UPWARD TRENDS

Dominion, Volume 26, Issue 183, 1 May 1933, Page 9

UPWARD TRENDS

Signs of Reviving Trade BRITAIN’S INDICATORS Undisturbed by Budget DAIRY UNCERTAINTY ENDS ißy Telegraph.—Press Assn.—Copyright.) (Received April 29, 6.30 p.m.) London, April 29. What financial newspapers describe as a budget of somewhat unorthodox character had little effect on the Stock Exchange, for the giltedged market did not anticipate any relief in direct taxation, and the reduction in beer duty bad been generally expected and discounted. One section which reacted favourably was goldmining shares on the supposition that the sterling price of gold will not be allowed to fall if. the. exchange equalisation fund maintained sterling at about its present rates of exchange. Consequently there has been much activity in Kaffirs aud Australian gold shares have been a demand with prices msotly firmer. The “Economist’s” monthly review takes a mildly optimistic view of tjie trade position and says: “There is some evidence of a slow improvement in British industry. First the seasonal increase in employment during March in the building and auxiliary industries, in public works contracting, and in the clothing industry has been accompanied by an improvement in the engineering, shipbuilding, iron and steel, vehicle, and metal trades; also in some textile industries, boots and shoes, furniture, pottery and distributive trades. Against this must be set the deterioration in cotton, hosiery, and coalmining industries and in dock and harbour services, but even so, there is a net improvement over the whole country.” Improving Exports. “Many general trade indicators have moved in the right direction,” says the “Economist.” "Iron and steel production in March shows an improvement over February. Railway receipts are better and the retail trade is well maintained. Commodity prices have shown signs of recovery. Trade reports on the whole arc more hopeful. The export coal business is improving and there has been a small, but definite revival in shipbuilding and marine engineering, and the motor-car industry is busy. “Export orders for the wool and textile trade are firmer and more hopeful. In all sections buyers are feeling greater confidence. The most disappointing trade is the cotton industry where unemployment is heavier and more plant is standing idle. It is reported that the Indian market is overburdened with Japanese stocks.” Butter Fluctuations. The butter market for some time has been fluctuating according to rumours and counter rumours regarding the restriction of imports. Buyers did not know where they were and so pursued a hand-to-mouth policy, but now it is known definitely that Australia and New Zealand will not. reduce their exports and the Danish quota has been fixed at 2,300,000 cwt., a reduction of 284,000 compared with 1932, the position has been clarified and the market is becoming steady at slightly firmer prices. It is satisfactory to know that consumption is well maintained, but in the face of heavy supplies it has not been possible to prevent a considerable increase in the stocks in cold stores which, according to the Empire Marketing Board’s report were 942.213 boxes on April 15, compared with 484.248 on the same date last year, and 295.404 in 1931.