BRITISH TRADE

Hokitika Guardian, 10 June 1936, Page 7

BRITISH TRADE

MARKETS DISTRESSED. LONDON, June 6. The stock maikets are depressed as a result of the situation Giftedgeds continue ■ leaden, Canadian stocks'especially suffering owing to the removal of Alberta securities from the official list, owing to the Treasurer’s adoption of the. New South Wales Lang principles, announcing an imposition of a c.O per cent cut in interest rates, adding that “if bondholders do not take what we can give they get nothing-” Commodity markets were enlivened by violent fluctuations in the price of tin, which dropped £l3 sterling in three da's. the fear that restriction will'not be renewed at- the end of the year will become serious to the Australian Malay group. The Federated Ma’ay States Chamber of Mines stated that Malaya would grant no further concessions to her detriment wh le tin mining e paneled elsewhere, yet .it seems inevitable that Siam'must he granted substantial * concession. The only possibility seems to grant them at the expense of Bolivia, whose bargaining power is weak. , Zinc touched the lowest level of the \ year. Lead reacted sympathetically, f despite the strong statistical position. Butter offers a brighter feature. The trade is optnmstic that the advance will continue.' The unseasonable weather is largely responsible for tbe quiet • dem n nd for fruit. Supplies of apples continue heavy. / Treasury bill rates, whmh lnd been rising since the • Chancellor declared that short-term rates had probably reached the low limit, touched the highest level of the year, and are u-w 14s per cent. Discount rates also rose sharply. A heavy eff'ux of notes, as a result of the foreign hoarding depleted the cash resources of the banks, 'lhnd conse"‘uen<ly the baade ng half■year may be difficult, and lead to borrowing. anf the Park of England further increasing hill rates.