BRITISH TRADE

Hokitika Guardian, 28 June 1932, Page 6

BRITISH TRADE

FORTNIGHTLY REVIEW

THE STOCK EXCHANGE

LONDON, Juno 26

There has been a considerable improvement in the tone of the Stock Exchange during tlie past fortnight, and members are inclined to take a hopeful view of the outcome of the Lausanne Conference, and although there has been some irregularity owing to apprehensions about the French attitude, the markets closed yesterday in a cheerful spirit. Gilt-edgeds were firm. Australians were particularly so, the market being favourably impr.vsed by the news cabled of the paying-off of Treasuiy bills. There is now considerable inquiry for Australarnl stocks, and those people who had the courage of their convictions, and who bought them last year when at their lowest, are reaping a well deserved reward. IMPORT TRADE. The “Economist’s” review says: “While the Home trade is no worse, the name, unfortunately, c-nnot be raid of the current international trade situation. British complaints of the serious effects of import quotas, new surtaxes and the foreign exchange controls enforced abroad, are growing in number every day, and even if. go far, the .size of our export trade docs not compare unfavourably with last year, there is no doubt that orders are either not being placed, or are having to be declined as a direct consequence ol the numerous restrictions now in force on the Continent. Things are drifting from bad to worse. The fact iis that the business or the world is despairingly awaiting a lead, whether from Lausanne, Ottawa or some new quarter. It is still impossible to say if that lead will be forthcoming, and that alone makes it very difficult ;,o gauge the outlook of world trade

This much, however, can be said with certainty: the international credit system is very near breaking point, and it is imperative that there should be no further delay in making a beginning on the task of re-h ying the foundations on which confidence can result.” APPLES. The apple market has been unable to stand up to the enormous .supplies arriving from Australia and New Zealand. Prices declined to a level which can hardly be remunerative on the arrival during the past fortnight of nearly a million cases. The total supplies this sason so far exceed 3,700,030 cases, so it is not surprising that' buyers expect to get their apples cheap. Fortunately the supplier of Continental soft fruits are comparatively small, owing to the import duty, otherwise there is no knowing how low the prices would have dropped, and importers fear that the bottom has not yet been touched. Strawberries are now in full swing, arid will be abundant for at least a fortnight.

Mr W. Devereux, representative of the Australian Woolcro ..ers’ Coun.il, reports that a firm tone exists in Yorkshire and the outlook there is rather better, but the market remains practically unchanged. There is very little business in crossbred tops and yarns and prices are unchanged.

The trade and finance of Belguiin are quiet and the sales of tops wool are small and prices are irregular. German reports are slightly better. Sab's of tops continue small, but prices have improved somewhat. The future markets of Ant we: p and Roubaix are quiet and quotations are lightly lower.