LONDON MARKETS

Manawatu Standard, Volume LVIII, Issue 47, 24 January 1938, Page 7

LONDON MARKETS

DRIFT OVER PAST WEEK. QUIET CONFIDENCE. DEALS IN WOOL. (United Press Association—By Electric Telegraph.—Copyright.) Received January 24, 11.20 a.m. LONDON. Jan. 23. There has been more drift than direction about the markets over the past week. Most investors seem content to mark time. The Financial Times considers: “While serious changes for the worse are unlikely* for the greater part of the year there is also little promise of fresh impetus.” Many city businessmen, however, are confident of a revival next spring. Nominations for Stock Exchange seats have risen from the November price of £BSO to £1250,-which is the most convincing evidence by stock brokers. RUSSIA BUYS WOOL. . The general opinion in Bradford is that Russian buying saved the wool prices from declining at the London sales. France also has taken a good deal of wool as a hedge against a further fall of the franc.

The manufacturing end of the trade is surprised at the progress Italy is making as a supplier of woollen tissues to Britain. Belgium also has greatly increased her exports of wool carpets. The trade is wondering how Italy can manage to supply more than half of Britain’s total imports of woollen tissues in view of the difficulties facing her manufacturers. The opinion is that the State is fostering this competition. British manufacturers, however, are not perturbed in view of the marked expansion of their own export trade in finished goods. BUTTER DEMAND GOOD.

The demand continues good for undergrade Empire butter, but choicest qualities are somewhat neglected. Holders are becoming anxious and are willing to consider a shilling less than the ruling prices. Stocks in cold store at present are light and totalled 5970 tons on January 1, compared with 19,070 tons a year ago. The general retail price is at- present 16d for Danish and 14d for finest Empire.

Cheese prices have improved owing to the fact that buyers had let the stocks run down. MeJio*'have turned weak after the New Year rise.

Heavy selling in copper has led to three successive reductions. The demand for lead and spelter is also at present very small.