BRITISH TRADE.

Hokitika Guardian, 27 March 1928, Page 1

BRITISH TRADE.

FORTNIGHTLY REVIEW. HEAVY BUSINESS ON STOCK EXCHANGE. (Australian & N.Z. Cable Association.) LONDON, Alarch 21. The Stock Exchange has just completed the settlement of what is generally regarded as one of the largest, if not the largest, account in its b story. One financial newspaper say.the clearing department dealt with 4,000,000 shares in Courtaulds. 7,000,000 in Mexican Eagles, in addition to millions of other popular shares. As brokers intimate that most ol this business represents purchases that have actually been taken up by holders, it is difficult to surmise where all the money is coming from. Although it is known there has been considerable buying on American account, t.te principal activity has been in the more speculative shares, and the ordinary investment sections of the Stock Exchange have been more or less stagnant. Ciltedgeds have been showing a dropping tendency, but Colonials have been steady, and the new Commonwealth issue has been in such demand that Hr' price has steadily improved. From being quoted at five-eighths discount it is now only one-sixteentli discount. In connection with loans, it is interesting to note that the new volume ol the Stock Exchange official intelligence, just issued, contains particulars of fifty-four now loans, for a total sum of £'416.337,275. raised here by various Governments, municipalities', and public bodies during the last twelve months. FRUIT TRADE. The Australian and New Zealand apple season will open on Alonday. when cargoes by the Narkunda and Tainui will make their appearance at the Covent Garden and Alonument sale rooms. The outlook does not seem any more favourable than it did a month ago, for the demand for apples is still poor, and prices are low. The only hope is that Australian and Now Zealand apples, by their freshness and good quality, will attract buyers who have been neglecting apples lately. This has not been surprising, for the Americans now offering are mostly very unsatisfactory. The market will certainly be severely tested, for during tlie next three weeks 250,000 eases are due from Australia and New Zealand. DRIED FRUITS. “ There are developments in the Migration Commission’s recommendations on the Australian dried fruits industry,” the newspaper “Grocer” says. “ Among them is a proposal to establish a co-operative selling agency, with a branch in London for elimination agents. Whether such a proposal, if adopted, would lie successful remains to he seen. Traders in this country dislike experiments of this sort. If the Commonwealth authorities recall what happened to New Zealand with respect to an absolute control policy with regard to dairy produce, they may lie disposed to think twice before attempting to upset the established customs of the dried fruit trade.” WOOL SALES. The second series of wool sales is proceeding most satisfactorily. is no sign of weakness of any description, and competition from all quartesr is well maintained. Writing on the position, the Bradford correspondent of the “ Economist’ ’ says: —“'Hi - impression created by tbe London sales is that all available wool will be wanted, and, in some quarters, the belief is ’still held that values are likely to be higher in the autumn. The influence of the strong raw wool position is seen in the very firm quotations tor tops, in which there is a steady turnover. especially in eross-breds.” Another Bradford correspondent writes: —“A leading member of the trade remarked on the change during bis forty years’ connection with it. He bad never known a situation parallel to that existing to-day. The salient feature is to lie found in the fact that the actual consumptive demand, having been sustained and accelerated since the beginning of the season, raw material has never been known to be se freely abosrbed upon arrival, and that, consequently, the quantity of wool still to come forward and available for further contracts is unusually small computed with supplies which customarily have been accumulated at this period of the year to provide for inter-season’s requirements.