A HOLIDAY AIR

Ashburton Guardian, Volume XLIV, Issue 10132, 9 June 1924, Page 5

A HOLIDAY AIR

ON STOCK EXCHANGE.

SHARE MARKET QUIET. CONDITION OF BUTTER SUPPLIES (Per Press Association—Copyright.) (Received June 9, 8.5 a.m.) LONDON, June 7. There has been a holiday air over the Stock Exchange this week, the combined effect of Epsom and the approach of the Whitsuntide recess having reduced most departments to a state of inactivity. Another contributory factor to the general dullness has been the unsatisfactory course of the foreign exchanges, which produced a heavy tendency in most foreign bonds. The weakness of the sterling exchange on the New York has caused some i apprehension of a possible increase in our bank rate, and this has caused a quietness in the gilt-edged market; but prices remain steady, thanks to the large disbursements of money for June dividends on war loan and other stocks. Industrial shares- have been dull, especially oils, some liquidation from Paris having followed a fall in the franc exchange and Home . railway stocks being depressed owing to labour troubles.

One bright spot is the Kaffir market, South African mines being freely bought. With reference to the wool position, a correspondent of the " Economist" writes: "No doubt finance is playing a very important part, and if Germany could be relieved of its present financial tightness a great improvement would soon be seen in all markets. The French political crisis is also having an adverse influence upon the textile

industry in Northern Prance; and while we do not think a strike will materialise among the textile/workers of this country, the fear thereof is influencing some forced sales. Trade in the consuming centres has been exceedingly slow since the close of the London sales, Hence the future is regarded with some concern.". Experts who examined a parcel of Tasmanian hops ex the Argyllshire describe them as of a fine quality of brewer's hops, with a good colour and aroma and excellently dried. The

market at present is quiet, but trade is expected to revive with the warmer weather, especially as old stocks are practically cleared out and no English will be avaiable till mid-September. It is estimated that the barrelage of beer in the United Kingdom for the year will amount to 24,000,U00, and as the crops of hops in this country will be insufficient to make thig quantity of beer any hops that Tasmania ships to this country will be readily absorbed if the quality is equal to the Argyll-

shire parcel. The growth of hops in the United Kingdom is still under control, and the quantity permitted is far below brewers' requirements, with the result that large quantities of foreign hops are being imported, chiefly from California. These Californians are of far inferior quality to the Tasmanian, which are the nearest approach to Kentish that have ever been imported. The apple trade in all centres (remains good, and the prices realised satisfactory, except for blemishes, and even th<bse are fetching -much more than their intrinsic value when compared with clean fruit. The strength of the market in London is probably due to the great number of visitors in town for Wembley and the Epsom race meeting, also the absence of good soft fruits." So far strawberries are very scarce, and though French cherries are arriving in large quantities, their value

is unsatisfactory. A feature of the apple trade is the demand for hard keeping sorts, notably Sturmers, which are making excellent prices. Australian dried fruits are not selling well, and the prices realised unsatisfactory. Currants are quoted at 58s and 63a per cwt. with inferior as low as 51s. One of the leading brokers snvs the quality shows a great falling off as compared with last season's growth, leaving much to be desired as to colour'and condition. Many parcels vary in size, the grading being most unsatisfactory. The latest parcels to arrive show a slight improvement, both in quality and condition, i So far only the common sorts of

sultanas have arrived, selling at 55s to 62s per cwt. The outlook for dried fruits generally is not bright. The butter position shows little change, and prices remain firm, Germanv having taken some 1000 cases of Danish, enabling the Danes to maintain their price; but there are some misgivings regarding the future, and many traders anticinate a downward movement as to whether the conditions are favourable for a large make here and the Danish output will shortly reach its minimum. Consequently there may soon be some pressure to sell some of the large quantity of colonial butter stored here, especially as the cablegrams received indicate that Australia and New Zealand are likely to continue shipments.