Finance and Trade.

Hawke's Bay Tribune, Volume XII, Issue 85, 20 March 1922, Page 5

Finance and Trade.

WEEKLY BRITISH REVIEW.

DISTURBING INFLUENCES ON 'CHANGE.

GERMANY’S GREAT WOOL

DEMAND.

L By Cable.—Press Association.—Copyright.

(Received 20, 8.5 a.m.)

London, March 18.

Under the influence oi the engineering lockout, political complications, Indian unrest, ana llie tooutn Alncan disturbance, there has been some restriction or business on the brock Exchange. A bearish tendency became apparent and British lunas had their first set-back for some time, there being numerous pront taking sales, but the market generally displayed remarkable steadiness, ana wun me crushing of the Rana rebellion and the announcement that a number of the most important mines were resuming work immediately, the tone all round improved considerably. This tendency was heiped by the general impression that the Budget will reduce income lax by 1/. The recent weakness ol the American exchange appears to have been due to profit taken by American investors, which has ceased. The depreciation of the German mark was a natural result of the drain of reparations payments. THE WOOL MARKET. The progress of the wool sales is completely satisfactory, especially the way the catalogues are being cleared. A noteworthy feature is the German demand, which is being well maintained, despite depreciated currency. German representatives are also inquiring in English country markets for wool. Reports from Leipzig Pair state that German wool textile manufacturers sold on the first day all they could deliver within a reasonable time, and inadequate supplies of wool are restricting the output of finished articles. Considering the enormous quantities of raw material whicii have gone to Germany during the last twelve months, the probability is that the shortage refers only to hosiery sorts. Last month over ten million pounds of wool were shipped to Germany from Britain, and during the last four months shipments averaged 24,000 bales. There is a great scarcity of fine tops at Bradford owing to refusal of dooi coiners and operatives to work overtime, which makes it impossible to increase supplies. CHEESE OUTLOOK GOOD. The outlook for the cheese trade is very promising. Our consumptive demand for imported cheese is reckoned at about 11,000 tons monthly, but March arrivals only amount to 9500 tons, and only 3800 are due in April, mainly owing to short shipping space from New Zealand; consequently importers are able to raise the prices, 'i he only fear is that any advance will check the retail demand. DEMAND FOR APPLES. Apple supplies are nearly exhausted. Tim prospects lor fresh Australian appear excellent. One leading importer thinks good varieties should realise £1 per case,—(A. and N.Z.)