COMMERCIAL.

Hawera Star, Volume XLV, 27 April 1925, Page 5

COMMERCIAL.

TRADE AND FINANCE

LONDON’S WEEKLY REVIEW

»Y CABLE —PRESS ASSOCIATION—COPYRIGHT LONDON, April 25.

The Stock Exchange closed yesterday in a decidedly cheerful frame of rnina, after a week of steady improvement. Members’ views regarding Tuesday’s Budget became increasingly optimistic throughout the week, and the anticipation that there will (be some relief from taxation has. been reflected by an appreciable hardening of prices in most markets. One weak spot has been the home railways group, in which prices declined seriously, owing to fears of labour troubles; but the prevailing optimism spread even to this market, and there was some recovery yesterday. There are reports from New York that a group of American banks is prepared to form a credit of 100,000,00,; dollars to insure the Bank of England’s reserve against any risk which may prove incidental to the free movement of gold on this side. 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 market 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 has come over the temper of the markets, and signs of returning confidence have been evident. The event of the wCek was the visit of a deputation from the Wool and Textile Association to the committee >ti 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 and the heavy fluctuations in wool values during the last three or four years, also competition from countries with depreciated currencies. There was also competiion from new countries. Italy, for example, was actively competing for foreign markets, and Japan was bent upon establishing a wool industry ci her own.

Members of the delegation said it was evident that the consumption o." wool and substitutes had increased during the past three or four years, and that machinery activity was gradually recovering from its sulb-normal positio.i in the great slump of 1921, while the turnover in manufactured goods is greater. The Federation of British Industries’ forecast 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 so far as Britain is concerned has been disappointing; but there is no need to be pessimistic. The manufacturing trades generally show a substantial improvement, both at home and abroad.

DAIRY PRODUCE QUOTATIONS. , LONDON, April 25. Butter is slow of sale. New Zealand choicest salted is quoted at lG4s to 1665 ; and unsalted at 172 sto 174.';. Australian is selling at 156 s to 158 s, with unsalted at 162 sto 1645. Danish butter is bringing 186 s. The cheese market js dull. New Zealand is selling at 08s. LONDON MEAT MARKET. LONDON, April 25. Sflieep.—Canterbury light, 9d ; medium, 71cl; North Island light, 8-Jd; medium, 7.1 d ; heavy, 6gel; New Zealand ewes, 6id; Argentine light, 7J-d; medium, 6id ; heavy, 7-id. Lambs.—Canterbury light, 12Jd ; medium, llfd; heavy, lOJd; seconds, Ilf id ; other selectede, light, 12d; medium, llgd ; North Island, both life! ; no Australian offering; Argentine firsts, light, Hid; medium, lO^d. Frozen beef. —Australian crops, 3Jd ; hinds, s£d; Argentine hinds, 6d. Chilled beef. —Argentine hinds, 7gd ; Urugrayan, 63d. Other meats unchanged.

PRICE OF WHEAT INCREASED. (BV TKI.KOTMfn association ASHBURTON, April 24. Mr. John Brown, president of the Mid-Canterbury Farmers’ Union, states that an increase of fivepence a bushel for this season’s wheat was agreed upon at a conference at Wellington yesterday between representatives of the Farmers’ Union and the flourmillers. The prices, which came into force to-day, are: Tuscan 6s Bd, Hunters 6s 10d, pearl 7s a bushel f.o.b. The former figures were: Tuscan 6s 3d, Hunters 6.s od, pe.arl 6s 7d.