BRITISH TRADE REVIEW.

Auckland Star, Volume LIX, Issue 95, 23 April 1928, Page 4

BRITISH TRADE REVIEW.

PLENTY OF MONEY IN SIGHT. GILT EDGES IX DEMAND. LONDON, April 21. The American demand for the British four per cent funding loan has again been the principal feature of the Stock Exchange. This follows the listing of the funding loan on the New York Exchange on April 12. which is regarded us a most important step in the internationalization of securities, and as likely to lead to developments which will tend toward closer relations between the New York and the London Stock Exchanges. The immediate result of this listing has been a considerable inquiry for all gilt-edged stocks, notably the funding loan, which rose smartly, but relapsed later, on profittaking by British investors. The stock was readily absorbed on New York account. The marked strength of gilt-edged stocks has given rise to many reports of forthcoming capital flotations of an investment character in the near future, and certainly the time seems to be favourable. The first to arrive is the Western Australian loan, of £3,000,000 at 5 per cent at 08, which has been well received. Another possible early borrower is New Zealand, which has nearly £30,000,000 falling due tor repayment in November, 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. Applt Market Poor, There are no signs of any improvement in the apple market, and importers are getting decidedly anxious regarding tho future, especially in view of prospective heavy arrivals. The only ray of hope that can be found is that recently Britain and the Continent have been experiencing a spell of cold weather, which seriously affected the blossoms of all varieties of the fruit. This is expected to mean email crops of all the European fruits, so that later arrivals from Australia and New Zealand ought not to meet so much competition as usual from cherries and other soft fruit*. But for near arrivals the outlook in far from promising. One of the leading firms of fruit brokers, commenting on the position, says: "Reasons for the unsatisfactory prices are first, that the public has become lens satisfied with apple*, as the American fruit this year, th* „«.V "PPearancc. did not reach the usual standard as far as eating qualihh were concerned. Secondly, that buyers f WrLu Eorma , tlo ° °' heavy quantities arid w«rl aITI'i llUlt th ft had arrived d IHdent aL. l" TO' * Dd they Were most <11 Indent about taking more than immediate requirements." Other traders express similar opinions. They sav the publication in the newspaoan of nffir.il statements of eiiormous sunnli.. ' al from Australia Ind fnter«it..^ etri * 'h. Peers'