BRITISH TRADE.

Hokitika Guardian, 7 December 1927, Page 4

BRITISH TRADE.

STOCK EXCHANGE BUSY, STERLING’S UPWARD COURSE. LONDON, Dec. 3. The Stock Exchange has been generally steady with considerable activity in certain departments, notably some of the more or less speculative industrials, in which mere has been a re-

vival of activity. The gilt-edged market has been dull owing to the competiton of new issues, especially the Palestine Loan of £1,47.5,000, five per cents, at £lOOl, and the Irish Free State issue. The success of the former was never in doubt, the terms being so attractive, with the addition of the British guarantee, that one financial newspaper described it as a Christmas girt to investors, who rushed to apply for it. Dealings commenced yesterday, and a premium of l} per cent, was quickly established. It is satisfactory to note that this new issue in competition lias not affected other Dominion stocks, which, on the contrary, have been in demand, especially the New Commonwealth issue, which, after opening at a half per cent, discount, now stands at only one-sixteenth below the issue price. A feature of the Foreign Exchange market is the steady upward course of the pound sterling. .Measured in terms of the United States dollar, to-day’s

price—l.Sß .3-I(l—is the highest on record since 1014, hut the rate has not yd reached a point at which gold can profitably be shipped irom America to England, which is estimated to he I,SS;j, but financial circles expect that shipments may be possible before very long. The “Financial Times” New York correspondent says that the ieeling is growing that England will take gold from the United States before the end of the first two months of 1028. Bankers think that 1(10.00(1,000 dollars or more could he shipped without disturbing the New York market.

butter market. After a dull week, the butter trade showed more activity yesterday. Prices recovered about two shillings. The improvement is apparently partly duo to .fours that tlio strike may seriously affect supplies of Australian butter, but buyers are also beginning to fill their Christmas requirements, and stocks of the best Colonial butter are by no means excessive. Meantime. Australian butter is being freely advertised by the Australian Publicity Department. This week a number of newspapers, both daily and trade,--contained a full page advertisement extolling the virtues of Australian butter. Next week the campaign will he extended to omnibuses and hoardings, by means ol striking attractive posters.

WOOL MARKET. Describing the position ol the Branford market, a correspondent writes: “Quotations for ail qualities ol tops are firmly maintained. Spinners and manufacturers, however, are disinclined to speculate more freely. Many ol them are of the opinion that lor a period the market has about reached its highest level, and tne.v are prepared to stand out fora time as they have lairl.v well covered their requirements. They are encouraged in their attitude by the refusal of their customers to follow any further upward movement in values. At the moment spinners are being pressed lor quick delivery of yarns, and more of tliem are being compelled t . worl; overtime. There lias been a good deal more machinery brought into action in this department, but the present pressure is mainly due to manulacturers having let stocks get down to a low level, and now they are pressed lor seasonal goods. In view ol the limited amount of new business, spinners fear that the present activity may soon fall a wav.