BRITISH TRADE.

Hokitika Guardian, 27 April 1928, Page 4

BRITISH TRADE.

FORTNIGHTLY 1! E VIEW. LONDON, April 21. The American demand for the 4 per cent funding loan has again been the principal feature of the Stock Exchange. This follows the listing of the funding loan in New York, which is regarded as a most important step in the internationalisation of securities and likely to lead to development which will tend towards closer relations between the New York and London Stock Exchanges. An immediate result of this listing has been considerable inquiry for all gilt-edged stocks, notably the funding loan, which rose smartly but relapsed later on profit-taking by British investors. Stock is being readily absorbed on New York account.

The marked strength of gilt-edged stock lias given rise to many reportsof foniicnmiug capital dotations of an investment ilmracier in the near future, and icrlainly the time seems favourable. 'Die fir.-t to arrive is a \Yc.-i Australian loan, which has been well received. Another possible emit borrower is New Zealand, which lias nearly tdlD.ooo.Uou falling due for re payment in November I!>2P. li scums lather early to talk about ibis conver

'•imi. but some financial writers autici pale that repayment will bedeilt wit) piecemeal, and that an early commencement will be made. In any cax-. New Zealand's animal issue of a new money loan is expected next month. Elll'lT I'll A 1)E. '1 In-re are no signs of any improve mi'iit u; the apple market and importers are getting decidedly anxious re garding the future. Ospoeiidly in viev. el prospective heavy arrival'. Tin-nub ray of hope that can be found i~ lie • rceenlly (ireaf Britain and the C -ulinent have been experieneing a 'pell •>, cold weather which has seriously alicii. ed the blossoms of all varieties of fruit. This is expected to mean si-.ali crops of all European fruits, so that later arrivals from Australia and New Zealand ought not to meet so much competition as usual from cherries and other soft fruits. For near arrivals, however, the outlook is far from promising. One of the leading firms oi fruit brokers, commenting on the position, said:—“Bensons for the unsatisfactory prices are, firstly, the public has become less satisfied with apples, as Americans this year, although of good appearance, did not reach tile usual standard as far as eating qualities were concerned. Secondly, buyers obtained information of heavy quantities of Australians that had arrived, and were on the way, and they were most diffident about taking more than immediate requirements.” Other traders express similar opinions, asserting that publication in the newspapers ol official statements of enormous supplies coming from Australia and New Zealand are greatly detrimental to producers’ interests. DAIRY VRODI'CE. There are at last signs of recovery m the butter trade and dealings in Australian and New Zealand during the last few days have been brisker than for a long time, though they are still not so good as importers could wish. Buyers seem at last to he beginning to realise that, although shipments from New Zealand have been heavy nearlyJ;t;),()()() Imxcs having arrived here m Manli. supplies from tin- Dominion for lilt' next two or three mouths will he materially lighter than lasi ye m- .and it is expe- ted that many buyers who have h *rn holding off will soon have t> replenish siockTin- position of ibe cheese market is also more hopeful. For the past two mouth, wo Have been dependent mainly op Now Zealand imports, which lane been slightly above actual con

suuiptive rei|Uirem<mt s and, consc(|iuiuly. prices liiivo eased somewhat. ( dMi-iii"!ii!)!_■,■ loss will arrive from New Zealand dining the next, lew months nod '-applies are likely to ho .small until towards the end of .June, when the first heavy shipments of Canadian should arrive hero, consequently traders anticipate improvement in business.