BRITISH TRADE

Hokitika Guardian, 21 September 1932, Page 8

BRITISH TRADE

FORTNIGHTLY REVIEW. ;f ';■> . ' • v£. i : SIGNS. OF REVIVAL, \ (United Press ;Association—Ry Electric 1 ''' Telegraph—Copyright.) H*-'- 4 , LOND.ON,. September 17. Among the indications of a trade re vival is the improvement in “tramp” steamer Jrqight, rates which have risen approximately .2 ,per cent during August. Tlie Bays ‘there ihas been 1 ' a slightly improved iiiiffnry in Far Eastern'waters and, ready tonnage being in short supply, values moved in favour of*owners-on several important rputes. The ‘‘Evening Standard’.’ .points. out-that.thq rates are still more than 6 per cent lower than a'>year; ago and in.terms of gold, they sare about 30 per cent down.. Our departure from the gold standard has given - the British shipowners a certain advantage. The unremunerative rates led to an increasing large number of .foreign ships being laid up. Many observers regard this as the turning of the tide. At the name time too touch should, not be adduced from.,the advance in freights.- A further improve ment depends on a continuance in the rise in the prices of- commodities which if carried far enough would enable much of the laid-up tonnage to be profitably put into service. WOOL SALES. * ’ \,i The outlook for Tuesday’s w6ol sales is generally; .regarded as most favourable.. Mr Byron Ronald, chairman of the IVqoI Exchange, says, that hot'for ,a long; time have conditions been so .favourable.. Both on the Continent arid in Britain there is new activity, i“A firm of Bradford wool mqnufacurers told me,” he said, ‘‘that they )are seldom -so. busy as. at present, mid many mills’ are experiencing sjmvlfi; conditions.; Similarly, travellers report .that there is every sign that buying will bb brisk by Continental firms, who Inrb aided by the favourable exchange.' iThe depression of June has passed-by, and with tlie hew impetus given to. ■trade within! the last few weeks there ; should be on ail sides. a greater . in : ‘clination to meet the market and bring back better times.” _ • . CHEERFUL STOCK EXCHANGE.

i - The Stock Exchange was adversely iaffected early in ; the week.' ’by. the anxiety over international politics, -4k* specially Germany’s action regarding ; armaments and heavy selling... from • Wall Street, 1 but the position has im- • proved greatly, aid the markets closed itorday ih a cheerful mood. +Giltiedg’' eds,: especially, are firm. Some British ! funds touchecl new higli records.. Aus-

fralian stocks are strong, Victoria's Budget statement and the repayment of City of Sydney debentures being regarded as further favourable indica tions of returning prosperity. 1

i Financial writers give A reminder !that oh the corresponding date in ’l9Bl thd Stock Exchange opened or iSaturday for the first time since April, ‘ 1917, and there was such a flood of 1 selling- of gilt-edged from the Contingent that it was reckoned that the cost ;to the market was anything between half a; million and a millions pounds. )One the following day Britain went '■off the gold standard. To illustrate ■the wonderful - recovery the newspaper /publish tables comparing the priees dt /British funds a year ago and now. showing howl much they have risen, •ranging ■ from £4 12s Gd -in war loan '-5 per cents to £23 15s in- the conversion 3J per centß, but none of the newspapers give details: of the recov J ery of Australian stocks, in compari'son with which the rises in British' funds seem small. Thus compared, the lowest quotations in 1931 of Commonwealth 5 .'•per cents have risen £44, G per cents £35 Victorian 3 per cents £43, s,per cents £49 10s 6d, 4£'per cents £sl,' New 'South Wales 3 per cents £52, 6 per cents £sl, Queensland 5 per cents £54, 1 South Australia’’ 3i per cents £49, Tasmanian 3j per cents £4fl f West Australian 3 per cents £4O. r New Zealand stocks also show recoveries ranging from £2O to £3O, but, of course', they were * not so Reribusry rparked down as Australians. ,