COMMERCIAL SUMMARY.

Manawatu Standard, Volume LVII, Issue 231, 30 August 1937, Page 5

COMMERCIAL SUMMARY.

LONDON MARKETS dUIET. COMMODITIES LIFELESS. LONDON, Aug. 28. The markets have drifted into such idleness that the number of transactions on the Stock Exchange during the week have been 25 per cent, below the corresponding week of last year. The trend of prices is downward, not because of much selling, but because buying is practically at a standstill, investors adopting a wait-and-see policy. Nevertheless the technical position is immensely strong. Shipping shares have been a weak feature after the speech made at Leith on August 24 by Lord Craigmyle, president of tho Chamber of Shipping of the United Kingdom, when ho stated that the prices of ships had reached a level which made it practically impossible for ship-owners to hope for even a moderate profit. P. and 0. deferred dropped two shillings, other companies being also affected. Commodities are still lifeless owing to Far Eastern uncertainties, a notable exception being wolfram antimony, of which China is the principal exporter. The consumption of it has been rapidly increasing as an essential for armaments. Tho '’•Far Eastern situation ,-is also responsible for the heavy selling of silver, which has been depressed to the lowest price of the year. If even a small proportion of China’s enormous stocks were offered, it would be sufficient to swamp the market. Butter has developed unexpected activity, and should make higher prices although the opinions of Tooley Street' merchants differ as to whether it can be maintained. Tho recent advance in retail prices h&s restrained consumption, some of which has been diverted to Siberian, which is of excellent quality. Cheese is also firmer, inquiry being concentrated on coloured, resulting in a disappearance of the margin between white and coloured cheese.