TRADE AND FINANCE

Evening Star, Issue 21080, 18 April 1932, Page 6

TRADE AND FINANCE

LONDON'S FORTNIGHTLY REPORT STOCK EXCHANGE FAIRLY ACTIVE FRUIT PRICES DISAPPOINTING Press Association—By Telegraph—Copyright* LONDON, April 16. Thanks to the cheapness of money the gilt-edged section on the Stock . Exchange is firm and fairly active, and as the monetary position seems likely to become even more favourable British' funds may advance till their yield falls below 4 per cent. At present their, average yield is 4.18. Many people confidently expected that the bank rate would be reduced last Thursday, and certainly domestic conditions seemed to warrant a downward movement, but once again the Bank of England directors are compelled to exercise caution owing to the disturbing position abroad, especially the. uncertainties regarding the Kreuger-Toll posw tion, which gets worse every day. Other adverse foreign factors in the situation are the acute depression on Wall street, financial crises in many European countries, and '.ne disclosure at Geneva. that Greece must default and that Bulgaria can pay only half of, the interest due to bondholders. 1 ' Under these conditions it is not surprising that foreign stocks have been irregular mid industrials generally dull. x FRUIT PRICES The Australian and NeW JZealand fruit season opened under somewhat’ unfavourable conditions, and prices cannot be regarded aa satisfactory. The main reason is the competition from American apples, for the market is flooded with River Oregon Newtons and Washington Winesaps, which are in excellent condition and selling very, cheaply. Unfortunately, • too, , the quality of Tasmanian and Victorian apples is not so good as it ought to be, many being immature, with some varieties showing considerable pit. The quality of Western Australian, South Australian, and New Zealand is generally excellent, but the prices for thesp. are also affected by the competition from Newtons. Thofmarket for pears has been much better, and they are meeting a steadily improving demand, with prices tending upwards. There is a fair quantity of South African pears here, but American supplies are exhausted. The prospects for the apple market in the near future are not re-, garded as good, as American supplies will be plentiful for several weeks, but importers are hopeful of an improvement later. The imports of foreign cherries, strawberries, and other soft fruits is likely to be much lighter than hitherto owing to the imposition of the duty. . AUSTRALIAN WINES The Board of Trade returns again' furnish gratifying evidence of the increasing demand for Australian wines.Although the total importations of wine from foreign countries in March were only 621,712 gallons, compared -with 1,104,615 in the previous March, N the wines from the Brit-i Empire rose from 292,968 in March, 1931, to 608,041 this year, Australia being chiefly responsible with an increase from 216,327 to OQA 1 07 1 ' ‘ ELECTRICAL INDUSTRY The British electric equipment industry is making a bold bid to extend its overseas trade. The ‘ Evening Standard ’ states that the British Electrical and Allied Manufacturers’ Association is working out a complete detailed pcheme of Imperial co-operation, which will be discussed at Ottawa. The scheme will cover Canada, Australia, New Zealand, and India, and will contain suggestions for an exchange of research experience, the supplying of statistical information, and an exchange of engineers. Firms are also making a powerful drive on the South American market, which hitherto has been largely in the hands ,of American, Swiss, and German firms.