TRADE REVIEW.

Taranaki Daily News, 22 August 1922, Page 5

TRADE REVIEW.

CONDITIONS IN BRITAIN, STOCK MARKET FIRM. NO DECLINE IN VALUES. By Teletrxph.—Press Assn.—Copyright, London, August 19. Contrary to what might have been exP«*?ted, the failure of the Reparations Conference did not bring any reaction on the Stock Exchange. It certainly canseu disappointment, but no depresand those who feared heavy liquidations were agreeably surprised to find uiere was no pressure to sell, even from Paris whence it was feared many selling orders would come. On the contrary when the Paris Bourse reopened on Wednesday, after two days’ holiday, we received buying orders from France and these had the excellent affect that, although the money market was very tight, there wa« no appreciable decline in Stock Exchange values. EXCHANGES DEMORALISED. The Stock Exchange committee has fixed September 1 for the settlement of pre-war accounts. The total commitments when the exchange closed in July, 1914, were, 106 millions sterling. Since the armistice these have been steadily cleared off and the amount outstanding is now less than two millions, •o that the settlement cannot have much influence on market conditions, although it may entail hardship on individuals who have accounts open in Grand TrWhk and South American rails. The foreign exchange market has been demoraiisd by the breakdown of the conference, and with the German mark daily falling to fresh depths of degradation there has been a collapse in most leading European currencies. In this condition of affairs it is satisfactory that the value of the pound sterling in the United States continues to appreciate, apparently because Americans have confidence in the British determination to face the facts of the European situation. At any rate America shows no inclination to gamble for a fall in the British pound. BUTTER PRICES HARDENING. The butter market is hardening as colonial supplies diminish and prices are again higher. New Zealand choicest salted is quoted at 206 s to 208 s. exceptionally good 2IC=, unsalted 220 s to 2245. The outlook appears good, especially as Denmark is receiving more inquiry from France. Belgium and Switzerland, but if retailers advance the price above 2s the demand will be affected, < The prospects for the opening of the new Australian and New Zealand season appear to be distinctly favorable, for it seems certain there will not be much butter here when colonial begins to arrive. DRIED AND CANNED -FRUIT. The action of Australian importers of dried fruits in deciding to hold out for better prices has had the desired effect and the trade shows a marked improvement in all directions. Currants especially are moving freely and several importers have cleared their stocks at the prices fixed at the meeting on the 11th. Sultanas have also been selling steadily at the fixed prices. Importers are highly gratified at the success which has attended their action and express the hope that the result will prevent any recurrence of slaughtering prices.

The demand for canned fruits continued disappointing and sales are small. The main cause of the unsatisfactory

position is the unseasonable weather since May, which has restricted picnics, boating and similar outdoor functions. Another contributory factor is the diminished spending power of the working classes, owing to unemployment and lower wages. They are now compelled to give up luxuries, among which canned fruit must be included. We are also having a glut of fresh fruit.