BRITISH TRADE.

Hokitika Guardian, 26 September 1929, Page 2

BRITISH TRADE.

FORTNIGHTLY REVIEW. HATR.Y collapse seriously AFFECTS MARKETS. (United Press Association—By Electric Telegraph.—Copyright.) LONDON, September 21. Everything on the Stock Exchange lias been overshadowed by the sensational collapse of the Hatry Group securities, which commenced in a small way on Tuesday and progressed to a dramatic climax yesterday, when the Stock Exchange Committee took a drastic step by suspending dealings in the group. This brought, confusion to the market and completely offset the more encouraging signs which had been apparent earlier in the week. From gilt-edgeds down to . mining shares weakness set in, and the blow was more severely felt as it came at the end of the account, when arrangements for a carry-over had to lie made. It was, of course, industrial shares that suffered most, and there was a general marking down of prices. Fortunately gilt-edgeds, though unable entirely to withstand the adverse influence, did not give much ground, tlio losses in most instances only amounting to about one-eighth. Colonials were generally steady, though the Mcl-

bourne Metropolitan Board of Works 5 per cents, 1954, fell further to £9l 10s, doubtless on account off the association of Corporation and General Securities with this issue last April. This stock was quoted at 94 on Monday. The newspapers comment severely on the failure of the directors of the Hatry Group to make a statement regarding the position of affairs. The “Financial News” says,: “The com-, 1 ponies have been unusually dilatory in ' submitting accounts and reports. Into those companies the money of innum i enable small investors has been placed. Brokers both in London and the Provinces transacted bargain in good faith. , The directors who surround Hatry had plunged many confiding and not excessively credulous investors and many brokers into ruin, or a state of embarrassment very like it, Hatry must, from the position ho holds, be held up to censure in this regard, hut his colleagues on the various boards must share his responsibility.” GROCERS.’ EXITIBITION. There was a fine display ol Empire produce at the Grocers’ Exhibition which opened at Islington to-day The Empire Marketing Board secured space in which are shown varieties off products from all parts of the Empire The New Zealand High Commissioner Department is showing an attractive exhibit of butter, cheese, bacon, honey dried milk, condensed milk, tinned

tongues and canned passion fruit. As the exhibition is thronged daily with grocers from all parts of the Empire 1 it is expected that the demand for Australia and New Zealand products J will be considerably increased. WOOL TRADE. Discussing the decline in wool prices a correspondent 6f the “Economist ’ 1 writes: “Consolation may he found in ( the fact that the lower prices will be ' conductive to increased consumption. Values are now at a really cheap and i attractive level, and a return of confidence on this basis is alone necessary lif the general public could participate in the benefits of cheap wool by being able 'to buy clothing at a correspondingly reasonable price, the textile industry would soon experience a very big improvement. If a profitable outlet for wool cannot be found at the current prices it is a poor look-out for the colonial wool trade.