TRADE REVIEW.

Ashburton Guardian, Volume 48, Issue 164, 23 April 1928, Page 5

TRADE REVIEW.

DAIRY PRODUCE in LONDON. SIGNS OfTeCOVERY. (United Press The American demand for the 4 per cent, funding loan has again been the principal feature of the Stock Exchange. This follows the listing of the funding loan in New York, which is regarded as a most important step in the internationalisation of secunties and likely to lead to development which will tend toward closer relations between the New York and London Stock Exchanges. An immediate result ot this listing has been considerable inquiry for all gilt-edged stocks, notably the funding loan, which rose smartly but relapsed later oil profit-taking by British investors. Stock is being readily absorbed on New York account. The marked strength of gilt-edged stock has given rise to many reports of forthcoming capital flotations of an investment character in the near future, and certainly the time seems favourable. The first to arrive is a West Australian loan, which has been well received. Another possible early borrower is New Zealand, which has nearly £30,000,000 falling due for re payment in November, 1929. It seems rather early to talk about this conversion, but some financial writers anticipate that repayment will be dealt with piecemeal, and that an early commencement will be made. In any case New Zealand’s annual issue of a new money loan is expected next month. The Fruit Trade. There are no signs of any improvement in the apple market, and importers are getting decidedly anxious regarding the future, especially in view of prospective heavy arrivals. The only ray of hope that can he found is that recently Great Britain and the Continent have been experiencing a spell of cold weather, which has seriously affected the blossoms of all varieties of fruit. This is expected to mean small crops of all European fruits, so tii at later arrivals from Australia ana New Zealand ought not to meet so much competition as usual from cherries and other soft fruits. For. neai arrivals, however, the outlook is far from promising. One of the leading firms of fruit brokers, commenting on the position, said: “ Reasons for the unsatisfactory prices are, firstly, the public has become less satisfied with apples, as Americans this yeap, although of good appearance, did not reach the usual standard as far as eating qualities were concerned. Secondly, buyers obtained information of heavy quantities of Australians that had arrived and were on the way, and they were most diffident about taking more than immediate requirements.” Other traders express similar opinions, asserting that publication in the newspapers of official statements of enormous supplies coming from Australia and New Zealand are greatly detrimental to 'nroducers’ interests. Dairy Produce.

There are at last signs of recovery in the butter trade, and dealings in Australian and New Zealand dining the last few days have been brisker than for a long time, though they are still not so good as importers could wish Buyers seem at last to be beginning to realise that, although shipments from New Zealand have been heavy, nearly 230,000 boxes having arrived here in March, supplies from the Dominion for the next two or three months will he materially lighter than last year, and it is expected, that many buyers who have been holding off will sor have to replenish stocks. Tlie position of the cheese market is also more honeful. For the past two months we have been dependent mainly on New Zealand imports, which have been slightly above actual consumptive requirements, and, consequently, prices have eased somewhat. Considerably less will arrive from New Zealand during the next few months, and supplies are likely to he small until toward the end of June, when the first heavy shipments of Canadian should arrive here, consequently traders anticipate improvement in business. —Australian Press Association.