THE BRITISH MARKETS

Evening Star, Issue 17923, 20 March 1922, Page 5

THE BRITISH MARKETS

FIRtM TONE MAINTAINED. OHEESE OUTLOOK GOOD. Press Association—By Telegraph—Copyright. LONDON, March 18. (Received March 20, at 8.5 a.m.) Under the influence of the engineering ftckout, political complications, the Indian Barest, and tho South African disturbance, there has been some restriction in business on tho Stock Exchange. A bearish tendency became apparent, and British funds had "their first set-back for some time, there being numerous profit-taking sales ; but the markets generally displayed remarkable steadiness, and with the crushing of tho Rand rebellion and tho announcement that a number of the most important mines wore resuming work immediately, tho, tone all round improved considerably. This tendency was'helped by the general impression that the Budget vviU reduce income tax by Is. The. recent weakness" of tho American exchange appears to have been duo to profit-taking by American investors, which mas ceased.

Tho depreciation of lbs German mark was tho natural result of the drain of the reparations payments. Tho progress of tho wool sales was completely satisfactory, especially the way in which catalogues are being cleared. A noteworthy feature is the German demand, which is well maintained, despite the depreciated currency. German representatives are also inrj in the English country markets for wool. Repprts from the Leipzig Fair that tho German wool textile sold on tho first day all they could -V!''*-:• within a reasonable time. JnadeneMe T.-pplies of wool are restricting tho outp'H of, finished articles. Considering the enormous quantities of raw material which have pone to Germany in tho last 'welvo months, tho probability is that the shortage refers only to hosiery sorts. Last month over 10,000,0001 b of wool was shipped to Germany from Great Britain, and during the last four months tho shioments averaged 24.000 bales.

There is a groat scarcity of fine tops at Bradford owing to tho refusal of woolcombers' operatives to work overtime, which makes it impossible to increase the supplies. The outlook for the chee?c trade is very promising. Our consumptive demand for imported cheese is reckoned at about. 11,000 tons monthly ; but the March arrivals amounted to only 9,50(1 tons, and only 3,800 tons are duo in April, mainly owing to the shortage of shipping space from New Zealand; consequently importers are ablo to raise prices. The only fear is thai the advance will check the retail demand.

The apple supplies are nearly exhausted. Tito prospects for fresh Australian apples appear excellent. One leading importer thinks that t;ood varieties should realise 20s per case.~A. and N.Z. Cable.