BRITISH TRADE REPORT

Hokitika Guardian, 10 January 1921, Page 1

BRITISH TRADE REPORT

DECREASE IN IMPORTS. INCREASE IN EXPORTS. BY TELEGRAPH—PRESS ASSN., COPYRIGHT. AUSTRALIAN ANI) N.Z. CABLE ASSOCIATION. LONDON, Jan 8. Imports for December totalled £142,785,245, a decrease of £26,817,392, compared with December of 1919. Exports totalled £90,630,523, an increase of £5,772,21X1; re-exports £12,699,056, a decrease of £13,460,875. The year’s imports totalled £1,930,742,020, an increase of £30.585,908 compared with 1919. The year’s exports total £1,335,569,027 an increase of £536,930,665. Re-exports total £222,405,957 an increase of £57,659,642. The principal decreases in imports for 1920 ( compared with 1919, are grain and flour, £70,036, 434; cotton £65,093,921. The principal decreases are meat £33,858,083; leather £17,491,322; wool, £10,785,508. The principal increases in exports are; Cotton goods £162,837,568; woollen goods, 039,345,020; iron and steel manufacturers, £64,519,108. The principal increases in re-exports are: Cotton, £22,267,167 ; wool,-£11,994.222.

Anglo-Egs)tian cotton for February was 10s 7d into January and February, 39] ; hemp, January and March 52; rubber (Lara) 13; (plantation 14] (smoked) 12]; copra, January and March, 37J: linseed oil, 39; turpentine 100.

Hides were very depressed, there being. practically no business doing. Values steadily are declining, and the stocks of miscellaneous hides are enormous. Dry salted Queensland and New South Wales are quoted nominally at lOd to lid.

The Stock Exchange started the New year in an encouraging fashion, there being an all-round improvement, a feature of the rally being ill gilt-edged securities, especially in \ ictory bonds, which are £7l 17s 6d, compared with £7O 15s on Xmas Eve. The rise is generally attributed to the expectation that the excess profits tax will be removed and possibly an extra 10 per cent, imposed on death duties, in payment for which Victory bonds are accepted at face value. The markets generally arc optimistic in expectation that cheaper money will bring a revival of trade and more settled world-wide conditions. There have been no liquidations, which were so .marked a feature in December. There is some discussion regarding the impossibility of a reduction of the bank rate which would immensely assist the revival of but a reduction seems hardly possible, unless the money position in the United States becomes easier. The dividend announcements of the big hanks have been awaited with interest, owing to a decline in the prices of their shares in the last quarter, hut of seven banks and three discount houses which issued accounts, all maintained dividends ranging from 10-to 19 per cent. Lloyd’s, Barclay's, and the Bank of London Joint Stock are showing record results,

Prospects for the wool sales opening on Tuesday appear favourable. More confidence is apparent regarding raw material values, as top makers are carrying very small supplies and must reenter the market. There is a likelihood of the commencement of an export credit scheme in order to ship woollen and worsted clothes to the Continent. There is a more cheerful tone at Bradford. sellers stiffening in the belief that values are low enough and that the Australian realization scheme is likely to cause a firmer tone hy its effect on spot values. There is an improved inquiry for yarn, hut piece goods still drag in the market, though price cutting is becoming general.

'Fhe removal of control over apples appears unlikely. Finest Vest Australian arc at present in the market, which is flooded with Nova Scotian and American varieties, of which fully 99 per cent, are selling under control prices. Oregon Newtons are fetching 20s and Californian Jonathans Ids to 18s. Covent Garden dealers say that it is probable that supplies will continue plentiful till April at least, and heavy shipments of oranges are arriving. If Australia ships a million and a quarter cases ft must not he expected that they will realise anything like control prices, for any but choicest sorts. The question of making advances to growers is considerably exercising importers. Some firms say that in the present, outlook they are indisposed to advance above Bs.

Tn making the January distribution of cheese, the Ministry of Food states that if all is taken up, orders will absorb five thousand tons, leaving only seven thousand tons on the Government’s hapds. Butter is steadily cheapening, owing to easier exchange. Danish butter is being purchased here on most favourable terms.