COMMERCIAL.

Taranaki Daily News, 23 August 1922, Page 2

COMMERCIAL.

AUSTRALIAN MARKETS. ENGLISH EXPORTS EXPANDING. By Telegraph.—Press Assn.—Copyright. London, August 21. The Times’ city editor says that the period of greatest stringency In Australian exchange appears to have passed. The banks in, Australia have lately experienced a keen demand for accommodation to finance exports, particularly late shipments of wool. These have been commanding high prices, partly as the result of the Genman bidding for merinos. The provision of credits is therefore being largely supported by the German Government, by means of credits of sterling from the 60 per cent. German tax on exports. The depreciation of the mark will not interfere with such transactions, the German exporter procuring payment in foreign currencies and handing over the required proportion to the Government in sterling, dollars or other currencies.

In order to increase the ability to meet these demands Australia, on behalf of exporters and the Australian banks, is naturally encouraging exports from England to Australia. These have considerably expanded lately, and the immediate future holds a probability of a more evenly balanced trade position. WHEAT CARGOES LOWER. London, August 21. Wheat cargoes dull, in view of the large world crop, American prices, and the lack of Continental interest, and declined sixpence to a shilling. Parcels were in poor demand at Is to 2s decline.