BRITISH TRADE

Hokitika Guardian, 27 June 1933, Page 6

BRITISH TRADE

fortnightly review. STOCK EXCHANGE STEADY,. LONDON, June 24. The stock markets have shown no decided tendency this week bht prides have been fairly well maintained, in ■all sections, despite a noticeable falling off in the volume of dealings. The course of developments in the United States are being closely followed, though with some bewilderment. Consequently there is a general disposition and wait and see.

Gilt edged securities, though inactive, remain steady, assisted by sterling’s strength in terms of the dollar. Dominion stocks have been well maintained.

An upward tendency in several groups of stock exchange securities has been shown. The bankers’ magazines, which list 305 representative stocks for the month ended June 17, show a total appreciation of £IOO,OQO/'DO. The general impression as a result of this upward move, especially in home industries, is, though it is Speculative, that the initiative may come from Wall Street where, based on coriimodity increases due to inflation, there are also signs of a genuine stirring of trade activity, with the result that stocks in any way affected are all advances. THE “ECONOMIST” HOPEFUL.

The ‘-Economist’s” monthly trade review: is again jit reports that both libmei and abroad show a general improvement in trade, which began at the end of March and has continued. The general position is much better than at the' end of the winter.

In Great Britain there is a considerable improvement, employment being an exception, 'du© to the further deterioration in coal mining. The improvement is widespread and embraces building, public, works, and contracting. Many sections of the iron and steel trades, engineering, shipbuilding, taxtile, clothing, boot and shoe trades, distributive, industries, and dock and .harbour services and other indicators confirm the improvement. Wholesale prices continue and, the cost bf living remains unchanged. The reports from the retail trade at the etid of May were very encouraging arid point to a marked improvement since a year ago. . In London and the South of England the total of new building plans passed by local authorities in May was 40 per cent, greater than in May, 1933. • BANK ADVANCES IMPROVE A niost encouraging sign is that the long continued decline in bank, advances has been reversed and May recorded an improvement of £11,000,000 over the previous month. This is not a seasonal movement and there is good ground for believing that it arises from a greater need for funds by certain industries. The British industries reports are mostly very encouraging. The, export coal trad -1 i; retter, steel production is increa,- especially of semi-finislied steel, and there is a general revival of. the engineering export trade. The electrical apparatus trade is improving, particularly with China and South Africa, where, important works are in hand. The home demand for motor vehicles is good and the British industry is rapidly capturing many leading Empire markets. The cotton industry reports better business from several markets and hopes to benefit from the new Indian customs duties upon nonBritish goods. 1 BUTTER PRICES FALL.

The hopes expressed a fortnight ago of an improvement in butter have not yet materialised and prices have given Way about 2s a hundredweight. . The consumption" ~remriiFs t:3 'gpqd, but the arrivals are still -larger’ and the ooolstored stocks remain- higher than 1,000,000 cases. The apple trade is very disappointing. Prices for most varieties are poor, and only hard sorts like Sturmers and RokeWoods are being - sought after. The position is not surprising when it is considered that the aggregate arrivals at United Kingdom'. ports from Australia land New Zealand are -already nearly 4,200,000, of which more than 1,200,000 have arrived in the l'ast three weeks. Conditions ar© aggravated by the large supplies of strawberries which, after copious rain, matured rapidly land have been flooding the markets, selling at as low as 6d a pound. Cherries are also plentiful and (are selling at the same price.

Siiriilar conditions prevail in Geririariy, where the.markets are also affected by considerable supplies transshipped from England, which mostly arrive in poOr condition. Despite, a further rise in values Smithfield retail prices have not noticeably advanced and consequently the more cheerful outlook referred to la week ago ( is still further improved. For instance, Victorian Downs lambs reached 7d, and Victorian prime light weights 6£d. The consumption of milt, ton .jjnd lariib remains high, particulafy tlie latter of which almost 500,000 carcases were cleared in the United Kingdom in one week recently, which is probably unprecedented.