BRITISH TRADE

Hokitika Guardian, 16 June 1931, Page 5

BRITISH TRADE

FORTNIGHTLY REVIEW. BRIGHTER TONE ON STOCK EXCHANGE. [United Press Association—By Electric Telegraph.—Copyright.; LONDON, June 13. The Stock Exchange lias assumed a decidedly brighter tone, although the German news is disquieting. Most markets showed firmness, and, according to seme newspapers one of the chief influences operating is the growing hope that the MacDonald Government will I>3 dr eated next week, and that an immediate dissolution will follow. On this assumption there is a considerable amount of “bear” covering, especially in Home rails, which lias sent prices up all round. Giltedgeds, of course, participated in the upward movement.

AUSER AL lAN STOCKS. A most satisfactory feature was the further improvements -of Australian stocks, which had been consistently moving higher from the moment it became known that the conversion loan was to be on a voluntary basis. Commenting on this subject, the “Economist” writes | “There fail be no dulibt, fi'oin tile standpoint of Australia's credit, that the decision is Wise. so, too. is the determination to press forward with other economics, lot 1 , in addition to tho direct substantial contribution they will make to the rehabilitation of the national finances, they will remove any fear of the bondholder being singled out for special treatment. The news that the Opposition is now co-operating is also encouraging, for it holds out hope that Australia is now on the threshold of a united national effort. Once assured of this, the City will he eager to render Australia all possible assistance.” NEW CAPITAL ISSUES. An indication of the improvement in the financial conditions may be found in the renewal of activity in new capital issues this week. In addition to the New Zealand £5,000,000 loan, an issue of £3,000,000 debentures for the Buenos Aires Great Southern Railwaylias been arranged, aiid an issue of about £.5,000,003 by FRUIT TRADE. Apple prices have been fairly well maintained till now, but are becoming rather easier. Importers will not be surprised if prices decline somewhat during the remaining month of the season, when, the apples come into competition with European so t fruit. DAIRY PRODUCE. Although butter prices have given way slightly, the consumptive demand remains good, and at present the retail price is lAd per lb. There is not much likelihood Of ally falling off.

The recommendations of the committee regarding the marking of blended butter have a roused eons 1 durable interest among importers, but no one seems to have a decided opinion as to what effect the recommendations, if adopted, will have. It is generally thought that- they may cause the elimination of foreign butters from blends, and this should cause an increased demand for Australian and New Zealand butter.

RUSSIAN RUTTER

The agitation in the newspapers against Siberian butter • continues, although the imports have been unimportant, in the last month only amounting to 30,581 cwt out of a total of 723,165 cwt. In the face of this outcry a number of leading multiple stores are advertising that they do not supply Russian butter, and one of the largest blending firms in the country has announced in trade newspapers: “We do not 'buy or sell 01 1 handle any Russian butter.”