MARKETS DULL.

Auckland Star, Volume LXIX, Issue 101, 2 May 1938, Page 4

MARKETS DULL.

POSITION IN LONDON. EASING IN COMMODITIES. WOOL AXD BUTTKR IMPROVE. (Received !).o0 a.m.) LOXDOX, May 1. Most Budget commentators overlooked the significant fact that the Chancellor of tho Kxehen,urr does not expect a further decline of activity in the markets or the level ot trade generally. Summing up, the Budget clearly shows' that the Treasury admits a rei.-es.sion. but thinks the state of trade .sufficiently strong to withstand even the shock of additional taxation. The official view of the outlook is, therefore, h'rm, but the markets are very dull. Commodities had a poor week. The wheat market is naturally watching the Government's policy very closely. Metals and rubbers were easier, the result of disappointing American consumption. Butter remains very firm with a good speculative inquiry in anticipation of reduced arrivals from Xew Zealand in July and August. Cheese belied the hopes of a similar improvement, holders becoming dissatisfied and inclined to encourage buyers with lower prices. The market seems likely to be dull for some time. Bradford is more optimistic regarding the wool outlook. A few traders are conducting operations in tho expectation of cheaper wool, but there is little new business. Retailers seem to have overbought and have big stocks to clear, but a healthy sign is the public demand, which shows no indications of diminishing.