BRITISH TRADE

Hokitika Guardian, 23 September 1931, Page 3

BRITISH TRADE

FORTNIGHTLY REVIEW.

STOCK EXCHANGE REPORTS.

GLOOMY CONDITIONS

(United Frees Association.—fiy Electric Telegraph.—Copyright.] ,

LONDON, September 19

September 19 i s likely to be known among members of the Stock Exchange as Black Saturday, for the first Saturday opening since April 21, 1917, witnessed the gloomiest conditions for many years. During the last few days markets have been steadily falling and yesterday slumped badly, mainly as a result of selling from Amsterdam, Berlin, Paris, Brussels 1 and New York, owing to financial troubles in those centres. The last straw canie when th e Brazilian Government announced that it was unable to purchase sufficient exchange to provide all the interest due on October 1 on the external debt. To-day there was further heavy selling from the Continent, with declines ranging from one to two points in War Loan 5 per cents, conversion 3£ per cents and the fadding loan, but the market was steadier and later closed above the worst.

, Australian stocks participated in the general collapse, and though there were only a few sales prices were allowed all round. A contributory factor to the weakness was the rumour of the proposed conversion of Commonwealth, stocks here.

AYERAGE. BRICES FOR TEA. , Although' most food and other, commodities are selling cheaply that has been one which has been steadily improving lately, and average prices have been recorded at the auctions at Mincing Lane for the last two months. All teas for the week ended July 16 were 9.46 d per pound, and for the week ended September 11, 14.19 d per pound. The rise is apparently not unconnected with th e fears that duties would he impased; therefore; the most cheering point in the situation is that they have hardened further since the Budget. BUTTER MARKET. The butter market, lik e most others, lms been unsettled by political and financial developments;,’ but it is satisfactory to know that consumption has maintained a high level. This is shown by the fact that although the August imports exceeded th e previous August by 5000 tons, stocks in cold store last week decreased by nearly 3000 tons. Leading importers’ reports state that although the outlook is somewhat uncertain the- stati: tical position of colonial butter for the next two months appears to be fairly sound, and provided that consumption is maintained, stocks in cold store will probably he needed before adequate supplies of the new season’s butter are available.

Grocers apparently do not relish the pew order for marking blended buttons. According to the newspaper “The Grocer,” the order will put further responsibilities in respect to labelling and marking goods upon the retailer., who already is overwhelmed by Acts, orders and regulations and, unfortunately, it looks as though this additional worry will come just at the height of the hoped-for pressure of the Christmas trade. “The Grocer” adds that it doubts if the applicants for this order will have reason to rejoice at the result of their application/. WOOL. The suggestion, to 'give woollen Christmas gifts is receiving enthusiastic support in Bradford, according to the managing director of an important firm of wool merchants. It would benefit alike manufacturers and retailers, as well as the producer of the raw mater ial. He points out that the range of goods now .produced from wools is really amazing and is not generally Tt extends from carpets, rugs ancffhiats to ties. If instead of buying foreign, goods for Christmas presents, a custom which is largely responsible for the importation of luxury goods, the general public select goods made ffom. raw - material and produced here or in the Dominions and manufactured .by - their own conlntryrrten an excellent start would he made in supporting the Government’s economy proposals.

LUXURY IMPORTS. Mr Walter R.unciman’s proposal to prohibit the importation of luxuries is causing perturbation among the wine traders, but the wine traders’ review calls the idea ridiculous, for it is the duty upon wines which makes them appear luxuries. The well-known statistician, Sir Leo Cliiozza Money, says: “The suggestion ignores the fact that iii August, 1931, we imparted, roundly, as many manufactured articles ns we exported, our imports including great groups of articles which we particularly are able to make, such as pig iron, bricks and artificial silk. Mir Runciman would prohibit champagne. I suggest that it would lie better, to flood the streets of Sheffield with champagne than flood our markets with imported pig iron.”