BRITISH MARKETS

Hawera & Normanby Star, Volume XLI, Issue XLI, 13 June 1921, Page 7

BRITISH MARKETS

STOCK EXCHANGE DULL

GOOD RESULT OF WOOL SALES

ALL-ROUND

IMPROVEMENT

EXPECTED

BY CABLE—?BESS ASSOCIATION—COPYRIGHT

(Received June 13, 8.5 a.m.)

LONDON, June 11

Business on the Stock Exchange remains dull and uninteresting, and the public are apathetic, despite the prospects of a settlement of the coal strike. Industrial stocks are particularly flat, feeling the competition of new issues. The announcement of the South Australian and Tasmanian loans had a depressing effect on the giltedged market, which was carrying a considerable amount of unassimilated stock from the recent flood of issues. Some resentment is expressed at the particularly generous terms of the Australian loan, which are likely to prejudice many gilt-edged stocks. The immediate effect of its underwriting has .been a set-back to war: loan stocks. The money market has been abundantly supplied owing to Government disbursements, but business has been restricted owing to a shortage of bills. The outstanding feature of the foreign exchange market lias been the fall in the New York exchange,, attributed to the influence of speculators, who are anxious to take advantage of the customary autumn in the dollar rate, now that the recent improvement-appears definitely ended, and the probability is that those who have to import from the United States later on are already covering themselves.

The good result of the London wool sales was expected, owing to the strength of the primary market and the improved Japanese and Continental demand. The feature; so far has been the activity of the Germans,- who are taking average faulty merinos of all grades, crossbreds, and even old and poor conditioned B.A.W.R.A. wools. The appreciation of France. enabled France and Belgium to operate with higher sterling limits, and though their demand depends largely upon the exchange, their : business outlook is rather brighter. Yorkshire ■ buyers are reserved, but are. taking a fair share of cossbreds. The general impression is that the stagnation in Bradford market is almost entirely due to the industrial position. There is likely to be an all-round improvement as soon as the coal strike is settled and a new wages agreement in the wool textile industry is established. Meanwhile some spinners, tired of waiting for the coal settlement, are adopting oil fuel. New orders are small and spasmodic, but the position is sounder financially and the prospects hopeful when the industrial outlook improves. Metal quotations have been favourably influenced by the more hopeful outlook and the depreciation of the sterling exchange". The latter is mainly responsible for the advance in electrolytic copper. Heavy offerings of tin have caused a relapse. The week's turnover of 3400 tons was the largest for many months. There is some surprise that values did not decline further.

The freight market is depressed, and only hand to meuth chartering is recorded. Even the present low freights are failing to stimulate charterers into activity. "

Australian wheat rates are unchanged. June 52s 6d, later loading 50s.