BRITISH TRADE

Hokitika Guardian, 23 January 1935, Page 8

BRITISH TRADE

FORTNIGHTLY REVIEW.

STOCK EXCHANGE.

LONDON, Jan, 19. The Stock Exchange opened the year well and although during the period which finished yesterday, ther c have been disturbing influences, notably fluctuations of the dollar and franc exchanges find uneasiness regarding the outcome of the Saar plebiscite, nnukets closed with a confident tone. The Saar’s return to Germany was welcomed as adding materially to Germany’s economic strength, and brought about a considerable improvement in the price of German bonds.

The flow' of new capital issues continues, and the vaiditv with" which they have been taken up affords ample evidence of a plethora of money awaiting investment.

Huge Applications, Some results arc astonishing. For the issue of £1,900,000 of Norwegian Bank bonds applications were so large that no allotments were made for applications of less than £2OO and very large applicants only received 2 per cent of the amount applied for. The Sussex seaside resort, Bfexhill, offered £350,000 3 per cents at .-TOO 10s and received applications exceeding £10,000,000. An industrial company offered for subscription 850,000 shares and applications were receved for nearly 13,OCOjOOO shares.

The Butter Market. The butter position is showing signs of improvement for, though arrivals or Australian and Now Zealand stocks continue to be large, there has been a considerable shrinkage from the Continent largely owing to Germany buy ing heavily. The result has been that total imports for December amounted to 707,063 cwt compared with 817,060 last December. Consumptive demand continues excellent and cold stored stocks are now only a little over 500,000 boxes—a very material reduction compared with a few weeks ago.

Another good feature is a report that the United States will require to import considerable quantities. Only small purchases have been made here yet but the fact that enquiries are being made is regarded as a “bull” factor.

Egg Market Depressed. With the return of mild weather the egg market again collapsed and Australians were very difficult to sell even at the terribly low price at which they were offered.

Cold stores here are crammed with eggs from all sources, for imports in December reached the colossal figure of 1,820,458 long hundreds and buyers are only operating for immediate requirements in the expectation that prices will go still lower.