BRITISH TRADE

Hokitika Guardian, 18 June 1930, Page 8

BRITISH TRADE

FORTHIGHTLY REVIEW.

STRINGENT MONEY MARKET

i imuml Piusft Association--By Klwtri Inlegrupn r-A.opynght. J

LONDON, June 14

Tin! high hopes entc-riaiicd u fortnight ago oi an early reduction of Lin ..iiiit rate to 2 per cent have heel, dasned to the ground by the adverse movements of the foreign exchanges, and the heavy demands if or gold from .oreign countries, especially France. It now appears likely that stringent coniitioihs wil lprovail in the money maret a.l this moiuh, and this exP‘ :C a tion iias caused renewed dullness on the 'took Exchange, especially in gilt tlgeds. The market depression spread to other sections. The .slump in Wall ■Street last week-end and the renewed weakness there has caused serious de-

•ision in industrials, which has been i con tun ted by the poor results shown ’n the reports of many trading communes. Among those declaring lower ’’vid'Mids are several connected with Australia trade, For instance Lovell >-d r h’d-dams, who are large import ;rs 1 -Vustralia and New Zealand butte’’

late; “Owin'/ to the decrease in pro-

l ! r< suiting from the fall in thcvalm of commodities dealt in.’ they were nonliving a final dividend on ordinal" hares the only distribution hieing a>

rim 2 per cent dividend paid January. This company has heen pay ’"!/ !0 per cent dividend lor some years past. The only satisfactory event of the '• has been the success of the (lonian Government reparations loan o' roughly, six tv millions sterling hot a here and on the Continent. Our share f this amounted to twenty millions. : n <3J- per cent bonds at ninety. The ’'*sts opened yesterday morning and '•losed three hours later the amount ' aving been heavily over subsecribed. ”he-French, Swedish and Italian porGons of the loan were also oversubscribed.

The prices of apples have been keeping up remarkably well, considering the '•■envy supplies, and tin* demand remains satisfactory. AVithin a few days however, large supplies of strawberries are likely to arrive on the markets, and their competition will naturally aflect the sales of apples. Tn view of the criticism massed onsome Victorian apples it is only right to point out that many Victorian apples are entirely satisfactory. One of the-leading brokers, in his weekly report, says that some Victoria fruit, packed under community brand has been of fine quality and met with a good demand. This fruit was packed in Canadian standard cases, attractively labelled. Buyers continually express appreciation of the change in the style of packing. A welcome change has come over the butter market since the Whitsun holidays, and during the last few days buyers have been more active than for a long time past. Mr Charles A\ ; ilson a member of the Australian Dairy Pro'Lee Board, has returned to London after a two months’ tour of the Continent and industrial centres of Great n ritain, investigating the position of 'he butter industry. Interviewed by •> Australian Press Association, he •id he gathered the impression that j the Continental countries had increased 'brdr herds largely, especially Germany. During his visit to the North of England he found all the multiple simps stilling Danish. New Zealand and a limited quantitv of Australian '< trier at lod per pound without any strong demand. Reviewing the position n London to-day, Mr AA’ilsoh ostima- ' d that the visible stocks in Great •wain exceeded a million boxes, but ’■ought that the market had now tow-bed bottom. The blenders and 'Mule shops are now operating free- , l.v, apparently thinking it desirable to provide for their autumn and winter requirement while, prices are modem a f “. Their operations had raised the ••rices of choicest New Zealand butter j to Libs and Australian to 131 s. These | operations, of course, would only ■ mean a transfer of stocks in cold storr ’-ni wholesale to multi'’!' 1 shops and

' ■l'-lni-s. and unless this butter was con-mined before the erd of the season its presence here woo'd influence values of the new season’s make.