BRITISH TRADE

Hokitika Guardian, 24 October 1928, Page 7

BRITISH TRADE

GILT-EDGED SECURITIES IN DEMAND.

Un 1 too Press Association.—By Electric?

i’olegrapii.—Copyright.)

LONDON, October 20

A feature of the Stock Exchange during the last few weeks lias been the wonderful .strength of the purely investment sections of the market, notably gill-edgeds, with the 5 |.er cent war loan leading in spile ol .counterattractions of a more speculative character. The flood of new issues continues and every day sees the publication of seven or eight new prospectuses, mostly more or less speculative, and dealing with all sorts ol commodities, ranging from gramophones to d isin feet a 11 1 s. Most of these have been fully applied for, notably the gramophone issues. '.lbis week’s public issues total 'just under £9,500,000, bringing the year’s aggregate to £871,950,000. Commenting on this state ol aflairs, the financial editor of the “Spectator” points out, “that during the past seven vears the capital value ol Lhe Jfio representative securities selected by the 1 Bankers ’ Magazine has appreciated by no less than £1,500,000,000. It is scarcely surprising, therefore, in view of the talk of depression ill certain heavy industries, and the great volume of unemployment, that the question constantly asked is wheie does the money come from? ” ANGLO-PERSIAN oil.

A considerable sensation was caused Inst March when the directors of the Anglo-Persian Oil Company decided not to pay an interim dividend and to defer the question till the full year’s accounts were available. It has now announced a dividend of 7-J- pci cent for the year, compared with 12| per cent last year. This will come as a relief, for nobody had expected more than 3 per cent, and there wore some pessimists who expected less, or even nothing. It is interesting to note that the British Government holds seven and a half million shares in the AngloPcrsian Oil Company, on which it will receive £562,500 in dividends. As the Government investment bond cost only £5,000,000, this is a good return. WINE TRADE.

The wine trade discloses a generally depressed condition, and both the imports of wine from all sources and the consumption show serious declines. This particularly applies to Australia, which is suffering severely from the combined efforts of the reduced export bounty and the increased import duty here. In September, 1927, imports of Australian wine amounted to 783,311 gallons. Last month they only amounted to 45.517 gallons. During the first nine months of 1927 Australian imports totalled 3,127.281 gallons, and for the corresponding period in 1928, they were 1,511,305 gallons. EGG IMPORTS.

The first arrivals of Australian eggs have not met with a satisfactory market, as supplies from all sources are plentiful, consequently the best price obtainable for Australian imports is about 17s 6d per 120. Importers have not been pushing sines, as they hope that the market will improve as the weather becomes colder, and Home and Continental supplies get smaller. Already the Danish production is showing a considerable decrease, and importers are expecting an early improvement in prices.