TRADE AND INDUSTRY

Evening Star, Issue 18262, 30 April 1923, Page 5

TRADE AND INDUSTRY

POSITION IN BRITAIN. FORTNIGHTLY REVIEW. Press Association—By Telegraph—Copyright LONDON, April 28. The foreign, exchange market has been quiet, the only feature being the fluctuations of the mark. According to the ‘Economist,’ it would appear that the recent break in thu mark was a, result of there being no settled policy, and would scorn rather to be due to tho Roichsbank suddenly losing heart. Tho Government and tho Reichsbanfc now seem determined | to carry on a policy of stabilisation, but at a higher level, and the rising of the bank rate to eightoon shows the lengths to which tho authorities aro now prepared to go. BUTTER WEAK. Butter continues on a downward course, and though some optimists consider the market has touched bottom, supplies are so largo that a further decline would not bo surprising, especially if tho Danes continue their present policy of forcing prices down in order to clear theis shipments each week. Danish to-day is quoted at 156 s to ]6Os —a decline of 15s since Monday. In face of such action it is impossible for holders of colonial to maintain prices. Tho chief hope of recovery is a lower retail price of Is 6d- now ruling, which may stimulate consumption, which should increase considerably at the expense of margarine. THE APPLE MARKET. The apple 'trade does not show any improvement. Prices at London, Liverpool, and Hull are equally disappointing. The only apples realising above Lis are CVopatras and Dunn’s, and occasionally so mo Cox’s. A large proportion of the apples aro making 6s to Ss, and some Os 6d to 9a 6d. One, of tho largest? importers estimates the cost of landing apples hero at fully 10s per case, so present prices represent a serious loss to shippers. Apparently tho selling prices of apples has got back to pro-war loved, while costs, charges, freights, etc., aro almost double the pro-war-rates. (Received April 30, at 1 a.m.) Importers aro complaining bitterly of the poor quality of thu Tasmanian apples. Many are immature, and have rotted, comparing moot unfavorably with the Oregon and Washington apples, considerable quantities of which are still arriving. Some are rather wasty, but good lots arc selling readily at 8s 3d to 13s per ease. Ono Liverpool importer reports that in iris opinion Tasmanian shipments commenced much too early, and urges tho Government to prevent such early shipping in future. If tho supplies of American apples continue so late m the season many early Tasmanian varieties ought not to bo shipped, for obviously while good Americans aro available there will bo littlfe chance for immature Tasmanians. Ribstones and Alexanders are fetching remunerative prices. Although tho wholesale prices are so unsatisfactory, some shopkeepers are asking exorbitant prices. One largo West End store in its weekly price list offers Australian Jonathans by the case at 27s 6d and 28a 6d. Importers regard this price as outrageous, and some of them aro protesting to the managers of the stores. SUGAR SHORTAGE. Following a reduction in tho estimates of the Cuban sugar crop to 3,679,000 tons, compared with -a turnout of 4,103,000 tons last season, there has been, wild purchasing of Cuban sugar, and prices have risen greatly. Tiro advance is likely to continue, The supplies during tho next few months aro expected to bo below requirements, and the position is unlikely to bo relieved until late in tho autumn, when the European beet crop comes along. The advance lias been serious for many retailers, who refrained from buying some tune before the introduction of the Budget, in tho hope that tho Chancellor of tho Exchequer would reduce the duty. The reduction failed to materialise, and since tile Budget was announced the refiners have raised prices by 2s 9d per cwt. The result is that the small retailers have been compelled to sell below cost to moot the competition of the multiple- shops. Now prices have been raised all round, Loaf sugar is quoted at BJjd, and granulated at 7id. Jam manufacturers aro also likely to advance prices. STOCK MARKET ACTIVE. Tho Stock Exchange has reaped the benefit of tho satisfactory Budget. Both the gilt-edged and industrial groups have been active. British funds have improved afl round, especially the conversion loan, which shows an advance of 6| since the beginning of tho year. Tho improvement in gilt-edged stock generally may be attributed largelv to Mr Baldwin's generous provision for debt redemption, while industrialists have benefited by the reductions of tho income tax and tho corporations profit tax. Another contributing factor to tho cheerfulness of the stock market is that a, more optimistic view is being taken of the European political situation.—A. and X.Z. Cable.