LONDON COMMERCE

Hawera Star, Volume XLVIII, 8 April 1929, Page 5

LONDON COMMERCE

STOCK EXCHANGE SUMMARY. GILT EDGED RECOVERY. INDUSTRIALS DULL. »» • .v.*n.i.i n.yu -uy Liciuinr Received J. 0.30 aim. to-day. JALMRLN, April 0. Tlie Stock Axcuange resumed business' .aitei- me rayier uonaays m a enterlai 111004 ana eontinuea wrougaout the week witn an optimistic tone. Apparently tne position in New fork is being viewed witlT less anxiety and mere is a tendency to regard tlie mone•aa.ry outlook more hop,ex ally, tspeeiauuy as tlie Bank of. Eiigauiu continues to acquire more gold. A satisfactory feature is pi anon inced in the recovery of giid-edged stocks, which are firmer aal round, and another good market is home raids, but liiuustnais have had a, dud time, speculators seeming to have retiled tor tlie time being. This week’s sharp drop 111 copper quotations i,s attributed in some quarters to the action or tlie Washing-, ton authorities with regard to tlie Oil Trust's proposed restriction of the output of oil as it is feared a similar course may be taken with regard to copper and price-ffxing powers, and iairge American producers wril be curtailed. As long as apprehensions, 011 this .score exist uncertain conditions may be expected in tne copper market. The id st arrivals of Western Australia,n and New Zeaand apples found an unsatisfactory market. The demand for them has ’been extremely disappointing. This, to some extent, .perhaps, is due to the condition of the fruit, for Western Australians brought in the Euripede-s were decidedly lacking; in colour, and some New Zealaxrds, especially Cdxs, showed a considerable bitter pit, but the chief cause of the poor demand is the presence on the market of large supplies of American apples. Arrivals of these in the last week in March amounted to over 300,000 boxes. Future arrivals wifi be on a smaller scale, but there will be fair quantities of Americans available, for several weeks. .- The butter market remains disappointing. Traders were hoping an improvement would come after' the Easter holidays, but hopes have not been realised. This is largely due to weakness of the Continental markets, especially Germany, where production is reported t,o be 30 per cent, in excess of the correspond! 11 <r period of 1928. Consequently the German demand for Danish has practically ceased to exist, and the surplus of the production of Denmark is being shipped here, with the result that prices have slumped. Tlie only satisfaction to he found is that Danish butter is quoted to-dav at a shilling or two lower than New Zealand. The fall of wholesale prices enabled’ retailers to lower prices over the counter, and wnth the best colonial now obtainable at Is Sd per pound consumption 19 improving, as horn© supplies are likely to be backward owing to the cold spell in February and March, and the lack of rajin. Importers are hopeful that consumption, will increase sufficiently to enable them to, clear colonial supplies as tbev arrive. Fortunately there is .no great accumulation of stocks jat present and though prospective arrivals are large, a moderate expansion of demand ought to absorb them.