TRADE REVIEW.

Hawera & Normanby Star, Volume XLII, Issue XLII, 3 April 1923, Page 7

TRADE REVIEW.

A CONFIDENT TONE,

ADVANCE IN WHEAT PRICES

dX CABLR--PKBSS ASSOCtATION-COPIf&IGHT „, - / LONDON. March 31. Ihe Stock Exchange closed in a most cheerful mood, for though, as is usual in Easter week, business was not over brisk, prices were remarkably well maintained and the tone was confident. / ■ ■ ' There has been a rush, for new issues of a diversiged character during the past fortnight, which mostly have^been over-subscribed. These included fifteen million Treasury bonds, which were all. snapped up in two hours: a Jamaican loan of £670,000, which was so;; heavily subscribed that applicants will only receive sixteen per cent./ and numerous "industrials/ including 3£ million shares and debentures in a much advertised whisky firm; also drapery, textile and rubber concerns and "train and ferry shares, for all of which, there was a great rush of applicants. Gilt-edged securities continue to appreciate in value. Consols have risen 3J since the beginning of the year, a conversion loan of- 2f, vand a five per cent war loan If, while Colonials have mostly shown equally or more satisfactory advances.- Other classes of shares also continue to improve. The Bankers' Magazine-list of 365 representative securities shows an aggregate appreciation during the last three months of £350,000,000. of which £294,000,000 are m. fixed interest stocks and £56,----000,000 variable dividend securities. The recent advance in wheat prices is attributable to'the improvement in' French exchange, which enabled French buyers to. enter the market, .forcing IJnited Kingdom, millers to competefor cargoes. Another .factor contributing to the satisfactory/sales of Avs-. tralian cargoes has been a shortage of white wheat. Regarding the uiture, much depends oh the prices obtained ! for Indian wheat. India has had plen- i teous and well-distributed rains andi has a .large exportable surplus. The ' price of 47s 6d is asked for May-June shipments of choice white Karachi wheat, which is equal in price to Manitoba, while Australian .is quoted at 51 s 6d. All through; the ■-season sellers of Australian have had .nost of the market and prices throughout have been about 4s above. Manitoba. The outlook for the apple +rade is somewhat doubtful, in. view of ;he fact that, well over two million cases are expected from Australia and New. Zealand. There are still considerable quantities of last-year's -English 'crop I being marketed, and French and Bus-I sian apples are plentiful, while tiie! United States and Nova Scotia are ! still shipping large quantities. These I apples cannot compare in quality with Australian Cleopatras, ' Jonathans, I Munroes and Coxs, which ought to! make good prices, but some importers ' are frankly pessimistic about the pros- ! poets for the inferior Australian sorts, | like Crowejrgs,Mobbs "Codling, Prince Alfreds and many others. j