BRITISH TRADE REVIEW

Dominion, Volume 22, Issue 48, 20 November 1928, Page 11

BRITISH TRADE REVIEW

FALL IN SPECULATIVE SHARES ON LONDON STOCK EXCHANGE GILT-EDGED SECURITIES STRONG There lias been a sharp fall in speculative industrial shares on tlie London Stock Exchange, but gilt-edged securities are stronger. (United Press Association. —By Electric Telegraph.—Copyright..), (Australian Press Association.) London, November 17. Conditions on the London Stock Exchange during the past fortnight have been much tlie same as cabled on Novemb r 3, when a plethora of new issues proved more than speculators could digest, as was then realised, and a reaction in these speculative industrials was inevitable after a prolonged upward movement, and it was consequently not surprising that there had been considerable liquidation, notably of shilling shares. There was nothing like a panic, but many of these new shares fell sharply and numerous speculators who thought they were making easy money by buying them have had a salutory lesson. But while speculative stocks had a bad time, gilt-edged securities held their own fairly well, and, though business in them was small, quotations moved within narrow limits, and the war loans closed strong. To-day the “shake out” in speculative shares continues, and prices of these have generally declined. On the other hand, gilt-edged securities have gone from strength to strength, an outstanding feature being tlie record price of tlie 5 per cent, war loan, which touched £lOl 17s. 6d., ex dividend, which is equivalent to £lO4. Four per cent, consols and 3} per cent, conversion loan have also been particularly good. The buoyancy of these three stocks has led to renewed talk of an early Government issue to meet maturities which are due in 1929. Prospects for Wool. Everything points to a satisfactory opening of this year’s last series of wool sales next Tuesday. The general anticipation is that prices will lie up by 5 to 74 per cent, above tlie October closing rates. There have been considerable private sales during the past fortnight at about this level, and there are indications of a broadening demand, as undoubtedly the position at tlie manufacturing end of the trade, both at Home and abroad, will show. Some improvement of tlie primary markets in Australia. Argentina, and New Zealand is being reflected here, and users are beginning to abandon the hope, to which they had clung for some time, of a possibility of cheaper wool in the near future. Plentiful Supply of Eggs. This season’s first large parcel of Australian eggs, which arrived on the Esperance Bay, has been marketed this week under . somewhat difficult conditions, for though supplies of English and Danish new laid eggs are getting scarce, mild weather on the Continent resulted in heavy shipments thence, and supplies from South Africa. Argentina, and Uruguay are also plentiful, consequently tlie market is well supplied with eggs suitable for a twopenny retail trade, and it lias been no easy matter to sell Australians at prices asked, viz., 17s. Gd. to 19s. pc.' 120, although the quality and condition of the Esperance Bay shipment are excellent, especially those from New South Wales. Market for Oranges. A thorough examination of the Esperance Bay’s shipment of 6000 cases of New South Wales Valencia oranges shows that the waste is not so serious as at first appeared, ranging from 3 to 8 per cent. Considering the fruit was delayed two or three weeks after loading owing to the strike, the turn-out must be regarded as fairly satisfactory. Unfortunately, the market is not so good, for many South African oranges are still on offer and first arrivals of Spanish have been selling this week. Prices of New South Wales fruit mostly ranged from Ils. to 165., a few smaller counts making ISs. to 20s. South Africans are fetching from 15s. to 225.