COMMERCIAL.

Press, Volume LXI, Issue 18486, 14 September 1925, Page 8

COMMERCIAL.

TRADE REVIEW. WOOL SALE PROSPECTS. . REVIVAL OF INTEREST ON EXCHANGE. (bt cable—pbess association—coptbight.) (AUSraAXJAS AND . N.Z. cable association.) (Eeceived September 13th, 5.5. p.m.) LONDON, September 12. After a period of dullness, almost approaching depression, the gilt-edged section of the Stock Exchange, developed a much brighter tendency yesterday, thanks chiefly y abundant supply %f cheap money. Previously the monetary conditions had been unfavourable and there had been a general, though slight, decline in all British Government stocks. Yesterday, however, there was a revival of public interest, with considerable buying, and prices showed a general recovery, following the lead of the 3$ per cent, conversion loan, which advanced three-eighths. Th<> tone is now distinctly hopeful, there being an impression that with the close of the holiday season business will improve. Home railways and industrial investments generally have been adversely affected by the inflammatory speeches at the Trades Union Congress, and also by the Board of Trade returns, which reflect the existing industrial depression and tend to check any feeling of optimism regarding the Home trade outlook; but rubber shares continue_ firm, and the fortnightly settlement therein was a very heavy one. -v In the foreign exchange market there has been considerable dealings in dol-lars-at rather weaker prices, owing to dearer' money in New York, but the outstanding feature has been the sharp recovery of the Italian lira, following the Government's drastic measures to protect the lira from speculative influences, both at home and abroad.

',./, . The Wool Market. • The opening of the wool sales next ".Tuesday is.awaited with even greater 'interest than.usual, in view of the large quantity to be offered. The general anticipation seems to be that prices will . be firm. The "Economist's" well-informed 'correspondent says: "The big weight to be catalogued has frightened no one, ' and a very sound opening is expected. ■ ; The Continent is undoubtedly in buying mood, and it looks as if France is going ;, to force the paee. This is all to the good of the Australian growers, but what . really matters most to the Home trade ' is whether fabrics; call be' sold on a ■. basis of the cost of the wool bought at to-day's values. However, expectations favour a good demand for raw material, i and last sale's prices should be easily | forthcoming. We certainly think the ■ manufacturing position is generally ' better than it was. It is just a, quesi»; tion whether the big weight of cross; :'.' ! brods can be lifted at top-notch July ;,-': prices, but everything seems to indicate 1 a very heavy demand for wool.'' -- t Effect of War and Tariff. Another correspondent points out : , that the French demand is mainly for '.'■ military purposes in North Africa, and J.; Bhould hopes of a vital blow being soon ■ struck against the Riffis be realised, the 1 financial' position of France will cause ';'s a speedy cessation of wool buying for .' the Army. Should FraiflSPsuddenly drop ,; out of the market, wool ,values will be | just as importantly influenced. apprehension, has been expressed in the heavy wpolhsn trade regarding, the new Australian tariff. Acis cording'.tb a Dewsbury correspondent, :'.'i the, tariff will, seriously handicap the •■•i trade in "that' district. The effects aro fi; already being-felt. The agent of an •Australian importing firm telegraphed .'•■■; the loeal firm cancelling orders for two lots of cloth which are practically ready : for delivery, and the local firm in question felfc obliged to accept the cancellations in order not/ to prejudice future transactions. Losses have been also : sustained by other firms, owing to similar eaaceUations.

."' Dairy Produce. ■if\ Butterapriees continue to harden, and I traders generally expect the firmness ~"tobo'maintained for some time, as supplies Will moderate until the new season's Australian and New. Zealand begins; to arrive, #nd at the moment strikes*ate causing considerable doubt about when that will be. Supplies frtfm other sources are rapidly diminishing, the cold weather in Donmark having already reduced production. Germany's production is also declining steadily, and Germany is buying largely Dutch and Spanish, though these purchases will probably cease.at the end of the month, when the German import duty of Hamper owt comes into operation. AUSTRALIAN TARIFF. t\ ■' BLOW TO BRITISH TEXTILES. (»T CJUUJB—?»*SS AMOCIATIOH—COUfKICKT.) UVStiUMAS a£»- »-Z- C*»U» ASSOCIATION.) (Received September 13t&, 5.5 p.m.) . LONDON, September 12. - The "Daily News,!' in an editorial, says: "Australia's, new tariff is another example of the dubious advantage of Imperial preference to Britain. Australian producte have free access *to the British market, but British goods sent.to Australia are handicapped by formidable tariffs. They only rc•'ceive/ a slight modification, compared .with'the foreigner. Australia Housf v dismisses the blow to cotton tweeds aa an insignificant item; but, in view of representations, we hope the Cbmmanwealth will modify the proposals. Expensive maoljinery has been laid down specially to supply the cotton tweeds of Australia, when it was not suspected that they would be given 6ttch a disconcerting preference as a . tariff doubling the selling price." AUSTRALIA HOUSE. BEPL£ TO TARIFF CRITICISM. (ATTSTBALUUr AMD K.Z. CABLE ASSOCTATIOS.) LONDON, September 11. Mr 31 1. Bhepherd, acting-High Commissioner in the absence of Sir Joseph Cook, writing to the Press, points out that in the proposed changes in the Australian tariff one insignificant item, that of cotton piece goods, hardly affects the substantial measure of help which the tariff affords Britain. Dur- . ' ttng the first half of 1925 Australia was ' . aj*»e»»aire's third, best customer. '>■' I'■**** Shepherd points out, furtherj that E": VS*** 0 * 1 t'w&eds are a substitute for woolk|£v l '* ,ireedß ' and » tn « r c f o'e, compete with ttygSS&F* A »w*»alian woollens. Cotton $EKi*L Te P rw,cl »ted only one per cent. ;i|^Jj» t *ftl» , » imports of cotton piece