BRITISH TRADE.

Hokitika Guardian, 8 May 1929, Page 2

BRITISH TRADE.

FORTNIGHTLY REVJE\V. DULL PERIOD OX STOCK EXCHANGE. (United Press Association.—By Electric Telegraph.—Copyright.) LONDON, May 4, The .condition of the Stock Kx•hangc does not show any change and dullness '.iharaolorises most of the markets. Political situations both at Home and abroad are having the cii'ec'L of restraining husiness pr.eos. vlilt-edgcds generally are well maintain n d, os|>c:inlly colonials. 'I he steady increase in the Bank of England’s stock of gold, which is now more than fiLO'KLOOO ‘in excess of vh.ul it was when the Bank rate was raised in February, had the effect ol improving investment securities, and •is the stock will r.® further increased next week by the arrival of 1 .COCCI') sovereigns from Australia- the position is regarded as so’ satisfactory that some people are talking of the poxsi‘ii|iiy of a reduction of the Bans rate in the not distant future. Such a reduction is very desirable in the interests of prospective borrowers, notably Queensland, which has £12.000,300 o,V per cents maturing on July 1. Vmuigeinonts for a conversion loan for this amount must be made shortly. The success of the Melbourne Board of 'Works loan received most favourable newspaper comment. FBUIT TRADE. The apple trade is showing signs of improvement here and at Hamburg as American s non lies are -beginning to cle crease and there is a prospect of Australian and New Zealand fruit meeting with a better demand. There still are large quantities arriving at British ports, the total for the week ending May 7 from Canada, the United States, New Zealand. Australia and South Africa aggregating 29A,000 casus. After that supplies will he smaller, only 140,090 cases being due for the week ending May 44. The quality of apples now coming from Australia ami New Zealand is considerably better than first arrivals, particularly as regards colour. This ought to have a ff ,od effect on trade. The most sat•isfadtory ;featuile ;ofl the fruit tiadc is the strong demand for pears. Australia and New Zealand have the market practically .to themselves, for South African supplies are 'rapidly diminishing, consequently there rs keen competition for all good pears, and high prices are being made. The Barrabool landed her 13,568 packages of 'Western'Australian fruit in* excellent condition. One leading impoitei describes this cargo as one of tlie best be ,Ims seen .from; Australia. Some fetched as much as 20s to 22s 6d for hal('-cases. 'Other sorts sold corres•pondingly well. This shipment ought to give a profitable return to exporters.

WOOL TRADE. Discussing the wool position the wool correspondent of the “Ecorromist” says that the trend of events at the London wool pales is helping to stabilise the position in a fairly encouraging fashion. Some difficulty is admittedly being found in disposing.ol second-hand offerings and it is in these where there is anv decline. Crossdneds are being bought freely by Homo and Continental (buyers, and in spite or the fact that this description forms the ma jor port cm of Cm offerings. (Rea si os are not showing any appreciable decline compared with the last series. During the whole time business has been comparatively cpiiet. Merino tops and cross-!.rods have been soiling steadily. The outlook for this description is fairly good. dairy produce. The butter trade experienced a welcome advancement in the demand this wteok. Business during the last leu days has been quite active. There are hopes that this state of affairs will he maintained for some time, for neither the -stocks here nor the quantities afloat arc heavy, and a continuance of cold dry weather in England, Ireland and on the Continent is retarding grass production. Consequently the output of blitter is considerably smaller than usual at this time of the year.