BRITISH TRADE.

Taranaki Daily News, 28 December 1921, Page 5

BRITISH TRADE.

OUTLOOK BRIGHTER. MOOR CHEERFUL MOOD. BANK RATE MAY LOWER. By Telegraph.—Press Assn.—Copyrigtt. London, Pee. 24. The stock markets closed for the holidays in a very cheerful mood. Business in gilt-edged securities had been on an enormous scale. Some firms of dealers are reported to'have done 1500 to 2000 bargains daily. During the past week quotations advanced steadily till Thursday, when profit-taking caused a slight relapse in some securities, but there was a strong underlying feeling of confidence and prospects for the New Year are distinctly favorable. The monetary conditions appear to warrant reduction of the bank rate t© per cent. If this is made then the prospects for the numerous new issues expected after the holidays appear very hopeful. THE WOOLLEN INDUSTRY. Cheerfulness characterised the Bradford wool market, the year closing with values on the whole exceedingly firm and the outlook is much brighter than at any time in recent months. Topmakers are asking over 4s for 64’s quality March delivery. The supply of fine tops is barely sufficient to meet current requirement:? and there is some fear of a shortage if spinners’ business increases sufficiently to bring them into the market for tops. The position abroad is very similar. The. demand in Roubaix exceeds the output and, although combers are working three shifts, the total production is absorbed daily. Merino tops are especially in requests owing to a fire in Rheims having destroyed a great pa**! of the plant of the combing firm whim specialises in merinos. Many people anticipate that the increasing German demand will cause further improvement in wool. It is believed that whether the present negotiations cor- ►ide favorably for Germany or unfavoi ’v the result wi'll be a more settled cx- iiange. With steadiness and an absence of violent fluctuations business can be done with Germany which undoubtedly wants raw materials, tops and yarns The Yorkshire Post sums the position up: “Though some people appear too sanguine undoubtedly we are steadily nearing a sounder condition of affairs generally. The year 1922 may have some unpleasant "surprises in store, especially in the clearing up of financial complications, but firms are being established on a sounder basis, especially the primary sections of the trade and that will help if there is serious trouble elsewhere. BRISK CHRISTMAS TRADE. The outstanding feature of the Christmas markets has been the return to almost pre-war conditions, many commodities selling at about 1913 prices, notably oranges, apples, sweets and toys, of which Germany sent enormous quantities at prices evefi cheaper than before the war. Despite the unemployment everybody seems to have money to spend. Shopkeepers are doing a roaring trade. I Manv pe-.ple habitually postpone the purchase of the Christmas turkey till the eleventh hour, hoping to secure*a bar in if the weather is warm on Christmas Eve. Those who have done so this year have fallen in badly. Early in the week turkeys were selling at lad per lb, then came news that French farmers would not sell because the price was unremunerative. This was followed by the arrival of large numbers of birds* from mid-Europe. all unfit for consumption. This caused a rush of buyers on the depleted markets with prices soaring hourly till they reached 3s 6d per lb, and even Is more for Norfolk birds. The Leadenhall and Smithfield markets were absolutely cleared. GOVERNMENT BUTTER. The Board of Trade Food Department announces that in view of the large arrivals of free butter it is no longer possible to continue the system of fixing prices weekly or fortnightly for its stocks. A speedy clearance of the ba 1 !- ance of stx-ks is desirable, but this is only possible by a variation of prices, not only from day to day. but from hour to hour, therefore the Butter Committee has been disbanded. The department is prepared to consider offers from first hand buyers for outright purchases, also to consider applications for sale on a commission basis. The department estimates that the present value of its butter is approximately: New Zealand first grade 120*. second 120 s; Australian’first 112 s, se>Mid. 100 s; Argentine 100 s and .90s. ’