MONEY AND MARKETS

Evening Star, Issue 18925, 27 April 1925, Page 9

MONEY AND MARKETS

LONDON STOCK EXCHANGE , AH OPTIMISTIC FEELING ti Press Association—By Telegraph—Copyright. | LONDON. April 25. i The Stock Exchange closed yesterday in a decidedly cheerful frame of mind r aflcr a week of steady improvement. The ; views of members regarding Tuesday’s Budget became increasingly optimistic , throughout the week, and the anticipation j (ji.it there will be some relief from taxa- j tion is now general. This' feeling has ■ been reflected by an appreciable harden- -j ing of prices in most markets, and a good professional demand has arisen, especially for gilt-edged securities, in anticipation of strong inquiry from the public ■ next week. One weak spot has been the home railways group, in which prices declined seriously owing to fears of labor troubles. ißut the prevailing optimism l spread even to this market, and there was ~ sonic recovery yesterday. The outstanding feature of the foreign . exchange market has been the steady improvement of sterling in New York, which to-day stands at the burliest point recorded since the war. The strength o£ (lie mantel- generally is attributed to anticipations that Mr Churchill will announce in the Budget statement that Bri--lam is returning to the gold standard. There are also reports from New York that a group of Americap banks are preuarod in lorm a credit of ICO,(XX),000 dollars to ensure the Bank of England’s reserve against any risk which may prove incidental to the free movement of gold on this side. It is pointed out that the substantial interests of American finance all favor a real monetary working alliance with this country and the keeping of sterling at parity. When once it reaches there, according to the report of a leading metal broking firm, there is evidence that the wave of depression which passed over the non-ferrous metals markqfc following on last December’s exaggerated optimism, is losing force, and , there is a suggestion that the bottom has been reached. During the last few days a great change lias come over the temper of markets, and signs of returning confidence hav* been evident. THE METAL TRADE. In connection with the metal trade, &. Berlin correspondent points out that German trade papers report that English, metal firms are acquiring intereset in oldestablished German enterprises. It will be remembered what an outcry there was when the outbreak of war revealed that the world’s metal trade was in the hands of the Germans. It appears that the tables are now being turned.—A. and, N.Z. Cable. WOOL POSITION DISCUSSED. (Received April 27, at 1.20 a.m.) The event of the week was a visit of i deputation from the Wool Textile Association to the Committee oil Industry and Trade, when important evidence was ■: submitted by influential .witnesses. The principal difficulties arising from external' circumstances were said to be the uncertainty of the raw material position andthe heavy fluctuations in wool values during the last three or four years, also the competition from countries with depreciated currencies. There was also competition from new countries. _ Italy, for example, v.ns actively competing for the) foreign markets, and Japan was bent upoa establishing a wool industry of her own. Members of the delegation said it was evident that the consumption of wool and its substitutes had increased during the past three or four years, and that, tha machinery activity was gradually recovering from the abnormal position in tha great slump of 1921, while the turnover in manufactured goods was greater. Thera was still, however, much leeway to make up before the pre-war volume of trade was reached, but the witnesses said it was true that, on the whole, the actual improvement in the turnover had been as good in England as it was in any other textile producing country. Britain’s percentage of the total world trade in tha wool textiles was at least equal to the pre-war figures. TRADE REVIVAL. The federation of British Industries will publish next week its quarterly forecast. This will point out that while, last October’s prediction of an improvement in trade is being fulfilled as regards the world as a whole, the. improvement sm far as Britain is concerned has been disappointing, but there is no need to bo pessimistic! Certainly, the position of the British constructional trades is serious, but this is also true of the same,trades through- ( out Europe, much of the trouble being i flue to the existence of temporary over-' j expansion of capacity in the case, of the j iron, stool, and shipbuilding trades, and, the substitution of oil for coal in the coal' mining industry; but in contrast with] these positions, the manufacturing trades generally show a substantial improvement both at homo and abroad.—A. and N'.Z*| Cable. BUTTER AND- CHEESE. j LONDON, _ April 24. J Butter is glow of sale. Now Zealand*' choicest salted, 164 s to 1665; unsalted, | to Iras; Australian, 156 s to 158s |f unsalted, 162 sto 1645; Danish butter, 186 s. _ ! The cheese market is dull. New ZejM land 935; Australian, 96s.—A. and N.2Ld Cable. ; BRADFORD TOPS. j LONDON, April 25. j The Bradford tops market is pcssimia-; tie and unsettled, and no business is pass-. I’-'. ri'ty-tour's duality is quoted at ( 69f1; sixties, 54d; fifty-sixes, 40d; fifties^; ; * -j. i. j-d! ,v i.i\ j; lollies, 26d. —A*-) and N.Z. Cable. : MEAT. ! LONDON, April 25. ! Sheep : Canterbury light 9d, medium 7£d ; North Island light BJd, medium 7Ad, heavy 6§d ; New Zealand ewes, 6£d; Argentine light 7i.d, medium 6jd, heavy s ; ld. Lambs : Canterbury light 12£d, mediuig*ll|d, heavy 10|d, seconds ll|d; othet sclecteds light Is, medium llfjd; Nort-k Islam!, hoin lied; no Australian offering. Argentine firsts light lljd, medium 10gd. Frozen beet : Australian crops 3|d, hinds 3|d ; Argentine hinds, 6d ; chilled hinds—Argentine 7Jd, Uruguayan 6|d ; other meals unchanged.—A. and N.Z. Cable. WHEAT. LONDON, April 25.. (Received April 27, at 1.30 a.m.) Wheat cargoes are quiet, though they are nominally unchanged. Values declined . slightly. Parcels are quiet. A number of Australian (near positions) were offered, but there were no bids. By City of Bag-. dad, 58s. i Liverpool futures : May JulJ, Jls j lOid per cwt; October, He 2Jd.— A. and 1 N.Z. Cable. V