BRITISH TRADE.

Hokitika Guardian, 10 May 1928, Page 1

BRITISH TRADE.

FOIJTNIG HTI,Y 11EVIE \V. LONDON. Alav 5. The Stock Excbango is in a distinctly cheerful mood, the industrial market continuing to overshadow others in activity. British gilt-edgeds, though prices are well maintained, have been somewhat dull, chiefly owing to attention being diverted to colonial scrips, and all recent issues have appreciated in value, notably the last Common wealth loan, which is now quoted at 11 per cent, premium, the West Australian loan at 3-1 G per cent, premium, and the Fiji loan at 1-J.por cent, premium. Under these circumstances it, is not surprising to bear that further Home corporation and colonial loans are expected shortly. Among reported prospective borrowers is New South AVales, though nothing is yet known regarding the amount or pi-ice. Judging from the success of New Zealand’s reversion to It per cent, the market would not he surprised to see New South AVales follow Now Zealand’s example. New South AVales’s last 4! per cent, loan was issued at £94 in April. 1923. The result of New Zealand’s issue surprised and confounded some cautious critics, who lately were preaching about colonial over-borrowing. It is therefore interesting to note that one well-in-formed financial journal suggests that New Zealand could have obtained the whole of the £29,000,000 required Tor conversion operation, with ease if it had wanted it.

AA'OOL. ; The opening of the London wool sales on Tuesday is awaited with con- 1 sidcrablo interest. Following a decline in the values of Bradford tops it ' is pretty generally expected-that the last series’ prices can hardly he maintained, but nobody anticijiates that • the decline will exceed 5 per cent., especially as the offerings are light. Aruch, of course, will depend on Continental buyers. The wool expert of the “Econcmi-t’’ writes: “The spring trade in textiles • is opening out very slowly, largely because of the recent cold weather. Still, the aggregate consumption of wool :>f Home and elsewhere shows practically no- decline and the position may therefore he regarded a.s sound.” 1 APPLES. ' 1 The apple trade has shown some improvement this week, chiefly because 1 the fruit has arrived in better condition. Fine warm weather has also brought about a .better demand, hut on the whole the market is still in an unsatisfactory condition. One importing firm writes in its circular: ‘’Present values must mean a serious loss to growers and speculators. Apparently retailers are only buying from hand to mouth, waiting till rock lsottom is reached. However, the low standard of prices lias perhaps done some good, as it has got fruit into consumption and it is hoped that the public may now buy freely.” In reference to the effects of the cold spell the report of the Ministry of Agriculture states: '’The blossoms of certain kinds of fruit in England and AVales are visibly damaged. The extent of the loss cannot be estimated with any degree of accuracy, but severe damage appears to have been strictly localised and it is stated that it is unlikely that crop prospects will be materially affected. Reports from principal Continental fruit centres point to serious damage. The French cherry cron is expected to he only one quarter of last year's. Apricots promise only one-tenth of the normal yield. Spanish prospects are also bad, l owing to frosts catching the trees in . full blossom. The Murcia apricot crop 1 is expected to be only 30 per cent, o normal,” s