TRADE AND FINANCE

Evening Star, Issue 19931, 30 July 1928, Page 9

TRADE AND FINANCE

LCD DON'S FORTNIGHTLY REPORT

Press Association—By Telegraph—Copyright,

LONDON, July 28. (Received July 30, at 1 a.m.)

The Stock Exchange, influenced by the hot weather and a, holiday tone, had a quiet week, pessimistic influences being the heavy industries failure to respond to Mr Baldwin’s announcement that the reduction in railway rates would operate in December instead of October of next year, and the rather doleful report of the Industries Transference Board. Gilt-edced stock continued satisfactory, though tho Bank of England’s failure to secure tho gold available in the open market, coupled with the decline in sterling exchanges, has nob assisted tho situation. The ‘Statist’ says that from now until tho last months of the year “ we must prepare ourselves gradually for tightening conditions with a tendency to a weakening of the exchange, and the outward movement of gold in the past week may be regarded as marking the inception of the autumn pressure.” WOOL. The total offering at the last series of wool sales was 93,704 bales. Tho sales totalled 69,000 bales, the home trade taking 26,500 and the Continent 42,500. The Yorkshire Press points out that the position is still difficult, because the present prices of merino and crossbred yarns are still substantially below relative London wool costs. The ‘ Yorkshire Post’s ’ Bradford correspondent says that the series failed to restore confidence. The prices asked for the raw material did not result in more business in yarns and piece goods; in fact, the tone of the spinning and manufacturing sections of the worsted trade are becoming steadily worse More factories are working short time, and there will be unusually long holiday stoppages in order to curtail production. Consumption is so limited that there is no talk of a scarcity of wool, but the discussions extend to the losses of those Mvlio 1 bought wool from Australia in February and March.