BRITISH TRADE.

Hokitika Guardian, 1 August 1928, Page 2

BRITISH TRADE.

STOCK EXCHANGE QUIET. (United Press Association.—By Electric Telegraph.—Copyright.) LONDON,' July 28. The Stock Exchange, influenced Lethe hot weather and the holiday tone, had a quiet week, pessimistic influences being the heavy industries’ failure to respond to Mr Baldwin’s announcement that the reduction in railway rates would operate in December next instead of October, 1929, and the rather doleful report of the Industries Transference Hoard. Giltedgeds continue satisfactory, through the Bank of England’s failure to secure the gold available in the open market, coupled with the decline in sterling exchangs, has not assisted the situation. , The “Statist” says: From now until tlie last months of the year wo must prepare ourselves for gradually tightening conditions, a tendency for weakening exchange and the outward movement of gold. The past week may be regarded as marking the inception of the autumn pressure. WOOL TRADE. Tlie total offering at the last series of wool sales was 93,704 hales. Sales totalled 69,000 halos, the Home trade taking 26,500 and the Continent 42,500. The Yorkshire Press pointed out that the position was still difficult, because the present prices of merino and crossbred yarns were substantially below relative London wool costs.

The Bradford correspondent of the “Yorkshire Post” says: “The series failed to restore confidence. The prices asked for raw material did not result in more business in yarns and piece goods; in fact, the tone of the spinning and manufacturing sections of the worsted trade is becoming steadily worse. More factories are working short time, and there will lie unusually long holiday stoppages in order to curtail production, consumption is so limited. There is no talk of the scarcity of wool, but discussions extend to the losses of those who bought wool from Australia in February and March.