TRADE REVIEW.

Auckland Star, Volume LXV, Issue 136, 11 June 1934, Page 4

TRADE REVIEW.

IMPORTS IN LONDON. APPLES AND DAIRY PRODUCE. STOCK EXCHANGE IS DULL. (Received 11 a.m.) LONDON, June 10. Although arrivals of New Zealand and Australian apples in the past week exceeded 500,000 cases, the market was fairly well sustained, and, as forthcoming suppliesl will bo on a somewhat smaller scale,! importers are hopeful that there will be no serious decline in values. Much, however, depends upon supplies of Continental soft fruits, which appear likely to be fairly heavy and may prove serious competitors with apples. Fortunately the British strawberry crop is expected to be light, owing to lack of rain, so it should not affect the position j greatly. I I'ears continue to make very good prices. The quality and condition of the fruit generally is entirely satisfactory. A parcel ot Victorians, pre-cooled and carried in a special hold on the Otira, turned out exceptionally line. With the consumptive demand well maintained the butter market continues firm, and prices are about 1/ to 2/ higher than a fortnight ago. The outlook appears to be good, as the weather both hero and on the Continent remains dry. Danes and Butter Prices. Denmark now, apparently, lias reached her maximum production, and her exports are mostly coming here, as German purchases are small. Great efforts are being made to stabilise Danish prices. According to one newspaper a fund of 2,000,000 crowns has been established, half contributed by co-operative organisations and half by the Butter Contingency Fund. The object is to relieve the market in unusually critical times of any surplus likely "to influence the ordinary run of business. It is intended to place the surplus in cold store and to dispose of it on the home market at the most favourable moment. The manner of disposal has not been decided yet, but it is understood the Government favours the increased use of butter in public institutions. Possibly the operations under the scheme will be on a moderate scale, but the existence of the fund is likely to have the desired effect of stopping market fluctuations. Goldmining Shares Active. Dull conditions have prevailed on the London Stock Exchange recently, with some decline in prices in most sections. One exception was South African gold mining shares, which are active on the rise in price of gold and the expectation that the majority of the companies will be able materially to increase their dividend distributions. The gilt-edged stock market has been depressed, British funds all showing declines. Australians also are slightly lower. An indication of the state of the market is afforded by the lateet loan issue of Southern Rhodesia of £2,750,000 at 3'4 •per cent, 1055-65, at 97%. Contrary to recent experiences the list of cash subscriptions remained open the full time, and it is expected that the underwriters will be saddled with a considerable portion of the issue. Wool Outlook Uncertain. Wool trade shows no improvement. Conditions if anything are tending to become worse. This applies to all European countries except Germany, where mill activity apparently is well maintained. According to the "Economist's" Bradford correspondent this is due to the fact that, while the import embargo in Germany is creating a shortage of supplies and higher values, it is demoralising confidence, restraining business and depressing prices in other wool-consuming centres. Bradford business houses normally engaged in a large German trade state that the prospect of the ban being lifted at the end of the present period is uncertain. German millers undoubtedly would welcome the removal of the restrictions, but in view of foreign exchange difficulties in that country becoming more acute. The prospects of an early resumption by Germany of wool buying are sotne- j what remote. Judging by present indications ii appears as though Germany will make an entry into the world's wool markets gradually through the issue of special buying permits. These are already being issued to certain firms threatened with stoppage through a shortage of raw wool tops and yarns, but the quantities allowed are not large. Argentina Breaks. Meat Agreement. Argentina has broken the agreement made last summer under which she was given permission to export 110.000,000 bushels of wheat between August 1, 1933, and August 1, 1934. Total shipments to June 7 were 114,980,000 bushels. The Argentine wheat exporters apparently are confident that their Government will not prohibit shipments, although the quota limit is exceeded, for during May nearly 180 vessels were chartered to load grain cargoes for Europe. This is 70 per cent in excess of the charterings in May, 1933.