BRITISH TRADE REVIEW.

Auckland Star, Volume LX, Issue 105, 6 May 1929, Page 4

BRITISH TRADE REVIEW.

FINANCE MARKETS DULL BANK OF ENGLAND'S STRENGTH. REDUCED RATE TALKED OF. (Australian and N.Z. Press Association.) (deceived 10.30 a.m.) LONDON, May 4. The condition of the Stock Exchange does not show any change, and dullness characterises most of markets. Ihe political situations both at Home and abroad are having the effect of restraining business. Prices of gilt-edgeds generally are well maintained, especially Colonials. The steady increase in the Bank of England's stock of gold, which is now more than eight millions in excess of what it was when the bank rate was raised in February, has had the effect of improving investment securities, and as the gold stock will be further increased next week by the arrival of one million sovereigns from Australia, the position is regarded as so satisfactory that some people are talking of the possibility of a reduction in the bank Tate in the not distant future. Queensland's Needs. Such a reduction is very desirable in the interests of prospective borrowers, notably Queensland, which has twelve million 51-2 per cents maturing on July 1. Arrangements for a conversion loan for this amount must be made shortly. The success of the Melbourne Board of ones loan received most favourable newspaper comment. Export Fruit Trade. The apple trade is showing signs of improvement here and at Hamburg, as American supplies are beginning to decrease, and there is a prospect of Australian and New Zealand fruit meeting a better demand. There are still large quantities arriving at British ports, the total for the week ending May 7 from Canada,_ the United States, New Zealand, Australia and South J Africa aggregating 295,000 cases. After that supplies will be smaller, only 146,000 cases being due for the week ending May 34. The quality of the apples now coming from Australia and New Zealand is considerably better than first' arrivals, particularly as regards colour. This ought to have a good effect on the trade. Pears In Demand. The most satisfactory feature of the fruit trade is the strong demand for pears. Australia and New Zealand have the market practically to themselves for South African supplies are ' rapidly diminishing, consequently there is keen competition for all good pears, and high prices are being made. The Barrabool landed her 13,558 packages of Western Australian fruit in excellent condition, One leading importer describes this cargo as one of the best he has seen from Australia. Some fetched as much as 20/ to 22/6 for half cases, and other sorts sold .correspondingly well. This shipment ought to give a profitable return to exporters. Wool Position Satisfactory. Discussing the wool position the "Economist's" correspondent says:— The trend of events at the London wool sales is helping to. stabilise the position in a fairly encouraging fashion. Some difficulty is admittedly being found in disposing of second-hand offerings, and it is in these that there is any decline. Crossbreds are being bought freely by Home and Continental buyers, and in spite of the fact that this description forms the major portion of the offerings, greasies are not showing any appreciable decline compared with last series. During the whole time business has been comparatively quiet for Merino tops. Crossbreds have been selling steadily. The outlook for this description is fairly good. Butter Prospects Good. Good butter trade has been experienced. There has been a welcome improvement in the demand this week. Business during the last few days has been quite active, and there are hopes that this state of affairs will be maintained for some time, for neither stocks here nor quantities afloat are heavy, and a continuance of the cold dry weather in England and Ireland and on the Continent is retarding grass production. Consequently the output of butter is considerably smaller than usual at this time of the year.