BRITISH TRADE.

Auckland Star, Issue LVII, 1 March 1926, Page 4

BRITISH TRADE.

THE WEEKS REVIEW. STOCK EXCHANGE QUIET. MEAT MARKET GLUTTED. LONDON, February 28. Conditions on the London Stock Exchange in the past fortnight have shown little change. The business clone lias been moderate, and there have been a certain number of forced sales, which i were apparently the aftermath of the late rubber boom. Gilt-edged stock? remain fairly steady in spite of some selling. The success of the recent London County Council five per cent loan is regarded as a good sign. The terms of this loan, which was issued under par. were more favourable to investors than has been the case with gilt-edged stock recently issued. This fact is taken by some financial wiiiprs a> suggesting that still more favourable terms must be offered if large borrowers, like Xew South Wales, are shortly to float large loans. Meat. Depression reisnis in the frozen and chilled meat trade. Prices for all varieties have declined week by week. The chief cause of this unsatisfactory position is the enormous supplies of Argentine chilled beef which are arriving haphazard owing to the failure of the River Plate shippers to arrive at an agreement regarding the regulation of shipments. The consequence is that the quantity of Argentine beef marketed in London is far beyond the consumptive requirements. Forequarters are selling at 2id a lb.

One authority says the excess of chilled beef which is marketed each week is equal in weight, at a modest estimate, to fully r>o.ooo sheep and lambs. The result is that stocks of mutton and lambs are accumulating and the downward tendency of prices continues. The seriousness of the position is illustrated by the case of an importer who has just sold a parcel of 12,000 Australian lambs which had been here since November. Xot wishing to incur further , storage charges the importer disposed of t!:e lambs at a price which showed a loss on the cost of the parcel of £4000. Wool. Describing the wool position, a Brad-' ford correspondent writes: "A distinctly improved tone has come over the market. Spinners who had been holding back orders for fine tops to cover business in yams havr thonsht it inexpedient to run the risk of further delay. Consequently in the past few days there has been a considerable turover in Merino and fine crossbred tops. '"'lt is stated that many spinners are now covered for two months ahead. It is satisfactory to know that tops have been bought for definite orders and that speculative operations are hardly being entertained. The extensive inquiry points to more business in the background." Unemployment Decreasing. The review of the state of trade published in the "Economist" says: "Although since the beginning of the year the trend of business has heen upward, a slight feeling of hesitation has been noticeable for the last week or two. "Among the most hopeful items is the steady fall in the total of unemployed workers. This is now 112.000 less than was the case at tho beginning of the year.

"Other favourable sspns are the increased volume of orders recently secured in the heavy iron and steel trades, and the placing of contracts for new ships on the C'Hydc. This, one mny hope, is the bporinninrr of better times in the shipbuilding industry.

"But a note of hesitation is sounded, in most of the current reports from the industrial centres. For instance, although the volume of business in the ooal trade has not fallen off to a great extent, the market has become easier. In the iron and steel trade many makers will be well employed for possibly a month ahead in fibrillins orders, but the new demand is appreciably less insistent than that of three or four weeks ago. "The cotton, wool, and textile trades are better than they were a month ago, but tl.e increased activity is unevenly distributed. "There is little pleasing to report in the shipping trade. What is normally an active month has passed without any sign of improvement so far as tramp steamers are concerned."—(A. and N.Z.)