BRITISH TRADE

Hokitika Guardian, 27 September 1928, Page 2

BRITISH TRADE

JOBTNIGHTLY REVIEW

MONETARY SITUATION UNCERTAIN. LONDON, Sept, 22. The stock markets for the last week have bt/en showing a somewhat hesitating tendency. Gilt-edgeds are in a quiet, subdued mood, being under-the influence of the uncertain monetary situation. The market is hardly likely to improve, while the sterling exchange continues to fluctuate around the point at 'which gold shipment.' to the United States are profitable. But though the gilt-edged market is dull the prices show no serious downward movement and a satisfactory feature is that Colonial issues arc steady. Industrials have been one section in which activity has been shown and there is considerable speculative business, particularly in gramo phone shares. TRADE OUTLOOK.

The monthly review of the “Westminster Bank” 'contains a well-bal-anced article on the trade outlook, which records both the favourable and unfavourable features of the situation. The. writer says that the setback to certain branches of national activity during the past few months has been of significant dimensions and the outlook for the coming autumn and winter are accordingly less favourable than might have been,, hoped for six months ago. It would fee idle to overlook the presence of retrogressive economic tendencies or to deny their share in the bringing about of the present situation. On the other Rand the review takes a somewhat hopeful view of the situation from the fact that possibilities of rationalisation are receiving more practical consideration in the wide range of industries than at any time since the war. The other reason for inducing the writer to take a more hopeful outlook are the facts that the world’s harvest of foodstuffs and raw materials are on a bountiful scale and a good feature at Home is the tendency towards a little more co-operation between Capital and Labour in seeking a solution of some of out economicproblems. HEAVY INDUSTRIES.

The weekly report of tlie London iron and steel exchange sounds a pleasantly optimistic note. It says: ‘ The market is developing a distinctly healthy tone. The autumn demand has not yet fully matured, but the prospects are decidedly good, as-far as can be judged by the increasing volume of inquiry, which has been circulated (both on Home and export account. Enough business in British works has been largely from hand to month there are signs that the consumers are inclined to make forward contracts. The .oversea markets appear to be waking up so that the position is brighter than it has been for some time.”

WOOL TRADE. Commenting on the wool position the Bradford correspondent of “The Economist” says: “There are distinct signs of a weakening in the wool position and there seems to be some prospect of wool being obtainable in the near future on a basis more in keeping with what users can affprd to pay. Confidence has been shaken and business in tops 1 and yarns will be erratic until a new level of values has been established. The danger is that the decline may fee carried too far, just as the rise was overdone and in view of the uncertainty both spinners and manufacturers will certainly operate with extreme caution during the next few weeks.

AUSTRALIAN FROZEN RABBITS. The new season’s Australian frozen rabbits are beginning to arrive and reports on the first shipment are very favourable. At present the demand is slow, owing to the continuation of summer weather, but as soon as we have a cold spell the inquiry will certainly be good, so trade newspapers are advising retailers to buy now and pivfc ,the purchases into cold store. The present prices are from 33s to 38s a case of twenty-four rabbits.