BRITISH TRADE

Hokitika Guardian, 2 January 1929, Page 2

BRITISH TRADE

FORTNIGHTLY REVIEW.

SATISFACTORY CONDITIONS ON STOCK EXCHANGE

(United Press Association—By Electric Telegraph—Copyright).

LONDON, Dec. 29

The year is drawing to a close with conditions on the Stock Exchange far more satisfactory than appeared likely a fortnight ago. The stagnation then prevalent has disappeared. For the last ten days there has been a fair amount of activity, both in investment and speculative stocks, though yesterday’s less favourable report of the King’s progress brought about a more subdued tone, with a slight reaction in the prices of gilt-edged securities, which previously had shown great strength.

NEW FORD ISSUE,

The favourable position was largely

due to the “bullishness” of the New ' York Stock Exchange, whose operators have been buying largely here, chiefly industrials. / Among the results of their activity there has been extraordinary gambling in Ford Motor shares, of which 2,800,000 of £1 each were issued here a few weeks ago. Dealing in these stocks opened at a few pence premium, but New York buying steadily rushed them up to over £4 premium. This has since dropped to just over £3. It is calculated that practically the whole issue is now held on the other side of the Atlantic. THE YEAR. REVIEWED. Summing up the financial result of 1928, the financial editor of the “Spectator” says:—“The year has been profitable for the financial community generally, including banks and the Stock Exchange. It has been satisfactory to holders of public securities generally, but sympathy must be extended to home railway securities, which experienced a heavy fall. In this connection it may be noted that, in the ‘Bankers’ Magazine/ 365 representative securities, showed for the year an increase in the aggregate value amounting to 3.8 per cent., fixed interest stocks having advanced one per cent, and valuable dividend securities about 8 per cent.” LANCASHIRE TRADE. Lancashire is looking forward hopefully to steady expansion of trade as the result of the treaty between Britain and China. One of the main reasons of industrial distress in Lancashire since the war has been the slump in trade with the Far East, of which cotton goods from the chief export, and which diminished to onequarter of the pre-war volume. Sir Kenneth Stuart, who wa6 a delegate to the Tariff Conference in Pekin which preceded the treaty, says that the immediate effect of the Treaty will be distinctly favourable. The new rates of duties will not be the least likely to damago the Lancashire trade, evon though, in some instances,' they are higher than at; present.”