IMPROVED TONE

Manawatu Standard, Volume LII, Issue 176, 27 June 1932, Page 7

IMPROVED TONE

STOCK EXCHANGE REPORT.

CHEERFUL SPIRIT SHOWN. INQUIRY FOR AUSTRALIAN STOCKS. (United Press Association.—By Electric Telegraph.—Copyright.) Received June 27, 8.5 a.m. LONDON, June 25. There has been considerable improvement in the tone of the Stock Exchange during the past fortnight. Members aro inclined to take a hopeful viow of tho outcome of the Lausanno Conference, and, although there has been some irregularity owing to apprehensions about the French attitude, the markets closed yesterday in a cheerful spirit. Gilt-edgeds were firm, Australians particularly, the market being favourably impressed by the news cabled of the paying off of Treasury Bill. There is now considerable inquiry for Australian stocks. Those people who, with the courage of their conviction, bought theift last year when they were at their lowest, are reaping a well deserved reward. TRADE SITUATION. The Economists’ review says:— “While the Homo trade is no worse, the same unfortunately cannot bo said for the current international trade situation. The British complaints of the serious effect of the import quotas, new surtaxes, and the foreign exchange controls enforced abroad are growing in number every day, and even if so far the size of our export trade does not compare unfavourably with last year, no doubt orders are either not being placed or are having to bo declined. As tho direct consequence of the numerous restrictions now in force on the Continent, things are drifting from bad to worse. The fact is that the business world is despairingly awaiting a lead, whether from Lausanne, Ottawa or some new- quarter. It is still impossible to say if that lead will bo forthcoming, and that alone makes it very difficult to gauge the outlook of world trade. This much, however, can be said with certainty: The internatioanl credit system was very near the breaking point. It is imperative that there should bo no further delay in making a beginning with the task of relaying tho foundations on which confidence can result.” APPLE MARKET.

The apple market has been unable to stand up to the enormous supplies arriving from Australia and New Zealand and prices have declined to a level which can hardly bo remunerative. The arrivals in the past fortnight have been in the neighbourhood of a million cases and the total supplies this season so far exceed 3,700,000 cases so it is not surprising that buyers expect to get cheap apples. Fortunately, the supplies of Continental soft fruit aro comparatively small owing to the import duty; otherwise there is no knowing how low prices would have dropped, and importers fear that tho bottom lias not yet been touched for strawberries are now in full swing and will be abundant for at least a fortnight.