MARKET REVIEW

Hawke's Bay Tribune, Volume XXII, Issue 271, 31 October 1932, Page 7

MARKET REVIEW

CONDITIONS AT HOME NERVOUS FEELING PREVALENT. BUT NO GREAT DECLINES. (United Press Association—By CableCopyright.) (Received 31, 10.30 a.m.) London, Oct. 30. Under the influence of the decline in sterling the stock markets have been somewhat nervy. British funds were first affected, but not to any serious extent. The downward movement spread to speculative stocks, but here again there were no great declines. The steadiness of sterling in the past few days had a good effect and markets closed with a brighter tone. AUSTRALIAN STOCKS. Australian Government stocks have given way slightly in sympathy with British funds. Strangely, goldmining shares are generally easier despite the rise in the price of the metal. Other Australian stocks, such as banks and pastoral companies, are Continuing to show recovery from the late depression and the resumption of dividend-paying by Australian Mercantile and Land is regarded as a good omen.

HOME INDUSTRIES SURVEYED. According to the “Economist’s” survey of Home industries there has been some increase in activity in the past five weeks, but of so partial and moderate a character that it is difficult to say whether or not it has attained normal seasonal dimensions. Many leading indicators of the trade position point to no change or to deterioration, but reports from many of the chief industrial centres refer to an improvement in tone and some accretion of new business. Among the satisfactory features is t the September return of the Retail Distributors’ Association, showing a decline of only 3.6 per cent, compared with 1931. This is the smallest decrease since April and, allowing for the fall in prices, may mean that the volume of business has beeen maintained. AUSTRALIA AND N.Z. The news that both Australia and New Zealand are having exceptionally good seasons and the supplies of butter thence during November and December will be heavy is making importers rather anxious regarding the clearance of these large quantities. Fortunately, the consumptive demand continues good and, despite heavy importations, there is no accumulation of stocks. The increase in Germany’s import quota to 55,000 tons should have the effect of keeping a considerable quantity of Continental butter, especially Danish, off this market, but it is considered very doubtful whether Germany can afford to buy such a large quantity, especially with the duty at 75 reienmarks per 100 kilos. The seasons first large consignment of Australian oranges from New South Wales arrived in good condition. A considerable portion was sold to Antwerp buyers, who were very keen on securing them at prices understood to be satisfactory though, owing to the fluctuation of exchange, it is impossible to state exactly the yield. The rest of the cargo arriving next week is expected to sell readily as the demand is strong.

MEAT SHIPMENTS. As a result of the Port Fairy’s successful shipment of meat, importers are keenly discussing the possibilities, of establishing a regular trade in chilled beef. One of the chief obstacles to satisfactory and profitable trade is •the difficulty of securing suitable beef. One expert points out that if Australian breeders hope successfully to compete with Argentina they must improve the quality of their herds and now they have a golden opportunity of doing so most advantageously as high class pedi?;ree stock can be bought at wonderully cheap prices. At the sale of the famous Cmlynje stud stock near Aberdeen recently the average price realised was £55 for bulls and £29 for heifers, compared with about £7OO for bulls six or seven years ago. Canada bought heavily in view of the possible benefits from the Ottawa agreements. Further important stock sales are being*held at Birmingham, Perth and Aberdeen in February.