OUR PRODUCE AT HOME.

Taihape Daily Times, Volume XI, Issue 3538, 28 July 1920, Page 7

OUR PRODUCE AT HOME.

INTERESTING REVIEW OF MARKETS.

LONDON, June 24. T,io money market is dull and featureless, and is likely to remain so, as ,he fear of a higher bank rate in the autumn appears to have entirely disappeared. The course of foreign

exchanges, especially a. fall in' the American rates, has caused some unsottlcment. but the American market to a huge extent is Quite normal, due to preparation to pay for the produce which Britain and the Continent of Europe will import, largely from America. in the closing months of the year. It is not likely that the value of the pound sterling in New York will reach a very low level, as the trade balaree with Britain is improving. | Premier Lloyd George’s speech on .the Polish question, coupled with the ! disturbances in Ireland, caused seme disquietude on the Stock Exchange, where business has been considerably restricted. But prices generally were i fairly well maintained, i Reports from Germany state that j Mexico, endeavouring to regain her ! position as the largest silver producer lin the world, is arranging to have all j the minee worked, even those hith- ! erto regarded as unprofitable, partly iat the Government’s "expense. The wheat prospects improved 'greatly last month, and it is now certain that America. Canada, Argentina and India will all have surpluses. Freights continue to decline in price. Jas the supply of cargo steamers largely exceeds the demand, particularly in the American trade. One steamer was chartered early in June to carry wheat to Montreal and to Antwerp lat 16/6 per quarter. The same ! steamer wants a similar charter to ! the end of August, and the best price obtainable is 11/. j The position of the tallow market ji s full of interest. Good authorities | believe that the last decline brought the value down to a basis at which i business can be done. Meanwhile, | Australian shipments are arriving for

which purchasers paid over .100/ forward. whereas the present value is only about 60/. But the last of these contracts terminates at the end of the month. Considerable quantities were purchased by the Dutch at prices about 100 s. months ago. intended for Germany, but most of this was sent back, as the Germans could not afford the price. It is now likely that there will be brisk demand for Germany, with some recovery in prices. Trails in colonial meat is restricted to large quanti-

lios of inferior quality that is offered. Buyers mostly refuse to take any but the best. A suggestion made in certain quarters that tho Government would do well to boil down its large accumulation, 'of stale meat here, also' in Australia and New Zealand. rather than face the inevitable cost of storage, interest, and further depreciation. of this proposal point out that, probably the actual loss on boiling down would be ■less than the Government would incur if it held on to it. If. would also enable the expensive establishlishment of the Ministry of Food to be dispensed with. This plan would clear the decks for the new season’s New Zealand meat and prevent any further dowdring of the reputation of colonial meat, which is- greatly prejudiced by the marketing of the inferior stuff. The Government holds about (50,000 tons here, and it is estimated that at the present rate of sipinont it will still hold 3,000,000 carcases in New Zealand at the ned of December. Business in the Bradford wool market is chiefly from hand to month. Buyers arc waiting .for prices to reach the lowest level, and sp'nners are not disposed to buy forward. However, they will probably be compelled to purchase in the course of a few weeks. There is a possibility of the wool-

lon mills operatives striking at the end of the month for higher wages, Which the employers refuse, contending that the recent offer of 10 per cent advance was generous.