that cloth is too dear to find a ready' market. Recognising these facts, it must he admitted that the recent week’s business in tops, yarns and piece goods has shown some expansion, and more machinery is working. Progress is tardy, but it is fairly soundly based, despite the unsatisfactory financial position in which many firms admittedly are.

DRIED FRUITS. The demand for Australian sultanas has quietened down somewhat after tlie exceptionally heavy sales in the first fortnight in September, hut fair sales are being made of low grades. The cause for this satisfactory state of affairs is the partial failure of the Smyrna crop, which wqs severely damaged first by drought and later by hea vv rnins (luring the drying period. Consequently, though the crop will probably *bo 45,000 t nils, only about 10 per cent will be good quality, compared with Go per cent in If)2(i. most of the remaining 90 per cent being badly rain-damaged.

In order to give Australian fruitgrowers its opinion regarding the proposed control, the National Federation of Fruit Trades Associations held a special meeting, and after several hours’ careful consideration unanimously adopted the following resolution: “That the federation! is of the opinion that for highly perishable products, such as apples and pears. control would he very detrimental to fruitgrowers’ interests. The federation has spared no efforts to secure a reduction of freights, and has met with some material success, but offers t.i the bank to guarantee the payment ot freight this side have been declined. The freight was 3s Gu a ease last, season, compared with an average ot 9d in 1914. The federation hopes in due time to secure a further reduction, and also payment at the port of discharge. The advertising originally started by the federation anil

sndressfully carried on was h.umpeioti in 1927 by 'lack of support from the Commonwealth Government. alt hough it previously had premised in 192:' that it would he given. Cold storage research is being practically at’d thoroughly instituted by the. Empire Marketing Hoard in conjunction with Cambridge. Financial assistance has always been provided tn the past and the matter cannot he so humanly dealt, with by Government hoards. Diversion is impractii able for mail and passenger steamers, and is only possible occasionally with cargo steamers when fruit is the mninr part •'.! the cargo. Apples cannot inflnenr • the destination unless Inure shir.men!: are made, which is undesirable, ere the federation does net roe mnurnd them. Control and f.o.h. sale-, are in-