BRITISH TRADE

Hokitika Guardian, 25 July 1933, Page 6

BRITISH TRADE

FORTNIGHTLY REVIEW,

(United Press Association—By Electric Telegraph—Copyright^

LONDON, July ,22

American operations have been the dominating influence on t-he 'Stock Exchange in the past week. Early in the week, tlie former minor boom in industrial shares began to show signs of reaction. Though 'Wall Street tried hard fo keep the ball -rolling, more cautious operators, both there and in Loudon were dubious of the ultimate result of -Mi 1 Roosevelt’s price-boosting ♦campaign, and considered • 'hat a corrective reaction avas- necessary. The excited dealings in miscellaneous carets which are- affected by. Wall Street, have now diminished.

Thanks to the greater cauL-on which is being displayed here in speculative dealings, industrial London was able to. look or.i the dramatic collapse on Will I Street quite calmly. As attention became diverted from industrials, it gave strength to other sections. One instance has been a. good deal of support, -for gold mines. Gilt-cdged s also came in for. 'renewed attention, causing a small upward trend in -prices. - A usfcra’!**•»• loans reflected' 'Satisfaction with the conversion issue. As earlier messages indicated, Australia, again had a-n excellent press''throughout the country, because of the splendid trade and -budgetary figures, Mr S. M. Bruce (Australian Resident Minister) was -ab-ie to circulate 'when the conversion was -announced, t The “Economist” expresses the hope that the Uomm-on-weult-h Government will take advantage of the -present favourable factors and convert it s - remaining high interest loans to four per cent, on a- long term basis, adding that there is no doulbt that )-he British .Government wornd waive the embargo o- n trustee conversion issues in favour of Australia for such tv ijarudaibip purpose. HOPEFUL FIGURES.

:Oonvincdng support for the contention that the present economic recovery was definitely under way long beifai/e . Mio ' . American experiment was thought, of,, tcomes from the - analysis o,f industrial profits (made by the •‘Economist.” Thl B shows that 612 British industrial companies published reports during the June quarter, showing -an aggregate increase of £1,700,000 o r 3.2 per cent, over those ..recorded by the same- companies last year. This is the •/i|st quryrtody increase noted since the second quarter of 1930. These reports -represent a. wide field of British industry, and . may be taken mainly to refer to the experience of ihe 12 months ended last Ma-vch. This increase -contrasts ,„wj.th the .tail ■ ol £18,200,000 recorded in the- net profits of 675 companies- ,reporting in the second quarter. ... WOOL TRADE :■ PR OBLEMS-r ..

At the close of the most advantageous London .wool „ sale Au-stralian and New Zealand growers have had iot y.ears, -- it- is st-rded •% ■ -Yorkshire, newspapers that- there are problem-, ahead for the trade to adapt it,self to the new higher '•-allies. •Topmakers md spinners have not yet established..their position in -relation to the new law material .price levels. Their, immediate problem wilp be to secure merino wool supplies (between now and the next sales.-Merino tops and yarn prices still lag behind the raw wool basis. It ' s suggested that in view ol the wide <1 iscrepancy -betveem merino and ciossbred values, demand and fashion may gradually adjust their relative values. AUSTRALIAN PUBLICITY. What is described as the (biggest push on which the Australian Trade Publicity Committee has >' e t embarked in England has just begun hi Manchester ami will be continued until November. The city and its heavily-populated surroundings will bo: •systematically canvassed,' while the movement will be linked with displays of -Awsivnlkin films, school competitions, 'and "other activities.