BRITISH TRADE

Hokitika Guardian, 15 July 1931, Page 8

BRITISH TRADE

GERMAN CRISIS AFFECTS MARKETS. . « “ United Preaa Association. —By ElectroTelegraph.—Copyright. 1 LONDON, July 11. The confident hopes entertained a fortnight ago of an early ' reduction of the Bank rate have not been fulfilled, for, although the French Chamber of Deputies agreed to President Hoover’s moratorium proposal, n;Germaiiy’s finanei-ail troubles have become so acute that the Bank of England had no option but to act cautiously, and postpone a .much desired reduction until the situation in Germany improves. The Bank’s position is extraordinarily strong, its gold reserve being nearly £166,000,000, and with further sums in sight which are likely to raise it to the high record total of £175,000,000 before the autumn. The failure to reduce the Bank rate had a depressing effect oil the Stock Exchange, and counteracted the good impression caused by the moratorium arrangement. This depression was accentuated by the German financial crisis and alarmist reports that it might seriously affect some London and Continental finance houses, consequently gild-edgeds here had a slight set-back* hut Australians maintained their position “on continued progress made towards financial reconstruction,” as the “Statist” puts it. Dominion stocks generally showed a firm market.

FRUIT TRADE. The apple season is approaching a close, the last shipment being due to arrive l before the end ot the' month. Prices have given way somownat during the last fortnight, largely owing to heavy supplies of strawberries and other soft fruits. Now that the glut of strawberries has passed, importers are hopeful that the market will improve, and, as there are only about 200,000 cases to come, the prospect does not seem had, if only apples arrive in good condition.