COMMERCIAL SUMMARY

Northern Advocate, 20 May 1929, Page 6

COMMERCIAL SUMMARY

STOCK EXCHANGE QUIET COLONIALS A GOOD SECTION. APPLE MARKET IMPROVES. (Australian Press Association.) (Received 0.2") a.m.) LONDON, May 18,

The week preceding the Whitsuntide hoiif.ays, which is usually somewhat quiet- on the Stock Exchange, this year has not proved an exception to the rnle. Cilt-cdgeds have been slightly easier owing to the tightness of the money market, the -only good section being Colonials, many of which show a slight appreciation in value. To quote one financial editor: “Some buying of Australian stocks was induced by the result of the Queensland election.” It is particularly interesting to note that the Commonwealth five per cents advanced to lb) notwithstanding the announcement of the new issue of £12,000,000. This’ is probably -attributable to the satisfactory news from. Australia regarding the success of the local conversion loan which has been favour-ablv commented

upon by many newspapers, and undoubtedly created a good impression here. Subscription lists for ; now issue, both for cash andi conversion, remain open till May 24 and, though no official information is at present available,, it is generally expected that a good response will be forthcoming both from the public and holders of maturing stock. The terms 'Offered are regarded as favourable and as “Economist” «ays; “Unless holders of Queensland 54 per cent, stock wish to go outside Australia for investment, they will doubtless convert.” Trade in Australian and New Zealand apples continues brisk and prices have advanced a shilling or two. This is largely due to an improvement in the quality of the fruit, particularly as regards colouring. Another contributory factor is the decline of supplies of Americans, which hitherto seriously affected Australian sales. A feature of the market this -season is the strong demand for large cooking apples, hotably Alfristons, which fetched -up to 14/ per case. Prospects for the future are regarded, as good, especially as the Minister of Agriculture, in order to prevent the introduction of the cherry fruit fly, is again putting restrictions on the importation of French cherries, which in some previous seasons seriously affected the ■sale of apples. I

The Imperial Print Show will bo held at Birmingham at. the end of October. This is too late for Australian and New Zealand apples to have any chance of competition, but they will have an opportunity in the canned produce and dried fruits sections. In the former section gold, silver and bronze medals are offered in each of the 18 classes and in the dried fruits similar prizes are offered in 10 classes. There is also a class for Empire oranges in which Australia might compete.