BRITISH TRADE REVIEW.

Auckland Star, Volume LXIII, Issue 258, 31 October 1932, Page 4

BRITISH TRADE REVIEW.

STOCK EXCHANGE "NERVY." STERLING NOW MORE STABLE. TREND OF TRADE. (Received 9 a.m.) LONDON, October 29. Under the influence o£ the decline of sterling the stock markets in London have been somewhat nervy. British funds were the first to be affected, but there was not any serious effect. The downward movement spread to speculative stocks, but here again there were no great declines. The steadiness of sterling in the past few days had a good effect, anil the. markets closed to-day with a brighter tone. Australian Government stocks have given way slightly in sympathy with British funds. Strange to say, gold mining shares, generally, are easier in spite of the rise in the price of the metal. Other Australian stocks, like banks and pastoral companies, are continuing to show recovery from the late depression, and the resumption of dividend-paying by the Australian Mercantile Land is regarded as a good omen. According to the "Economist s Survey," home industries have seen some increase in activity in the past live weeks, but of so partial and moderate a character, that it is difficult to say whether business has attained its normal seasonal dimensions. Many leading indicators of the trade position point to no change, or to deterioration, but reports from many of the chief industrial centres refer to an improvement in tone and some accretion of new business. Among the satisfactory features is the September return of tlie Retail .Distributors' Association, showing a decline of only 3.6 per cent, compared with 1931. This is the smallest decrease since April, and, allowing for the fall in prices, may mean that the volume of business has been maintained. Heavy Supplies of Butter. The news that both Australia and New Zealand are having exceptionally good seasons, and that the supplies of butter from those Dominions during November and December will be heavy, is making importers rather anxious regarding the clearance of these large quantities. Fortunately the consumptive demand continues good, and, in spite of heavy importations, there is no accumulation of stocks. The increase of Germany's import quota to 55,000 tons, should have the effect of keeping a considerable quantity of Continental butter, especially Danish, off this market, but it is considered very doubtful whether Germany can afford to buy such a large quantity, especially with the duty of 75 Reichmarks per 100 kilos. New South Wales Oranges. The season's first large consignment of Australian oranges from New South Wales arrived in good condition, and a considerable portion was sold at Antwerp to German buyers, who were very keen in securing them. The prices arc understood to have been satisfactory, though, owing to the fluctuating exchanges it is impossible to state the exact yield. The rest of the cargo is to arrive next week, and is expected to sell readily, as the demand is strong. Australian Chilled Beef. As a result of the Port Fairy's successful shipment of meat, importers are keenly discussing the possibilities of the establishment of a regular trade in chilled beef. One of the chief obstacles to a satisfactory and profitable trade is the difficulty in securing suitable beef. One expert points out that if Australian breeders hope to successfully compete against Argentina they must improve the quality of their herds, and that, now they have a golden opportunity of doing so most advantageously, as high class pedigree stock can be bought at wonderfully cheap prices. . At a sale of the famous Collynie Stud stock, near Aberdeen recently, the average price realised was £55 for bulls, anil £'29 for heifers, compared with about £700. (?) for bulls six or seven years ago. Canada bought heavily, in view of the possible benefits from the Ottawa agreements. Further important stock sales are to be held at Birmingham, Perth and Aberdeen in February. Position of Wool. Mr. Devereux, representative of the Australian Wool Council, reports:—Depreciation of sterling has stimulated the demand for tops from Bradford for export, and this, combined with the improvement in overseas raw wool markets, due to the same reason, lias caused Bradford Merino topniakers to advance quotations. There is a hardening tendency, with a moderate amount of new business. Fine crossbred tops are rather firm. Merinos, low descriptions, steady with not much business. For Merino yarn the position is unchanged. Quotations are maintained and particulars are coming in fairly well, especially in the hosiery section. Crossbred yarns are unchanged, with not much business. Sales of tops to Germany are only moderate. Prices are unchanged. The knitting hosiery _ trade is fairly well employed. The weaving trade is diminishing, and export very poor.