BRITISH TRADE REVIEW.

Auckland Star, Volume LXIV, Issue 100, 1 May 1933, Page 4

BRITISH TRADE REVIEW.

MORE HOPEFUL REPORTS. SOME CLASSES IMPROVE. LONDON, April 29. What one of the financial newspapers describes as a Budget of somewhat unorthodox character had little effect on the London Stock Exchange,' for the giltedged market did not anticipate any relief in direct taxation and the reduction in the beer duty had been generally expected • and discounted. Gold mining shares reacted favourably : on the supposition that the sterling price of gold will not be. allowed to fall if the : Exchange Equalisation Fund maintains , sterling at about its present rates of exchange. Consequently there has been much activity in Kaffirs, and Australians have been in demond with prices mostly firmer. The "Economist's monthly review takes a mildly optimistic view of the trade position. It says: There is some evidence of 6low improvement in British industry. Firstly, the seasonal increase in employment during March in the building and ancillary industries, public works, contracting and clothing has been accompanied by improvement in the engineering, shipbuilding, iron and steel, vehicle and metal •trades, also in some of the textile industries, boots and shoes, furniture, pottery and distributive trades. Against this must be set deteriorations in the cotton, hosiery and coal mining trades and the dock and harbour services. But, even so, there is a net improvement over the whole country. Many general trade indicators have moved in the right direction. Iron and steel production in March shows an improvement over February. Railway receipts are better. Retail trade has been well maintained and commodity prices have shown signs of recovery. Trade reports on the whole are more hopeful. The export coal business is improving, there has been a small but definite revival in shipbuilding and marine engineering, and the motor car industry is busy with home and export orders. The wool textile trade is firmer and more hopeful in all sections, buyers feeling greater confidence. The most disappointing trade is the cotton industry. Unemployment is heavier and more plants are standing idle, It is reported that the Indian marker, is over-burdened with Japanese stocks. Mr. Devereux, representative of the Australian Wool Council, reports as follows:—With fixation date of the World Economic Conference, combined with a steadying on international exchanges, confidence seems to be returning. There has been'a slight improvement in values of wool, according to Bradford reports, with a definite hardening in Merino tops and fair business in combing. Prices of crossbred tops are well maintained, with substantial business in fine sorts. There is little improvement in the demand for Merino yarns. Crossbred yarns are firm. Trade in France and Belgium is quiet. New Apple Season. The apple trade continues satisfactory. With only moderate quantities arriving and the general quality and condition of the fruit being good buyers have been operating freely at a higher level of prices. Importers of Hamburgs by no means favour the shipment of the apples in unrefrigerated chambers. An experiment made in the Dutch steamer Djambi has convinced them of the undesirability of these shipments. Reporting on the last shipment one firm writes: Considering tho long voyage the Cleopatras and Dunns were landed in fairly good condition. The fruit, however, was ripe, and some over-ripe. Jonathans were in a wasty condition and sold at low prices. Although the prices realised for Cleopatras and Dunns were fairly satisfactory, we certainly do not encourage any shipments in common stowage, _ as with larger arrivals we are sure the prices of such fruit will be considerably lower than for refrigerated. It is out of the question to Rhip softer varieties like Jonathans and Five Crowns unrefrigerated, as thep are always bound to arrive wasty.