BRITISH TRADE REVIEW

Auckland Star, Volume LIV, Issue 270, 12 November 1923, Page 5

BRITISH TRADE REVIEW

» DEPRESSION (N ENGLAND. THE POLITICAL METER. (By Cable.—Press Association.—Copyright. LONDON, November 11. The Stock Exchange is in a depressed I state, the combined influence of several ] unfavourable factors having proved more than even the most optimistic could j withstand. First and foremost of tbe disturbing elements is the prospect of a I general election, which invariabrv has j the effect of upsetting business, and, in the present instance, in the opinion of the "Economist" and other financial journals,.the mere possibility of a Labour Government, with its capital levy pro gramme, being installed has been sufiicier.t to cause considerable nervousness and to bring about a heavy setback in gilt-edged issues. Another cau6e of depression has been stringency in the money market, which has led to apprehension of a rise of the bank rate. This, however, has not yet materialised. Disturbing news from Germany has been another contributory factor, but even more serious is the unsatisfactory state of foreign exchanges. | notably New York, which has fallen" to 4 dollars 38 5-8 cents to the pound. This is partly due to the usual autumnal demand for dollars, but the Continental , situation is also largely responsible, and sterling may easily remain depressed if the projected conference on Germany's capacity to pay is not held soon. The butter market is recovering stead- , ily from its recent depression, and the , demand is growing for finest qualities. I Unfortunately some large buyers have , still fair quantities of old butter on _ hand, and are disposed to clear these- ; before the new season's butter arrives I in large quantities. Best quality New , Zealand and Australian are in short [ supply, and clear readily at improved , prices. A new feature of the cheese market is the arrival of a parcel from Bussia. Importers describe it as well-made Cheddar I but of poor flavour. It is reported that ( the Russians intend to ship cheese regu- . larly. r The dried fruit trade 6hows no improvement, the reduction of the price of - currants and sultanas having'failed to attract buyers. The only demand is for . lexias, which are selling well, four r crowns making 52/. . A pleasing contrast if afforded _ by the orange market, which is brisk and ■ active. An excellent parcel of 1000 I cases, shipped by the Victorian and New , South Wales Citrus Fruit Association in » the Hobson*s Bay, arrived in almost perfect condition, colour and size being . also good, and met with very keen competition, Navels realising 80/ to 42/, and 5 Valencias 28/ to 37/. Fruit traders ara f greatly pleased with this shipment, , which is probably the best Australian . parcel yet received, and is particularly welcome at this period of the year, -when . supplies from other sources are scarce. . One importer says that oranges of this l quality in good condition will always T find a ready market at remunerative _ prices, especially those arriving in Octo- _ ber and November, before the market is r glutted with Spanish. Importers would r like to see larger quantities of Australian shipped next season.— (A. and N.Z.)