BRITISH TRADE.

Taranaki Daily News, 24 July 1922, Page 5

BRITISH TRADE.

SOME BRIGHT FEATURES.. THE BUTTER MARKET. J WOOL TONE BETTER By Telegraph.—Press Assn.—Copyright. Received. July 23, 5.5 p.m. London, July 22. The reduction of the bank rate had a good effect on all investment sections of the Stock Exchange, and, until yesterday, when a slight reaction set in, there had been continued improvement in gilt-edged securities and home railway stocks, which would have been even greater but for the prevailing uneasiness about the reparation problem. There has been little life in industrials on the Stock Exchange, despite the cheapness of money, for any important revival of international trade is unlikely till the economic outlook in Europe improves.

The position of the ex'port trade to Australia continues most unsatisfactory, the quantity of cargo available from the United States being far below the average for this time of the year. Steamers are leaving with only about one-third of the average amount of cargo which they carried before the war. Thirteen steamers were listed to leave London for Australia during August, with an average capacity of between nine and ten thousand tons, but they are likely to fare very badly for cargo.

OUTLOOK FOR BUTTER. The butter market remains very dull. The wet weather has produced an abundance of grass in Britain and on the Continent, with the result that we are now getting supplies from France and Holland, in addition to the bulk of the Danish output, which is being shipped here instead of to foreign countries, owing to the depreciation of German and other currencies. From now till the late autumn, when the new Australian and New Zealand butter will arrive, we shall bo dependent upon foreign supplies, so prices are not likely to go lower. The probability is rather that there will be a slight upward movement, but it must be remembered that the big multiple-shop companies have stored I large quantities for August and Septem--1 ber requirements. | The Australian apple season has finished unexpectedly well, and the prices obtained for the Baradine’s cargo were a great improvement on those , realised for previous arrivals. The reason for th? firmness is the great shortage of soft fruits, which the rain came too late j to benefit.

WOOL OUTLOOK IMPROVED. The satisfactory! opening of the London wool sales, which surprised the majority of users, put fresh life into the Bradford market, while the firmness of the finer grades of the raw material inspired more confidence, led to more inquiries, and caused the disappearance of the low quotations which had previously prevailed. A well known wool authority writes that the general outlook, though overshadowed by the uncertainty of European political and financial i developments, is undoubtedly good. There are several hopeful features in ■the home trade. Unemployment is dimi inishing. especially in the woollen seci tion. There is some improvement In ' fin? worsted manufacture, and most of ! the spinners of worsted yarns are fully ’ booked for several months ahead. The • German textile centres continue well i emploved, and foreign exchange balI anees 'still seem tn be sufficiently avftilI able to negotiate their requirements in i raw materials. The position regarding I the United States is still unsettled, be- ' cause of the difficulty as to ar agree- | ment on the tariff measure, but prices are being maintained at the highest