BRITISH TRADE

Hokitika Guardian, 14 June 1932, Page 6

BRITISH TRADE

FORTNIGHTLY R EVIEAV. AUSTRALIAN STOCKS FIR'AI. (United Press Association—By Electric Telegraph.—Copyright.) LONDON, June 11. General conditions on the London Stock Exchange remain unsettled and several disturbing events have prevented improvement, these including the revolution in Chile, the failure of an important firm on the metal market widespread liquidation ,on Wall Street, political uncertainties in Germany, and the weakness of sterling exchange. All these have conti-united to make operations cautious. Consequently there was a general air of stagnation in the markets and the movements of prices have been mo-Miy downward.

A pleasant exception is Australian Government stocks which maintain firmness and in some .cages have improved. Discussing Australia’s economic position, the financial editor of the “Morning Post” describes the change as a most remarkable .and praiseworthy achievement. He states: ‘Mt.ny thought that, having lived on borrowed money for so many years., the Australian effort to turn an import balance into an export surplus would be a task quite beyond its powers. Sometimes the bic-lverings of politicians, which have often been accorded greater prominence in the cabled news than any evidences of solid progress, may' have obscured the fact that the task is being tackled wholeheartedly by the Australian people once they are shown the way of faith. “Those investors who have held their Australian securities rig! t through the period of difficulties are now seen to be justified, and, in view of the falling returns of high-class domestic securities. there would seem rojm, if the New South Wales election goes in the direction that is generally anticipated, for further improvement in Australia 11 stocks, as providing one of the few channels where the investor can look for integrity on the part of the borrower. There, are still difficulties to surmounted, but a great beginning h s been made.”

THE FRUIT .MARKET. file supplies of apples during the first half 1 of June number no fewer than 1,233,000 boxes of Australian and 142,000 .boxes of New Zealand. In face of these enormous arrivals prices declined about two .--hillings a box. It is fortunate th;>t such .soft fruits, as cherries, strawberries, and gooseberries are fully a- fortnight later than usual, owing to the cool weather hitherto experienced otherwise prices must have declined more. It is also fortunate that the duties, on foreign cherries and apricots minimised the' supplies thereof, but we are now having a spell of bright, hot weather, and heavy supplies of home-grown .strawberries are expected next week. This makes the outlook for aj pies during the next fortnight rather serious.