BRITISH TRACE

Taranaki Daily News, 5 September 1922, Page 5

BRITISH TRACE

GOOD TONE PREVAILS. BOOM IN COAL ORDERS. OTHER INDUSTRIES ACTIVE. By Telegraph.—-Press Assn.—Copyright, Received September 4, 5,5 p.m. London. Sept. 2. The Welsh collieries had splendid trade during August—the first for many years—coal being rusned from the pit to the seaboard at a feverish pace. Many millions of foreign money has been poured into South Wales in the’ last six weeks and the demand for coal for export is likely to continue for some months, although the price has advanced seven shillings a ton in a few weeks. Other industries are also showing a satisfactory enlargement and it i* interesting to note that at yesterday’s meetings of four important companies dealing with such varied interests as beer, margarine, wholesale drapery and West African trade, the chairmen were equally optimistic regarding the future. The Stock Exchange closed cheerfully after a week of suspense pending the reparations decision and the settlement of the pre-war account, which was fixed for yesterday. passed off without incident, except that one old-establish-ed firm went into voluntary liquidation on Thursday and there was no need to use the hammer, whose sonorous knocks used to precede the announcement of a defaulter. Xow that the emergency rules have expired defaulting members will be ‘‘hammered” as in pre-war days. The satisfactory settlement of the prewar account, coinciding with the decision of the Reparations Commission, had an immediate effect, and in practically every department prices moved upward. The open in? of the wool sales on Monday Is awaited ."With intense interest, owing to uncertainty whether the chaotic condition of Continental exchanges may cause »' reaction in wool values. The opinion generally is that merino prices will be fully maintained and many people expect a further advance. Topmakers evidentaly anticipate higher prices, for some have withdrawn fr?m the market altogether and others are quoting prohibitive prices. Indeed, epinn era-state that business in merino yarns has practically stopped owing to the high prices. Sir John Higgins’ and Sir Arthur Goldfinch’s statements, forecasting an acute shortage of merinos within a-year are having effect. The canned fruit trade is going from bad to worse, and with a continuance of cold and wet weather the demand is almost nothing. One large wholesale grocery. firm employing fortv travellers throughout the United Kingdom only received orders from them for three cases of fruit in one week. The quantity for delivery from the chief London wharf, where fully 150.000 thousand cases are stored, amounted last week to oniy about fifty cases. Some holders of canned fruit not belonging to the pool tried an auction sale. About five thousand cases of Australian peaches and pears were offered, bnt only two lots were sold, although the reserves were fixed at very modest levels, the highest bids being 10s for a dozen twenty-seven ounce tins.—Aus.-N Z. Cable Assn.