BRITISH TRADE.

Hokitika Guardian, 29 August 1928, Page 1

BRITISH TRADE.

FORTNIGHTLY REVIEW. STOCK EXCHANGE BUSINESS MAINTAINED. Australian Press Assn.—United Service LONDON. August 2G. Although the holiday season is still in full swing the stock markets are generally good, and the volume of business is distinctly better than is usually the case in August, especially in some of the more speculative departments.

Firmness is apparent in gilt-edgeds. The principal event on this market has been the issue of £35,000,000 Treasury 5 per cent bonds, to repay the bonds maturing on October 1. The price was fixed at £lOl, and £42,000,000 were subscribed at an average price of 7jd above the minimum. Some financial writers express disappointment at the result, but the general opinion is that it is as good as could be expected. A good feature of the giltedged is the strength of Colonials, especially Australian, which have apparently profited by the success of the Commonwealth Conversion Loan, which has been the subject of much favourable Press comment here. Script of the last Commonwealth loan issued in London is in good demand at about 3-lGths premium, and the earlier issue of similar stock is quoted at about £99.

New Zealand stocks also are strong, the last issue at 4J per cent, which was floated in Alay at £94 10s, is now quoted at £97 10s. BANK RETURN.

This week’s hank return is interesting, as it shows a great increase in the reserve, and a decline in tho total of deposit liabilities, the result being that the proportion of reserve to liabilities exceeds 52 per cent. This is the highest proportion since July 22, 1914, when it was 42-40. TRADE REVIEW. The monthly review of the state of trade published in “ The Economist,” shows in several respects that the position has deteriorated, but points out. that though the summer decline is more pronounced than a year ago, there arc no obvious conditions present that would suggest that trade is definitely on the down grade, or that the autumn recovery will ho prejudiced. “On the other hand, if we look further afield,” the writer says, “ there are symptoms which definitely are more promising. Fi rs t and foremost, tho harvests throughout the world are proving unusually good. The Australian wool dip is good, so much so that some regard it as the foundation of a coming trade revival in the Commonwealth.” FRUIT TRADE. With the arrival of the Tort Sydney’s cargo the apple season has ended. Considering the huge supplies brought to Europe from Australia and New Zealand, and aggregating well over 3,000,000 case, the general result of the season must be regarded as satisfactory. Certainly the prices realised for the last three or four cargoes have been poor, but values were well maintained till the beginning of this month, and tho shippers ought to be satisfied with the season’s average returns. Importers are calling attention to the unwisdom of shipping French crabs so late as has been done this year, as after mid-July we are plentifully supplied with home-grown and Continental cooking apples.