TRADE AND FINANCE.

Manawatu Standard, Volume XLIV, Issue 1073, 21 July 1924, Page 5

TRADE AND FINANCE.

STOCK EXCHANGE IMPROVES REVIVAL OF CONFERENCE. LONDON, July 19. Apprehension of an early rise in the bank rate having apparently passed away, a better tone lias shown itself on the Stock- Exchange, and the giltedged market is recovering from the recent depression. The unexpected revolutionary outbreak in Brazil had a somewhat" disturbing ctfect, but this lias been counter-baianced by the removal of fears of dearer money, by the improvement of the sterling exchange with America, and the prospect that the London , conference of Premiers will improve the international political situation. These factors have brought about some revival of confidence, and the tone of the gilt-edged market is distinctly firmer; although there is no great activity or improvement noticeable in the war loans conversion loan, also in several recent colonial issues. NEW ZEALAND STOCK. A satisfactory incident lias been tho placing privately of one million of New Zealand 4J per cent, stock at 95 on the same terms as the five million loan was floated in May. This million was placed without affecting the market in any way, and its sale shows how easily" the "market can absorb large issues of capital of this sort. But while giltedged stocks are firm, other securities have not been well supported, and several recent capital issues of industrial companies have not been fully subscribed. The foreign exchange market has been somewhat unsettled, with considerable fluctuations in the dollar exchange, but a strong rally has set ’in and the rate to-day is firm—just under 435. One cause is the large American demand for sterling in connection with the big flow of American visitors to Europe. BUTTER PRICES. Colonial butter prices are being well maintained although Danish is weaker owing to the absence of any demand from Germany. Our supplies of best butter are beginning to decline as is usual at this time of the year, so it is expected that prices for these will not go lower, but increasing quantities are coming from Siberia. Imports from this source recently have been about 15,000 to 29,000 casks weekly, and 100.000 casks are due next week. The quality of this butter has greatly improved, and it is affecting the prices of loweE grade butters, some buyers taking it instead of Irish and colonial. THE APPLE MARKET.

The apple market continues very firm, especially for hard-keeping varieties. Tiie prices paid are surprisingly high, considering that Covent Garden and other* markets are heavily supplied with Continental small fruits. One reason for this firmness is undoubtedly the demand caused by the hosts of visitors to London. Another is that the English apple crop is expected to be small owing to disease, and many fruiterers are purchasing Stunners to store for autumn requirements. Yet another is that the appleeating lmhit is stoadilv growing, due in the opinion of many people to the advertising propaganda now being carried out, not by the Dominion alone, but by other exporting countries. A most remarkable feature of the apple trade is the high prices realised for blemished Tasmanian Stunners. Many of these have a most unsightly appearance, and are almost covered with black spot, yet they are realising up to 16s 6d a case. Opinions may differ as to whether apples of this sort are a good advertisement for Australia, but the fact that they are selling so well disarms criticism regarding the wisdom of shipping them. It must, however, be remembered that this is an abnormal year for the reasons already mentioned, and that the prices now being realised prqbably constitute a record for the third week in July. —A. and N.Z. cable.