Brighter for Butter

Horowhenua Chronicle, 6 September 1932, Page 7

Brighter for Butter

> ' DANISH FOB CONTINENT LONDON, Sept. 4. The butter market has developed 'Jimißess, and prices are steadily hardening with good consumptive demand. The Danish quotation has been advanced by 10/ to 124/ per cwt. < This is due to German restrictions against Denmark being modified and permitting larger imports. It is also reported that Germany bought an extra ■4OOO casks last week. Belgium -is likely soon to modify its import restrictions/ consequently less Danish will come here, and it seems not improbable that prices will harden further. Altogether, the outlook for Australian and New Zealand butter appears .brighter than for some time past.

Upward Trend of Commodity Prices ■BRITISH TEADE IMPROVES ■i ■■ " ——_ ) - LONDON, Sept. 5. Reports from the principal business centres throughout Great Britain indicate a steady,, although at present .email, improvement in trade, with .prices for most commodities on the up .grade. Quotations in the markets for raw •cotton and rubber, too, show signs of .recovery. All metals have improved in price. ‘Tin yesterday jumped £6 per ton, following the announcement of a considerable reduction in the visible supply, and closed at the highest price record■ed since April, 1930. This rise was .helped by very active buying on American account, and both copper and lead were heavily dealt in at higher prices. / There is also a better inquiry for iron and steel . ; In textiles, notably in wool, there is a pronounced improvement in prices. Trade Greater than Last Year The Midland Bank's monthly review _gives an interesting resume of the present conditions of the country compared with those of a year ago, when JBiigland left the gold standard. The writer maintains that the comparison :s Jfavourable to the .conditions prevailing to-day, and describes , the volume -of trade, though falling back in recent .months, as slightly larger than it was .& year ago, while the movements of our trade as relative to those of other -countries are somewhat in our favour. Among “other things” the output here is slightly larger than for 1931. all accounts our relationships with i .the rest of the world in economic affairs are now much stronger and more •'“favourable.”

“We are no longer the world’s dunce, mor the moral weakling that we were .-accounted a year ago. ” The review sums up the position thus: “On the whole, the international .background for business recovery is .substantially brighter than it was last yrear. Further, Great Britain’s capacity for moulding events is largely increased. We are no longer suspect in .matters financial. Prestige Restored •“Our prestige has been restored to .-a degree no one could have foreseen a year ago. We are, moreover, in a position that has freed us from the direct limitations of the gold standard, and can now take a leading part in formu;lating composite world monetary policy. So far as is known, we are under jao commitment to return to gold, and certainly to no specified parity, nor ■that at any particular date. “The future, therefore, lies open to •us. It is a great unbounded plain with many pitfalls, no doubt ,but with no jeatrictions upon the direction of our movements. . “For these reasons it may be safety said that, while pursuing a wise monet--ary policy at Home, ; we have an unopportunity to lead the world in a combined and harmonious .movement toward restored prosperity through rising commodity prices.” The Stock Exchange has shown eonsiderable activity lately, particularly in gilt-edged securities, which have ■been stimulated by the Treasury’s retention of the embargo upon new issues Until October 1. All British funds have advanced, and .Australian and New Zealand loans have also improved. •' Referring to the approaching conversion of New South Wales 5J per cent, loans, the Spectator’s financial editor .pays: “No doubt it will be converted pn terms advantageous to the borrowers, and in some quarters it is thought any new issue will be in the form of 'Commonwealth bonds. At all “when the conversion comes Australia win undoubtedly benefit by the easier money rates here, the rise in British aeenritiea, and the courageous, manner in which it faced its great exchange •crisis.”

Sydney Stock Exchange Very Active •V , Beceived Monday, 9.15 p.m. SYDNEY, Sept. 5. The Sydney Stock Exchange was very active and firm. Bank scrip vr&a in request at enhanced rates. .Breweries maintained their popularity. Betail drapery stocks were particularly firm, while Broken jciilis advanced buyers thinking the reduction -in the' price of steel and iron would jjford better busines:. rj\m«io"vealth .iW..aCL..'

bonds, particularly long-dated issues, also went ahead to higher levels, v - Marked Improvement in Outlook BRITAIN RECOVERS CONFIDENCE IN DOMINIONS AUCKLAND, Last Night. “There is a marked improvement in the outlook for both Australia and New Zealand in London, and the public seems to have recovered confidence *ia the Dominions, ’ ’ stated Major-Gen-eral Sir Granville Ryrie, who is returning to Australia on the Niagara on the completion of his five years’ term as High Commissioner in London for Australia. “Particularly in the political sphere is the return of confidence shown,” continued Sir Granville. “Australia had followed the example of England in electing a sound National Government and one which coincided almost exactly with "the hew House of Commons. I think the result is shown particularly by the recovery in the value of bonds, some now being above par. On the whole, the British people are quite optimistic jn regard to the futurfe. ” Sir Granville attended the 'recent Reparations Conference at Lausanne, and he was very gratified that an arrangement. was come to, although for a- long time there seemed little hope of it. • He paid a tribute to the untiring efforts of ‘ Mr. Ramsay MacDonald in "bringing the negotiations to a successful issue and stressed the tact and patience that '.Britain ’a Prime Minister had displayed, although he was a sick man.