TRADE REVIEW

Dominion, Volume 16, Issue 156, 20 March 1923, Page 7

TRADE REVIEW

IMPROVEMENT CONTINUES GRADUAL ABSORPTION OF WORKERS STOCK EXCHANGE DULL A review of British trad# indicates a continued though riot rapid improvement. Unemployed workers are being gradually absorbed in industry. Business on trie stuck Exchange is reported to be dull. By Telegraph.—Press association. —Copyright. London, March 17. The improvement in trade continues, although the progress can hardly be described as rapid. Unemployment figures show that workers are being gradually absorbed. At the end of IWbruary the total unemployment registered in Great Britain and Northern Ireland was 1,376,000, as compared with 1,460,000 at the end of January. The “Ministry ,of Labour. Gazette” says that employment during February uas good at tho coal mines, in steel and sheet manufacture, and the worsted trades; fairlygood in the tin plate trade; fair in the iron, steel, woollen, hosiery, jute, carpet, readymade clothing, and paper trades. Employment continues slack in most other large industries; but there is some improvement in the iron, mining, pig. iron, engineering, shipbuilding, furniture, and pottery industries. Business on the Stock Exchange has been dull and somewhat uninteresting. The most noticeable feature is the slackening of the recent demand for speculative securities, and a return. to favour of gilt-edged securities which have been m good demand with imploring prices. This strength of giltedged investments is regarded in some quarters as an indication that the Chancellor of the Exchequer, in the forthcoming Budget, will use his surplus £100,(100,000 for debt-redemption rather than for reduction of taxation, despite the fact that Sir Eric Geddes’s views on taxation reduction in the interests of manufacturing and trading recovery have many adherents, who arc clamouring for relief from taxation, which they contend is absolutely essential to give trade its* much-needed impetus. Foreign Exchanges. The foreign exchange market remains steady, with only slight fluctuations in most currencies. An interesting development has been the rise to par of tlie Swiss franc exchange, which ever since tho war. has stood at a level representing the £1 sterling at a discount. For some months past tbo rate has been steadily rising, the movement being hastened by the threat mt the end of 1922 of imposing a levy on capital. Although this did not materialise it caused" large withdrawals of money from Switzerland. There are onjy two Continental exchanges, Holland and Sweden, in which sterling is now below parity. Strong Tin Market. The tin market displays farther strength, as tho demand continues on an enormous scale, and there is tho prospect of a record output by the tin-plate industry. There may be reactions from time to time, but the tendency is for prices to advance further. Stocks of Dutch East Indies tin, except those in the Government’s hands, are depleted. Commenting on the posilion, “The Economist” says the recent rise owes less to “bull” manipulation than it doos to a continuous heavy consumption, and tho fact that tho statistical position is thoroughly sound, thanks, in some measure, to the- controlled surplus haying been so tightly held. Advance in Chwse. The cheese market continues to advance, and the upward movement appears likely to continue, for supplies are below requirements. The quantity to arrive till the end of April consists of only 178,000 crates cf New Zealand and 12,500 Australian, and there are no stocks here. Consumption is wonileifully good, largely owing to the oxcellent quality of New Zealand cheese. The only question is whether it will not bo checked by the rise in the retail price, which is inevitable. Shops are now charging Is. 4d. per lb. for cheese costing them 148 s. per cwt'., leaving no margin of profit, so an advance in the retail price of at l<ist 2d. is expected. Imported Eggs. The question of marking imported eggs is arousing great controversy, not only in Parliament, but by the public generally. The Labour Party regards the Bill as an insidious attempt to introduce protection to the disadvantage of the consumer. Certainly it appears that compulsory marking will reduce supplies of foreign eggs. Undoubtedly many people are prejudiced against tliem, but, as a trade paper points out, there are reasons for thinking imported eggs are often much fresher than eggs produced at Home, for they are frozen when quite fresh and kept in good condition for a long period, while nobody knows when home eggs were laid or through' how many hands they have passed.—Aus.-N.Z. Cable Assn.