BRITISH TRADE.

Taranaki Daily News, 16 May 1922, Page 5

BRITISH TRADE.

A HOPEFUL VIEW. NO WEAKNESS ANYWHERE. MONEY PLENTIFUL, y By Telegraph.—Press Ass a.—Copyright. London, May 13. International politics had a somewhat disturbing effect on the Stock Exchange early in the week, but the denials by Mr. Lloyd George and M. Barthou of the Sensational reports of a rupture of the Entente quickly dissipated the feeling of uneasiness, and there is now a distinct disposition to taxe a hopeful view. Business certainly has been" on a reduced scale, but no weakness is apparent anywhere, and gilt-edged securities closed quite firm with colonials tending upwards. Home securities, especially rails, received encouragement from the confident tone of the speech of Mr. Baldwin, president of the Board of Trade, on Thursday, but industrials do not yet show an increase of activity. Wireless shares are a notable exception, with a strong demand and rising prices, doubtless owing to the recent wireless telephone development. THE MONEY MARKET. The money market is still plentifully supplied, and rumors are again current that the Government is likely to take advantage of the present ease to issue a large funding loan in the comparatively near future. Apart from 260 millions now under process of conversion and the large sum outstanding in Treasury bills, the Government has to deal with about 600 millions of debt maturing within the next five years, and there is also 2000 millions of 5 per cent, war loan. It is suggested that the Government’s funding propose 1 will offer holders of war loan the opportunity of exchanging into some longerdated loan.

There is not the slightest sign of any reaction in wool, and it is expected the present sales will close on Thursday with prices at the highest point. Surprise is expressed at this strength, considering that the manufacturing end of the trade is by no means confident, but a strong speculative spirit is abroad in the raw material market, apparently induced by the expectation of the early passage of the new United States tariff and the hope that the Genoa. discussions will open a channel for the export of large quantities to Russia. The latter factor,, however, is largely responsible for the recent appreciation of low and medium qualities. THE APPLE TRADE. The position of the apple trade fs causing some anxiety among importers. During the last fortnight upwards of 400,000 cases of Australian and New Zealand apples arrived, of which some were decidedly unsatisfactory in condition, causing buyers to exercise much caution. It is also stated that there are some weak holders, who are compelled to clear their stocks below the proper market rates. Fortunately no further arrivals are due for about ten davs. and importers hope the market will be cleared before then and buyers keen again. The weather conditions hold all European fruits very backward, so things ought to improve lor the latter half of the Australian season. if only the apples come fn good condition. Further instances are reported of apples which externally appear sound turning brown inside, the last case being that of the Port Sydney, of which the insurance surveyors had to examine a considerable quantity, with unsatisfactory results. There is much controversy regarding the cause. Shipowners contend that it is due to an inherent defect in the apples, and not due to any fault in the ship, some importers assert it is due to too close stowage or non-circulation of air in the holds, pointing out that _ the trouble only occurred in certain vessels, whereas fruit shipped on other vessels at the same time and from the same orchards arrived in perfectly good condition. The matter is regarded as serious. and likely to cause underwriters to increase premiums or to refuse risks on apples altogether.