BRITISH TRADE REVIEW

Dominion, Volume 18, Issue 195, 13 May 1924, Page 7

BRITISH TRADE REVIEW

UNEVENTFUL PERIOD ON STOCK EXCHANGE GILT-EDGED SECURITIES STEADY INDUSTRIAL POSITION UNCERTAIN STILL The expected improvement in British trade on the removal of tho uncertainty regarding the Budget proposals has not been realised. Giltedged securities, however, have remained steady, prices generally being well maintained. * (BY TELEGRAPH.— Press association.) Copyright. London, May 10. The London Stock Exchange has been passing through an uneventful period, anticipations that improvement in business would follow removal of uncertainty regarding tho Budget proposals not having been idealised. _ But prices generally are well. _ maintained, especially for high-class investments: and it is satisfactory that gilt-edged securities have remained so steady, when tho difference in their yields and those of first-class foreign bonds are taken into consideration. Another cause for satisfaction is to be found in the ease with which attractive new issues ar© being subscribed. This is affording ample evidence that there is plenty of money available for investment in good securities. Recovery of Trade Very Slow. Commenting on the British trade position; Barclay’s “Bank Review” says the recovery of trade is still very Hesitant, and may easily be arrested. Reports from various industries make it clear that, in spite of recent improvements, the position is still uncertain ; while much of the business being undertaken leaves little margin of profit. Hi© fact that trade has been fairly well maintained during the past three months, despite the. difficulties which have prevailed, is encouraging, and suggests that there are possibilities of still further improvement, if labour disputes can be avoided and a settlement of the reparations problem reached. Relapse of the Franc. The outstanding feature of the foreign exchange market has been the relapse of the French franc from 67 to 73 to £l. This is attributed to various causes, including the German elections, labour troubles :tn the Ruhr, and reported trouble with the Turks in Syria. French newspapers attribute the decline to the machinations of -France’s enemies, who evince the greatest interest in making the franc fall on the eve of elections. The “Matin” says, no one is feeling anxious over this new offensive. Hie Government has taken measures to stop the decline. Everything tends to show that speculators on the fall will lose heavily. Italy a Consumer of Frozen Beef. It is satisfactory to note that Italy s consumption, of frozen beef continues to steadily increase. Last year Italy imported ’ about 25,000 tons, chiefly from Australia and Argentina; this vear it is estimated her requirements will be fully 80.000 tons, possibly more; and it is understood that considerable purchases are being made in Australia for direct shipment. . Ibis is probable as a result of war lime experiences, when Italian soldiers fought alongside British and ate tno same rations. The taste, for meat is spreading among: the Italians, and the demand for frozen meat has been greatly increased ’ey Government propaganda. The result is that now the demand is gi eater than the supply. What Italy wants is not large fat beef, but lean sides without kidney fat. There is an excellent system, of ’ distribution throughout Italy by means of refrigerated railway tracks and several well-equipped cold stores. Prospects in other Continental countries are not so encouraging, largely on account of the disturbed financial conditions and adverse exchanges, notably In Germany It is significant that a large. parcel of Argentine frozen beef snipped to Be * gium and Probably deseed for Germany, was bought by English agents and re-exported to England. Butter Market Puzzling. The position of the butter market coitinucs puzzling, for though the Danish price has been raised to 210 s. per cwt., f.0.b., New Zealand and Australian prices have declined about 4s per cwt., and even at that reduction the demand is . very . quiet The advance in Danish is entirely du© to demand from Germany, which took 16.500 cask's last week, and also mad© largo purchases from Holland and the Baltic provinces. The result is that English retailers, who sell Danish all "the year round, are paying for it to-dav 50s. per cwt. more than tor New Zealand. , The London representative, ot tn© New Zealand Co-operative Dairy Company has written to the Press pointing out that Danish butter is being retailed at 2s. per lb., whereas equally cood New Zealand can be obtained; for"4d. less. He urged hoiisewivesto take the latter, but so far the demand has shown no improvement, and buyers are merely taking daily requirements. The weather in Great Britain continues cold, and it is reckoned the country has lost fnllr one month’s make thereoy; but conditions on tho Continent are favourable for butter production, and the output is increasing. Gool Demand lor Apples. The Australian apple season, so far, has proved disappointing. Prices realised cannot be regarded as satisfactory. Tho main cause has been, the presence cn the markets, especially Liverpool, of large quantities of American apples, which have been selling very cheap. It is doubtful whether this fruit would be shipped here if the quality of Australian arrivals had been equal to the high standard of the previous year; but Americans have taken advantage of widely (circulated reports about black spot in Tasmanians, and sent their poor stuff here. All really good "pples have met a spoil market, but black-spotted, bitterpitied fruit has been only saleable at poor prices. A satisfactory feature of the season has lieen that rteamoi s carried apples well. Pears, on two or three ships, have been very wastv; but out of fifteen steamers which have so far arrived from Australia and New Zealand, only in one instance has there been any serious cause for complaint with regard to apples. Aus.-N Z Cable Asst.