BRITISH TRADE REVIEW

Dominion, Volume 18, Issue 181, 28 April 1924, Page 7

BRITISH TRADE REVIEW

brighter outlook MONEY PLENTIFUL IN LONDON NUMBER OF UNEMPLOYED REDUCED There is a cheerful tone on tho London Stock Exchange, and gilt-edged securities maintain their recent rise. Trade generally in Britain shows signs of improvement, and the number of people out of employment is steadily being reduced. By Telegraph—Press -Association. Copyeight. (Rec. April 27, 11.5 p.m.) London, April 2G. Tlie Stock Exchange work after the Easter holidays in a cheerful mind, and though the volume of business transacted has been only moderate, the undertone remains firm. The near approach of our first Labour Budget has had a restraining influence on speculative markets, especially those likely to be affected by any interference with the McKenna duties but the steadiness of the dollar and franc exchanges has had a good effect on gilt-edged securities, which have maintained their recent rise, notably colonials. v Success of Queensland Loan. The phenomenal success of the Queensland loan has caused much favourable comment, as it is regarded as an evidence of the enormous amount of money available for investment in trustee stocks, but the huge amount subscribed may be misleading to those who are unacquainted with Stock Exchange methods. It was apparent from the time the prospectus appeared that the loan would probably be covered, and consequently brokers made sure ot getting allotments by applying for considerably larger quantities than they actually wanted. It is also suggested that some heavy applications were put in as a recognition of Mr. Theodore s conduct in conciliating the pastoral companies and to show him what London financiers can do when their wishes are met. Another illustration of the plentifulness of money was afforded by the rapid subscription of the city of Sydney million loan. This was applied for six times over, and subscribers only receive 15 per cent, of their applications. The Butter Market. The butter position is interesting. Prices of colonial have advanced about 12s. per Cwt. this week, owing, according to the official report of the produce exchange, to “speculative buying and stocks being withheld.” It seems that certain New Zealand factories have cableci instructions to their agents here not to sell. There has been good consumptive demand at reduced retail prices of Is. 4d. to Is. 6d. per lb., but retailers are raising the price by twopence, and this will probably curtail consumption. Traders confess that they are puzzled over the ' situation. One leading importing firm writes: “It is estimated that there are 400.000 boxes of butter in cold store and 200.000 boxes of New Zealand butter in boats in the river and to arrive before the end of the month, as well as Australian and Argentine, and though we consider tho prices came down a month too soon, we think the present is the wrong time in the interests of the producer to advance them. European butter is increasing daily, and Ireland; will Soon he sending us good quantities, so we may within 11m next month have another slump, but this is entirely dependent upon the weather.” Demand for Apples Good. Tlie apple maiiket continues firm, wjth a good demand for all good quality fruit. Unfortunately --there is considerable bitter pit in parcels from Western Australia. Victoria,. Tasmania and New Zealand, especially in Cox’s, and prices are adversely affected. Blackspot in Tasmanian apples, about which we hear so much/ has so far been less serious than expected. but a knowledge, of its existence has mado buyers cautious, especially at Liverpool. where prices were so unsatisfactory that some importers withdrew their fruit from auction and sent part of it to other markets. Importers have been;, surprised to find that in some instances blackspot is less noticeable in casesrttnarked “blemished” than in those marked “standard.” Small parcels by the Demosthenes of Victorian apples have been transhipped to Hamburg,, where' they met a good market, considering their immaturity and lack of colour. Dunns realised 14s. fid. to 15s. 6d. per case, Cleopatras 13s. 3d. 'to 135.fid.: Jonathans. 12s. 9d. to 15s. Regarding the. prospects of .the, market in England, importers generally are hopeful, for supplies of American are approaching the end, and our soft fruits are likely to be late, as despite the brief spell of warmth at Faster time our season is quite a month behind normal.

Optimistic View of Trade Prospects. Regarding the prospects of trade generally, the “Economist,” in its monthly review, takes a decidedly optimistic view. The writer says the nervousness as to the trade situation which was apparent a month ago has disappeared and given place to a tone of renewed confidence. Such optimism is the natural result of the continual booking of orders and the steady absorption of workpeople into employment. the process of which has reduced the numbers on the unemployment insurance register by 240,000 _ since the beginning of the year. This rate or improvement is considerably more rapid than can be accounted for by. the ordinary seasonal changes, and it is significant that the improvement is even more marked in the index afforded by the percentage of trade unionists unemployed, especially those associated with the metallurgical groifli.

Industry Engaged on Heme Orders. Tho output of coal, iron and steel reached very high figures in March, showing a substantial improvement oven in pig iron. The weekly traffic receipts on tho main railways also show a gratifying increase since the beginning of tho year. The one series of "statistics which does not reflect improvement is the foreign trad© return. This confirms the opinion that an unusually large portion of tho work upon which industry was engaged during March arose out of homo ciders, which have been considerably stimulated by the action of the railway companies and the operation of the Trade Facilities and other Govornmout measures. It is gratifying to record, that th© weaving towns of I Mica sb ire are beginning to show signs of appreciable improvement. Shipbuilding, however, remains thoroughly depressed.—Aus.N.Z, Cable Assn,