LONDON MARKET REVIEW.

Auckland Star, Volume LIX, Issue 118, 21 May 1928, Page 4

LONDON MARKET REVIEW.

STOCK EXCHANGE STEADIER. WOOL STILL GOING UP. (Australian and N.Z. Press Association.) LONDON, May 19. The London Slock Exchange has relapsed into a condition oi comparative rjuietu Ip, which is a remarkable change from the feverish activity in speculative shares which has prevailed for several weeks. There has been considerable profit taking, and many speculators have been hit by the fail in prices of some of the yramophone, artificial silks, and iron and (■'eel issues, which is almost as marked as the me which immediately preceded it. Mining sh-ues have also felt the setback. Gilt-edge business is quiet, prices being well maintained. A good effect is being produced by the news that the J per cent War Loan and Funding Loan are to be made trustee stocks in the United States. There has been a good demand for recent Colonial issue* on which satistactor* premiums have been established. The latest issue is the Kenya Government issue ot £3,500.000 per cents at 95. This has been most favourably received and was oversubscribed immediately the prospectus was itoiued. it is now quoted at a small premium. In discussing the wool outlook, a Bradford correspondent writes: —'Pricea in London show a hardening- tendency as the sales proceed, and the hope of cheaper jaw material has receded into the background. Consequently the spinners have shown more disposition to undertake further operations, the result being that some firms have had a fairly substantial turnover, although the buying movement haa not become so general as to any striking effect on quotations. But the position of the topmakers has been strengthened, and a definite advance soon would not be surprising. It ia the opinion in responsible quarters that wool is more likely to be dearer than cheaper later on. Demand (or Apples.

The demand for apple* continue* satisfactory, but importer* find it impossible to realise higher price* as supplie* continue. There have been heavy arrival* from Australia and New Zealand, aggregating nearly 300,000 cases weekly. The condition of the fruit generally has been good, but one or two cargoes have arrived in a very advanced state, and have consequently been sold at low price*. Pear* are meeting with an excellent demand, as Australia and New Zealand have the market practically to themselves, and their fruit is fetching high prices. The continuance of the cold spell on the Continent makes it certain that the early French cherry crop will be small. Indeed, British supplies of foreign cherries will be much below usual, for the Minstry of Agriculture, with the object of preventing the introduction of cherry fly, has prohibited the importation of foreign cherries from the South of France after June 0, from Central France after June 12, and from Northern France after June 21. All Italian import* are prohibited after June 16. Thus there will not be the competition of cheap cherries with wheh the markets are usually glutted during Juije and the first half of 4 u lyThe British strawberry crop ha* been affected to some extent by frost, but a good yield is anticipated. FROZEN MEAT.

Sheep.—Canterbury light, 7!4d; medium, «Hd; heavy, B%d; North Island medium, ttVid; heavy, 6%d; New Zealand ewe*, 5%d; Argentine light, B%d; medium, s*d; heavy, sV*d; Patagonian light, medium, 5%d; ewe*, 5%d. Lamb*/ —Canterbury medium, WM; Other*, selecteds, light, 10d; medium, Ottd; North I*land fir*ts, medium, #*d; seconds, Australian seconds, other States, Bttd; thirds, B%d; Argentine firsts, light, B%d; Patagonian first*, light, B%d; medium, B%d; second*, B%d. Frozen Beef. —New Zealand fores, binds 5Hd; Australian hind*, 5%d. Chilled Beef.—Argentine fore*, 4*d; hinds, 7d. Other* unchanged. RUBBER, HEMP, COPRA, ETC. Rubber.—Para lOttd (lOd) per lb; plantation and smoked, B%d; (8 >4d). Jute.—May-June shipments, £38 (£34 5/) per ton. Hemp.—'May-July shipments/ £38 (April-May, £31 10/) per ton. Copra.—May-June shipments, £26 15/ (April-May, £27) per ton. Linseed Oil.—£3l 10/ (£3l 15/) per cwt. Turpentine. —30/6 (40/6) per cwt.