BRITISH TRADE REVIEW.

Auckland Star, Volume LIX, Issue 214, 10 September 1928, Page 4

BRITISH TRADE REVIEW.

STOCK EXCHANGE ACTIVE. GILT-EDGES FIRM. AMPLE MONEY IN SIGHT. LONDON, September 8. Although the spell of glorious summer weather is tempting many city men to prolong their holidays, the Stock Exchange is beginning to show renewed signs of activity, and September started with a cheerful tone. Brokers and jobbers apparently anticipate active markets during the coming autumn. The giltedged market is firm, and unaffected by the unsettled money conditions in New York. Indeed, the market is complaining of a shortage of investment stocks, and new issues would be welcomed, uot only British or Dominions, but also foreign bonds, especially those giving high rates of interest, for which there is a strong demand. Several of these are expected in the near future. The first appeared this week, a Chilean Government issue of £2.000,000 of 6 per cent sterling bonds at 95V4. This gives a flat yield of £6 5/7 per cent, so it is not surprising that it was oversubscribed immediately the lists were opened. Industrial stocks have also shown considerable activity this week, notably the gramophone group and tobacco. Shipbuilding Revival. Britain's shipbuilding revival is the subject of an article in the "Statist" which will be pleasant reading throughout the Empire. The writer points out that actual volume of work British shipbuilders are building almost as many vessels for foreign owners as they did before the war, and in the percentage of the total work in hand the pre-war figures on foreign account are exceeded. British bookings on foreign acount for JulyAugust indicate that in the coming winter British yards will launch a record percentage, if not a record tonnage, of boats for abroad. In other words, Britain will have foreign competition well met once more. Within the last eight weeks British shipbuilders have secured contracts from Norway. Sweden, France, Spain. America. Canada, the Argentine and Chile. Competition from America, which was the greatest menace between 1916-20, has ceased to exist. Continental competition is met to the extent that where as in 1923-25 German and Dutch Imilders were constructing ships for British owners, and the Dutch were capturing many repair jobs from Britain, no British owners are now having a large ship built abroad, and British ship repairers, like the builders, are beating their competitors both in time and price. Britain is now building 20 times as many ocean-going steamers as the United States, and about 50 per cent more than all the Continental countries put together. The Clyde firms booked more orders than in any month since 1920. ne great yard at Belfast is working at capacity. The other there, which has been closed, has got to work again. All ti!' 8 i' S ,undoubtedly in consequence of e s upbuldng industry having revised its ™ B «. COnd, l tl ° ns (llas tically, cut down expenses and greatly speeded up work. Government wlthout ostentation or l*o\ oinmcnt Assistance.