HOME TRADE REVIEW.

North Otago Times, Volume CVII, Issue 17169, 28 March 1927, Page 5

HOME TRADE REVIEW.

MORE CHEERFUL TONE, jlONDON, March 26. The Stock Exchange has been passing through a dull time and the tone generally haks been somewhat heavy, thanks to the combined influences of the Chinese trouhle and Ralkan rumours which had their effect, although they proved groundless, also losses due to the collapse of the short-Iived boom in oil shares, hut despite these unioward circumstances the gilt-edged market remained steady although there has been a constant stream of new issues, raost important of ■which is a six millions London County Couneil per cent. at 931, which was quite unexpected. It proved unattractive, and the underwriters had to take about eighty per cent. Another interesting issue was an Italian seven per cent. loan for public works — half a inillion in ten-year bonds at 971 and £11,000,000 twenty years at 961. At those prices the issue was most attractive and was over-subscribed in an hour. There is still no news of the Australian Commonwealth conversion loan which may be further delayed as monetary conditions are uncertain, and some firiancial writers state that ail hopes of an early reduction in the bank rate have i evaporated. The state of trade in the United Kingdom at last appears to show definite signs of improvement according to the "Economists' Monthly Review." During February and in the Xarly part of March production continued to expand and unemployed were absorbed as rapidly as a year ago, When, assisted by the coal subsidy, trade was notably improving. If tne coal industry, which is now employing ninety-one thousand fewer than a year ago, be left out of accqunt, there actually would be fewer unemployed to-day than ifl last March. The iron and steel industries are going ahead rapidly, Febrqary's production of steel ingots being at a higher daily rate tnan at any time since 192{X Cur- j rent orders will keep this industry busy for the summer, but there | is no sign 3ret of booking still far- 1 ther ahead. t There is similar, though lessj juarked revival in shipbuilding ; 'Which had favourable repercussions » * upon the boilermaking and marble, engineering industries. Thus the ; most depressed British industries j have shown increased employmentj j and in view of the extent of the j orders in hand and the compara- i tively lo-ng p'eriod they cover, the ] improvement may be regarded as J something more than a fiash in the j pan. j Most of the other industries of \ th ecountry show a certain, though ] in many cases, very modest improvement. Although the butier market closed quietiy, the position generally is regarded as satisfactory for huying. Ih the early part of the week it was on a large scale and big retailers were niuch in evidence as well as Americans and Canadians, who took considerably large quantities of choicest Australian and •New Zealand for export. It is interesting to note that while Golonial and Argentine butters advanced, the prices of Danish and Dutch reteained unchanged. Apparently this is due to the prospect of increasing •Gontinental production. The London wool saies are projgressihg in a most satisfactory manvner with healthy competition at prices fully 5 per cent. above January for merinos, and 5 to 10 for erossbreds. United States' buyers sare taking medium erossbreds", and [Russians are buying scoured marino combings. Yorkshire is operating nrinciualy in greasy New Zealand's and Germany in erossbreds from Punta Arenas. A satisfactory featiire of the saies is ihe speculators' wool is being sold wherever a reasopable profit is forthcoming. Heports from Bradford show topmakers' quotations are very firm. Prices for yarris are stronger and jseveral spinners report more inquiry, •