TRADE SUMMARY.

Press, Volume LXIX, Issue 20915, 24 July 1933, Page 11

TRADE SUMMARY.

industrial stocks quieter. encouraging business reports. DIFFICI'F/nivS IN WOOL TKADK. W „W rrr.s, A,s.,rUT«*.V-BT EMCTIHC P TEI-EORAl'll—tcirv RIGHT.) I (Received July 2.J. 7.15 p.m.) LONDON, July 22. American operations have been the ■ -InatinC influence on the Stock ExSSJ in the pa-si week. Early in the •eek the former minor boom m inIstrial shares began to show signs ; reaction. Though Wall Street tried Ld to keep the ball rolling, more cautious operators, both there and in London were dubious of the ultimate result of Mr Roosevelt's price-boostiwj campaign, and considered that a corrective reaction was necessary. The excited dealings in miscellaneous shares which are affected by Wall Street, have now diminished. Thanks to the greater caution which js being displayed here in speculative dealings, industrial London was able to look on the dramatic collapse on fall Street quite calmly. As attention became diverted from industrials, it cave strength to other sections. One instance has been a good deal of support for gold mines. Gilt-edgeds also cane in for renewed attention, causing a small upward trend in prices. Australian loans reflected satisfaction wit.i the conversion issue. As earlier messages indicated, Australia again had an excellent press throughout the country, because of the splendid trade and budgetary figures, Mr S. M. Bruce (Australian Resident Minister) was able to circulate when the conversion was announced. The "Economist" expresses the hope that the Commonwealth Government will take advantage of the present favourable factors and convert its remaining high interest loans to four per cent, on a long term basis, adding that there is no doubt that the British Government would waive the embargo on trustee conversion issues in favour of Australia for such a laudable purpose.

Hopeful Figures. Convincing support for the contention that the present economic recovery was definitely under way long before the American experiment was thought of, comes from the analysis of industrial profits made by the "Economist." This shows that 612 British industrial companies published reports during the June quarter, showing an aggregate increase of £1,700,000 or 3.2 per cent, over those recorded by the same companies last year. This is the first quarterly increase noted since the second quarter of 1930. These rej.oits represent a wide field of British 'industry, and may be taken mairtly to refer to the experience of the 12 months ended last March. This increase contrasts with the fall of £18.200,000 recorded in the net profits of 875 companies reporting in the second quarter. Wheat Statistics. The "London Grain Reporter" has published its revised table of the world's wheat surpluses and requirements of importing countries for the nuTent cereal year. These figures (all in millions of quarters) are:—

' Wool Trade Problems. At the close of the most advantagejus London wool sale Australian and New Zealand growers have had for Tears, it is stated by Yorkshire newspapers that there are problems jheaa for the trade to adapt itself to We new higher values. Topmakers and spinners have not yet established their Position in relation to the new raw Material price levels. Their immediate Problem will be to secure merino wool Applies between now and the next ®jes. Merino tops and yarn prices still behind the raw wool basis. It is jßttested that in view of the wide J»Cf6pancy between merino and cross--255 Vfl lues, demand and fashion may Wdually adjust their relative values.

Australian Publicity. What is described as the biggest push which the Australian Trade Publici? Committee has yet embarked in has just begun in Manchester a? Will be continued until November. *?e city and its heavily-populated surJJjndings will be systematically canwhile the movement will be ®|»ed with displays of Australian films, 'j!®ool competitions, and other activi-

CHAMPION bull coming TO NEW ZEALAND.

CANADIAN SHOUTIIORN

Suited press association—bt ei.jctb.ic TELEGRAM—COrVRIiiIIT.) ' (Received July 23, 6.30 p.m.) VANCOUVER, July 22. Aboard the Olden Eagle, which •fted for Wellington to-day, was the B " a <iian champion Shorthorn bull o v°»nd a ie Bugler, which was pur"ased for 3000 dollars by Mr D. "lanan, of Masterton.

\ PRICE OF SILVER. , r

(BRITISH OmciAf, V/IRSL.KSS.) ' g . RUGBY, July 21. u ' er (pence an ounce) is quoted:— July 20. July 21. ft*' ■■ .. 181 184 .. IBi 18i

Total Surplus. Carry Current over from sur- last cereal pluses. year. America .. 6 40 Canada .. 38 16 Australia .. 18 3 Argentine .. 18 5 Russia .. 3 — North Africa and the Danube .. 3 — Total .. 86 61 Total surplus—150. Requirements. United Kingdom 27 France 2 Belgium 6 Holland 2 Germany 1 Italy3 Austria 2 Other European countries 1 Non-European countries .. 20 Total 74