BRITISH TRADE

Hokitika Guardian, 8 November 1927, Page 1

BRITISH TRADE

FOP TNTG HTLY P EVTEW’

THE STOCK EXCHANGE

LONDON. Nov. 5

Last week saw a pause in the speculative activity on the Stock Exchange, and there has been a certain amount of forced selling of some industrial shares, which recently have been in so muc-li demand. Prices of a number of these have fallen, in some instances by a considerable amount, but during tbe last two days a rally set in and markets closed with a degree of cheerfulness which lias been lacking for scome time, and many industrials showed an improvement. A notable feature was the advance .in Armstrong Whitworths. following on the announcement of a fusion with Vickers. Markets, other than industrial, have been steady, and gilt-edgeds are very firm, the position being helped by the easiness of tbe money market and tbe 1 firmer tendency in the New York 'Exchange. Issues continue to come on the market. and it is reported that several colonial loans will be issued shortly. One of them is Kenya Colony’s £B.500.000. At least two Australian States are said to be also wanting loans in the near future, but at present it is unknown when they will face the mar-

ket. NORTHERN PP OD UCTION. According to latest returns of the International Institute of Agriculture at Pome, the wheat out-turn in the Northern Hemisphere this season exceeds last year’s liy fi per cent, and ih(> average of five years, 1921-25, by 8i per cent. Rye, barley, oats and potatoes all show increases, hut maize has decreased. Though the Australian wheat crop will he well below last year’s, prospects are favourable for another heavy Argentine harvest. Commenting on those figures, the “Economist’’ says: “Taking the world as a whole, this season’s results are eminently favourable, and may be said to have made considerable contribution to the prospects of world trade revival.” fruit trade. Regarding prospects tor the apple season of 1928. Messrs E. W . Moore and Co. write: “It is fairly safe to sav that there will not be so great a supply this year as in previous years. It is just- as safe to say the supply is quite likely to be sufficient to meet all demands. Tbe English crop, we believe, will bo decidedly better than last year, although, as there has been so much wet weather throughout the summer. the keeping quality may lie low. Some European countries have better crops than last year, especially Germany. Hungary, Czeclio-Slovakia and the Austrian-Tyrol, all of which market their surplus principally in Hamburg. France will also have many to ex]x>rt to this country, crops there being reported better than in 192 G.” The latest official reports from the United Staes show a shrinkage on the earlier estimate, the crop now being expected to lie about half 'last year’s. Another estimate made by a reliable organisation gives the decrease at nearly 50 per cent, in barrel apples, which provTde greater competition for Australia and New Zealand, as they are not far below last year. Nova Scotia reports show a considerable increase. Ontario has a better crop, though that of British Columbia is not so good, and Canada, as a whole, shows an increase. DRIED FRUIT. Tlie Australian dried fruit trade con-

tinues satisfactory. Currants have been practically cleared, stocks at October 31st. being only seventy-five tons, compared with 2802 tons Inst year. Sultanas have met an excellent demand, and large sales have been effected at prices ranging from 50s for common to 75s for finest. At tbe moment. the demand has ceased somewhat. but prices remain firm. Arrivals of Smyrna sultanas are mostly low grade and rain-damaged. Hie percentage of fine being very small, so the prospects for the maintenance of Australian prices seem good.