TRADE SUMMARY

Hokitika Guardian, 14 June 1933, Page 6

TRADE SUMMARY

A GOOD OUTLOOK. FOB MEAT AND BUTTER, (United Frees Association—By Electric Telegraph—Copyright.) LONDON, Juno 11. Tins has been a dull week on the Stock Exchange. Meet of the markets were inactive, but no weakness developed except in German bonds, which naturally fell sharply on the moratorium announcement, and i'U Kaffir mines, which suffered a severe setback , a s the result of the new taxation picposals and Hie resultant heavy selling from Johannesburg.

The best section hag been the giltedged market, which shows al'.-round firmness, partly due to the llnproveTI >,it of the sterling exchange ami I the cheapness of money, and partly to the cessation of speculative activity in industrials, which have been more or loss neglected, with the exception of brewery .shares, in which there have been c<vsiderable dealings, consumption apparently having been increased, materially since the reduction in the #uty\ Dominion stocks have be.p-i quietly steady. The list's for the Commonwealth conversion loan dosed this afternoon. No announcenictnt as to the result will be made till Monday, but it i s generally believed that the c?(sh applicants" receive only a small allotment. Commodity prices remain firm ana show a remarkable (recovery compared with three months ago. AccordiUig to the '“Evening Standard” barometer,., which counts the average of juices in 1930 cs 100, the average on June 8 was 77.3, compared with 68.1 on (March 2. the’advance having been practical,!y continuous. A satisfactory feature is .the improvement in most Australian and New Zealand commodities, even hides, which have long bechi depircftted. showing a considerable' advance.

THE BUTTER POSITION

Butter prices ia>' A still xer.y l ow > but, the, outlook is regarded as more iful than for some time pa s t; and although no great advance in values D probable, traders generally anticipate o> gradual upward movement. Sww>n cold storage certainly show an increase j of 1.153.793 boxes, compared with May . 37, but against thi. s may be set declin-,| ing production in Australia and the. .fact that this is the first time for", fniany months that the quantities admit; •fiom Australia, New Zealand, and Argentina are smaller than during the corresponding period in 1932. 'The present, consumption, aided by tho hot weather, should make a conscdftTablo reduction in the stored Trader., apparently tote a. co’J'dent view of the position, for there has been a large amount of forward buying, both (Australian awl New Zealand during the last fortnight. The cheese position is also regarded vs "'“sound; consumption;; being largo, a*, is usual in hot weather.

x THE APPLE MARKET

The ' apple market. .js -Ruffe ring from the effect of heavy supplies, and the prices realised for many varieties ca'n hardly be remunerative. Fortunately, apples have not .met with such serious eometition from the soft fruits as might have been expected, for "the spell of almost tropical heat and the absence of rain has practically spoiled the strawberry crop, supplies of which are only about half the normal quantity, .und most of the berries ?re very , small. They are retailing <a,t a shilling to sixpence a pound, compared with apples ;at 5d and 6d,

The prospects for apples in the immediate future seem, bad, because, dueling the next stveni days, 637.000 ca>*es of Australian and T 32.000 of New Zealand* are due to arrive in the United Kingdom. --•*■ Discussing 'the quality "hfvlkMstralinn applies, a leading London importer says the fruit from the may?land i* ■generally satisfactory, but little pia'se cm he given to Tasmanians, which arc general’y of rather poor quality, and over-rip©. These defects are relK'ctod in the prices. '

MUTTON AND LAMB PRICES,

The. improvement iin the prices ot mutton and lamb, in the last three encouraged a more outlook at' Smithfield. The rise has been partly at the expense. of beef, which is stagnant, hut. the low retail prices have caused a high consuinpto»n of mutton and lamb, wlliph should •continue if there is no marked rise in retail prices. • e

Arrivals of mutton and lamb in the next few weeks will probably be light. The o'llilv fa.ctor likely to cause a? Setback 1* the possibility of a heavy ,supply of home-grown lambs, which • the hot weather may bring forward.