BRITISH TRADE.

Hokitika Guardian, 4 July 1929, Page 8

BRITISH TRADE.

FORTNIGHTLY REVIEW. ANXIOUS PERIOD ON STOCK EXCHANGE. United Press Association. —By Electrn 'telegraph.—Gopyr.igiit.) LONDON, June 29. Tlie money market and Stock Exchange have gone through an anxious week owing to Germany and the subsequent tear that the Bank’ rate might lie raised, oiilil yesterday, depression reigned on the stock markets, most of all in gilt-edged,s. But yesterday came as a welcome change, the recovery of the sterling rate on New York to 4.85 and the improvement of the German rate had a rapid effect on the gilt-edged section. Operators who had sold stock became anxious to cover and in many cases prices recovered practically to the extent of the previous decline. The market was also helped by the prospect of easier money after the turn of me Half-year. Discussing Bank possibilities, the ‘lnvestors’ Chronicle” writes: “Large amounts of gold are on the way here from South Africa and the Argentine, and the Bank of England may be aide to replenish its slock of gold in the near future. Relatively the Bank is in a very strong position, and gold stocks •an even be depleted by a further large sum before causing real anxiety in the money market. Men seem to be inclined to think that a further rise in the Bank rate will be avoided unless ■onditions continue to be adverse at the turn of the half-year, but the position needs careful watching, as at this period of the year the sterling ex•liange is usually tending to improve, tnd we are approaching the autumn, .vhon an adverse movement is generally expected.”

STATE OF TRADE. In a review of the state of trade, the “Economist” says: “In one respect the last few weeks have been the most notable period of the year, for their have definitely confirmed previ ous hopes that a set-back in trade, <us witnessed in the early summer of recent years, has this time been escaped. It would be wrong to say that trade has recently made .substantial! progress, but, despite the General Election and the obscure monetary outlook, the volume for the first quarter of the year has been wed maintained, and this in itself has a great gain. The change of Government had, no unsettling effect upon trade, and there seems good ground for hoping that the summer of 1929 will compare favourably with those of previous years.” WOOL TRADE. A Bradford corespondent writes; “The wool trade is simply marking time, waiting for something to turn up. The sales in Australia are hardly a sufficient guide to the state of the raw material market. It is to London that traders are looking for a lead, and the auctions are opening there on July 9. It seems certain that the verdict then given will determine the policy to be pursued during the next two months. Probably few traders expect anything spectacular to mature at the next series, but it'is felt that if sales went with a swing and prices showed even a slight hardening tendency it would bring out business that is being held up simply on account of the lack or confidence. This. uncertainty is everywhere apparent at the present time, and is quite as pronounced in Continental consuming centres as in the West Riding. Hand-to-mouth business is the order of the day in all sections of the industry, and in the- circumstances it is very difficult to find a real market price for tops and yarns, gome of the larger firms are resolutely standing out against accepting lower prices for fine tops, but the weak seller is still to be found, and spinners know wltere concessions can be obtained. The market, therefore remains weak and irregular, and there is much need for a filip to set the demand running again in a more normal volume.”

FRUIT MARKETS. All the apple markets in London, the Provinces and Hamburg, report a continuance of the good demand, and the prices realised were most satisfa - tory. The last Australians will arrive before mid-July, but fairly large supplies of New Zealands will continue till early August. The traders, however, generally anticipate the main tenanCe of the demand, though possibl’ the present high values will not be realised till the end of the season. Fortunately compelition in soft fruit' is less keen than usual, both strawberries and cherries being in smaller supply than in most recent years, so the Australian and New Zealand season should give satisfactory results to shippers.