BRITISH TRADE

Hokitika Guardian, 19 April 1932, Page 6

BRITISH TRADE

-REVIEW OF CONDITIONS

MARKET FOR FRUIT AND WINE

'United Press Association —By Electric Telegraph.—Copyright.)

LONDON, April 16

Thanks to the cheapness of money the gilt-edged -section of the Stock Exchange is firm and fairly active, -and as the monetary position seems likely to become even more favourable, British funds may advance till the yield falls below four per cent. At pi-tseh: -their average yield is 4.18 per cent.

Many people confidently expected that the bank rate would he reduced last Thursday. Cersa#ify domestic conditions seemed to warrant a downward movement, but once again the .Bank of England directors were compelled ‘to exorcise caution owing to the disturbing position abroad, especially the uncertainties regarding the Kreuger Toll position which gets worse every day. Other adverse foreign factors ill the situation are the acifte depression on Wall Street, the financial crises in many European countries, and the disclosuie •it Geneva that Greece must- default, while Bulgaria can only pay half “-ho interest due to bondholders. Under these conditions it is not surprising that foreign stocks have been irregular. Industrials generally have been dull.

, NEW' ZEALAND FRUIT

'['he Australian and New Zealand fruit season opened under somewhat unfavourable conditions, and prices cannot he regarded as satisfactory. Ihe main reason is the competition tro.n American apples, for the market is Hooded with Hood, River,- Oregon, and Newton varieties, and Washington winesaps. These are all -in excellent condition, and selling very cheaply. Unfortunately, too, the quality of Tasmanian and apples is not so good as it ought to be, many ot them being immature and -some varieties showing considerable pit. The quality of Western Australian, South Australian, and New Zealand apples was generally excellent, hut -the prices foi -these also were affected by the competition of Newtons. ’The market for pears has been much better. They are meeting a steadily improving demand with prices tending upwards. There is a fair quantity of South African pears here, but thAmerican supplies have been eriruirind. The prospects of the apple market n the near future are- n o t regarded a-s good as American supplies will h p plentiful for several weeks, but reporters are hopeful of an improvement later. The imports of foreign cherries,, strawberries, and other -soft Units i~ likely to be much lighter than hitherto owing to the imposition of the duty.

EMPIRE WINES. The Board of Trade returns again furnish gratifying evidence 01. the increasing demand for Australian .wines. Although the total importations ol wine from foreign countries in March amounted only -to 621.712 gallons, com- -. Tired with 1,104.615 gallons the previous March, wines from the British Empir ,-o.e from 292.968 gallons in March. 1931; to 508,041 gallons this year, Australia being chiefly responsible with an increase from 216,327 to 390,137 gallons-

ELECTRICAL INDUSTRY. The British electric equipment- industry is making a bold hid to extern; jts overseas trade. The “Evening Standard” states that the British Electrical and Allied Manufacturers' Association is working out a complete deluded scheme of Imperial co-operation which will bo discussed at Ottawa. Thscheme will cover Canada, Australia, New Zealand, and India, and will contain suggestions for exchange of research, and patents experience, the plotting of statistical in-formaUion, the exchange of engineers, and similar rationalising measures. The British equipment firms are also making a powerful drive on the South American market whieh ‘hitherto has been largely in the hands of Americans, Swiss, and German firms.