TRADE AND FINANCE

Hawera Star, Volume XLVII, 30 July 1928, Page 7

TRADE AND FINANCE

i • BRITISH STOCK EXCHANGE. A QUIET WEEK. THE WOOL SITUATION. • ■ h (United Press Association —By Electric Telegraph 'Copyright.) (Australian Press Association.) Jteceived 9.20 a.m. to-day. LONDON, July 28. The Stock Exchange, influenced by hot weather and a holiday tone, had a quiet week, pessimistic inliuences being tne liea>'y industries’ failure to respond to the Rt. Hon. (Stanley Baldwin’s announcement that the reduction of railway rates would operate in December instead of next October, and the rather doleiul report of the Industries Transference Board. Gilt-edged securities > continued to be satisfactory, though the Bank of England’s failure to secure gold available m the open market, coupled with the decline of sterling exchanges, have not assisted the situation. * The ‘‘Statist” says: “From now until the last months of the year we must prepare ourselves for gradually tightening conditions. The tendency oi weakening exchange and the outward movement o i gold for the past 7 week may be regarded as marking the inception of the autumn pressure.” Of the total offering at last series of wool sales, 93,704 bales, the quantity sold totalled 69,000, the home trade taking 26,500 and the Continent 42,500. The Yorkshire Press pointed out that the position was still difficult, because the present prices of merino and crossbred yarns were still substantially below the relative London wool costs.The “Yorkshire Post’s” Bradford correspondent says: “The series failed to restore confidence. In fact the tone of the spinning and manufacturipg sections of the worsted trade is becoming rapidly worse. More factories are working on short time, and there will be unusually long holiday stoppages in order to curtail production, and consumption is so limited. There is no talk of a scarcity of wool, blit the discussions extend to the losses of those wb'o bought wool from Australia in Februarv and March. ,