BRITISH MARKETS.

Shannon News, 26 June 1923, Page 4

BRITISH MARKETS.

CONTINENTAL CRISES CAUSE. UNEASINESS. RAT> OUTLOOK FOR BUTTER. LONDON, Juno 23. The Stock Exchange is under a cloud, which at present shews no silver’ lining. ' Numerous adverse circumstances have combined to cause depression and a feeling of uneasiness, first and foremost being the Runr crisis, while the new Balkan troubles and the delay in settling accounts with Turkey, the slump in Continental Exchanges, and the failure of -two financial firms in New York all contributed to the heaviness in price. Many insurance, banking, and railway shares show decreases, and there were no premiums on several recently floated issues, notably the recent Austrian loan, which early in the week charged hands at £1 premium, and fell yester- ' day to £4 5/ owing to determined selling. - The collapse of the German mark again overshadows everything in the Exchange market, and although the downward movement appears momentarily arrested, ,it is difficult to see what can prevent a further decline, for the ROichsbank’s weekly return shows that the note circulation has reached the colossal figure of' 10,905,091 million marks —an increase for the week of 1,59-6,000 million, the heaviest ever recorded. ORDERS DIMINISHING. In commenting on the state of trade in Britain, the “Economist” sums up the situation by saying that production is now at a rate appromimately on the pre-war level. This . expansion has been achieved - without unduly raising prices. It has been financed by money markets without unduly raising rates of compelling employers to sell out securities in which they -had invested their circulating capital during the depression, and until recently the expansion has been continuous, but the paralysing effect of the Ruhr occupation has at last succeeded in balancing favourable influences, and during recent weeks the absorption of unemployed has been cheeked. Prices have shown a sagging tendency, notably in the iron and steel markets, and, most serious of all, there are reports from many centres of a definito slowing up ‘in the placing Of orders. Many trades are still doing well; for example, the electrical, and motoring industries, but in the textile industries, the depression in Lancashire shows signs of spreading to ' Yorkshire,, whence the trade is going fo.r the moment to the Continent, where prices are too low for _ Yorkshire manufacturers to meet. HEAVY SUPPLIES OE BUTTER. The butter trade continues unsatisfactory, and though the retail demand is now fairly good, heavy supplies from Europe, added to the enormous stocks in cold store here, are likely to prevent any improvement for some time to come. Indeed, many people consider holders will be forced to accept reduced prices. Canada is now making a go,od quantity of butter, of which the bulk is going to, America, but Canadians expect to ship a considerable amount here later. Siberia is also exporting butter, and probably will export fair quanties to Britain and America towards the end of August. So far supplies fo,r autumn seem likely to be plentiful. APPLE CONSIGNEES FORTUNATE The apple trade has been suffering a slight setback, owing to the unsatisfactory condition of the Port Campbell’s cargo, but the demand remains excellent, and importers are hopeful that the five cargoes still to arrive will realise about present prices. Undoubtedly Australian apple shippers have much to thank our inclement climate for, for this season cold weather has prevailed both here and on the Continent, with the result that our supplies of strawberries so far have been almost negligible and the small quantities which have arrived are retailing, at 1/ to 1/3 per pound, compared with 6d, which is the usual figure in - June. Other small fruits also are scarce, and dear. Fair quantities of French cherries are coming along and retailing at a shilling a pound, but the home-grown crop is small. We are now experiencing a spell of summer weather, which will probably fill our markets with strawberries, but their season will only be. brief and hardly likely to affect a demand for. apples, especially as those now arriving consist largely of Stunners and other hard sorts, which retailers buy freely owing ta their goodkeeping qualities.