TRADE AND FINANCE

Manawatu Standard, Volume XLIV, Issue 1037, 9 June 1924, Page 5

TRADE AND FINANCE

STOCK EXCHANGE QUIET, BUT PRICES REMAIN STEADY, By Electric Telegraph—Copyright. Received June 9, 8.5 a.m. LONDON, June' 7. Thero has been a holiday air over the Stock Exchange this week, tho combined effect of the race meeting at Epsom and the approach of the Whitsuntide recess having reduced most of the departments to a state of inactivity. Another contributory factor to the general dullness has been the unsatisfactory course of foreign exchanges, which produced a heavy tendency in most foreign bonds. The weakness ot the sterling exchange on New York has caused some apprehension of a possible increase in our bank rate, and this has caused quietness in the gilt-edged market, but prices remain steady, thanks to the large disbursements of money for June, and the dividends on the war loan and other stocks. Industrial shares have been dull, especially oil shares, some liquidation from Paris having followed the fall in the franc exchange, and the home railway stocks have been depressed owing to labour troubles. One bright spot is the Kaffir market, the South African mining shares being freely bought. THE WOOL POSITION. With reference to the wool position, a correspondent of the Economist writes: — "No doubt finance is playing a very important part, and if Germany could be relieved of its present financial tightness a great improvement would soon be seen in all markets. The French political crisis is also having an adverse influence upon the textile industry in Northern Franco, and while we do not think a strike will materialise among the textile workers of this country the fear thereof is influencing some forced sales. Trade in the consuming centres has been exceedingly slow • since the close of the London sales; hence, the future is regarded with some concern." HOPS FROM TASMANIA. The experts who examined a parcel of Tasmanian hops ex-Argylshire, describe them as fine quality brewers' hops of good colour and aroma, and excellently dried. The market at present is quiet, but trade is expected to revive with the warmer weather, especially as the old stocks are practically cleared and no English will be available till mid-September. It is estimated that the barrelage of beer in the United Kingdom for the year will amount to twenty-four millions, and as the crop of hops in this country will be insufficient to make this quantity of beer, any hops that Tasmania ships to this country will be readily absorbed if the quality equals tho Argylshire parcel. The growth of hops in the United Kingdom is still under control and the quantity permitted is far below tho brewers' requirements with the result that large quantities of foreign hops are imported, chiefly from California. These California)]* are of far inferior quality to Tasmanian's, which are the nearest approach to Kentish that has ever been imported. APPLE TRADE GOOD.

The apple trade in all centres remains good and prices realised are satisfactory except for blemished fruit, and m-en these are fetching much more than their intrinsic value when compared with clean fruit. The strength of the market in London is probably clue to the great number of visitors in town for the Wembley Exhibition and the Epsom race meeting, and also the absence of good soft fruits. So far strawberries arc very scarce, and though French cherries are arriving in large quantities, their value is unsatisfactory. . A feature of the apple trade is the demand for hard keeping sorts, notably Stunners, which are making excellent prices. AUSTRALIAN DRIED FRUITS. Australian dried fruits are not selling well and the prices realised are unsatisfactory. Currants are quoted at 58s to 633 per cwt., with inferior as low as 51s. One of the leading brokers says that, the quality shows a great falling off compared with last season's growth, leaving much to be desired as to colour and condition. Many parcels vary in size, the grading being most unsatisfactory. The latest parcels to arrive show a slight improvement both in quality and condition. So far only common sorts of sultanas have arrived, and they are selling at from 55s to 62s per cwt. The outlook for dried fruits generally is not bright. It is estimated that California has a stock of 300,000 tons of raisins. THE BUTTER MARKET.

The butter position shows little change and prices remain firm, Germany having taken some thousands of casks of Danish, enabling the Danes to maintain their price, but there are some misgivings regarding the future and many traders anticipate a downward movement as the weather conditions are favourable for a large make here and the Danish output will shortly reach its maximum. Consequently, there may soon be some pressure to sell some of the large quantity of colonial butter stored here, especially as the cables received indicate that Australia and New Zealand are, likely to continue their shipments. —A, and N.Z. cable.