BRITISH TRADE REVIEW.

Auckland Star, Volume LIX, Issue 250, 22 October 1928, Page 4

BRITISH TRADE REVIEW.

GILT-EDGES STRONG.

MONEY IN ABUNDANCE

"WHERE DOES IT COME FROM?"

(Australian and N.Z. Press Association.)

(Received 10 a.m.)

LONDON, October 20

The feature of the Stock Exchange during the last few weeks has been the wonderful strength of the purely investment sections of the market, notably gilt-edged with 5 per cent war loan leading, in spite of the counter attractions of a more speculative character, of which a flood of new issues continues. Every day sees the publication of seven or eight new prospectuses, mostly more or less speculative and dealing with all sorts of commodites, ranging from gramophones to disinfectants. Most of these have been fully applied for, notably gramophone issues. This week s public issues total just under £9,500,000. bringing the year's aggregate to £37,195,000. Commenting 011 this state of affairs, the financial editor of the "Spectator" points out:—"During the past seven years the capital value of 305 representative securities selected by the "Bankers' Magazine" has appreciated by no less than £ 1,500.000. Therefore it is scarcely surprising in view of the talk of depression in certain heavy industries and the great volume of unemployment that the question constantly asked is, 'Where does the money come from?' " Anglo-Persian Dividend. A considerable sensation was caused last March when the directors of the Anglo-Persian Oil Company decided not to pay an interim dividend and to defer the question till a full year's accounts were available. It is now announced that a dividend of IVz per cent for the year, compared with 12% per cent last year, will be paid. This will come as a relief for nobody had expected more than 3 and there were some pessimists who expected less or even nothing. It is interesting to note that the British Government holds 7,500.000 shares in the Anglo-Persian on which it will receive £562,500 in dividends. As the Government investment cost only £5,000,000, this is a good return. Wine Trade Depressed. The wine trade discloses a generally depressed condition and both imports and consumption of wine from all sources show serious declines. This particularly applies to Australian, which is suffering severely from the combined effects of a reduced export bounty and increased import duty here. In September, 1927, the imports of Australian wine amounted to 783,311 gallons.. Last month they were only 45,517 gallons. During the first nine months of 1927 Australian imports totalled £3.127,281, and for the corresponding period of 1928 they were £1,511,305. London Egg Market. ' The first arrivals of Australian eggs have not met with a satisfactory market as supplies from all sources are plentiful. Consequently the best price obtainable for Australian imports is about 17/6 per 120. Importers have not been pushing sales, as they hope the market will improve as the weather becomes colder and Home and Continental supplies get smaller. Already Danish production is showing a considerable decrease and importers are expecting an early improvement iii prices.