BRITISH TRADE REVIEW.

New Zealand Herald, Volume LXIII, Issue 19455, 11 October 1926, Page 9

BRITISH TRADE REVIEW.

STOCKS REVEAL DEPRESSION. SOME FACTORS EXAMINED,' 1 \ SUCCESS OF JAPANESE LOAN. . # Australian and N\Z. Cable Association. (Reed. 5.5 p.m.) LONDON, Oct. 9. Tho tono of tho London Stock Exchange is somewhat depressed owing to stringent monetary conditions and the possibility of money becoming still dearer. Another factor is th'e failure to arrive at a settlement of tho coal dispute. Consequently there has been a generally easier tendency, especially in speculative stocks. Some railway stocks have been depressed by rumours of the •possible curtailment of the train services owing to the shortage of coal. In spite of these unfavourable conditions, however, several large new issues, notablv the £6,000,000 for tho City of Tokio in 5j per cent, bonds at 83J>, wore over-subscribed as soon as the lists were opened. Some people contrast this success of a foreign issue to the poor reception accorded to the latest New South Wales loan. Bnt, inasmuch as tho latter only yielded the investor 103.6 per cent., whereas the Tqkio loan yielded 131.3 and was guaranteed by the Japanese Government, its success is not surprising. Unless something unexpected happens there is not likely to bo any extensive movement in world prices for -wheat in tho present season. It appears to be likely that supplies will .show a com- j fortable surplus over the demand if the growing crops in Argentina and Australia realise expectations. A well-known wheat statistician, Mr. Broomhall, estimates the world's total import requirements from August 1, 1926, to July 31, 1927, as equivalent to 422,000,000 centals. The available surplus in the wheat exporting countries is estimated at 499,000,000 bushels. Business in dried fruits is very disappointing. Australian currants are selling in small quantities at from 35s to 455. Sultanas are only selling slowly, though prices are hardening owing to estimates that tho Smyrna crop has been reduced from 45,000,000 tons to 30,000,000. Australians are quoted at sfjs to 755, with a few of the best, at 80s. Unfortunately, the grub trouble still exists. Ono of tho largest firms of multiple shop cake-makers refuses to allow Australian sultanas in its bakeries. A representative of the firm suggests that the fruit should bo fumigated in Australia before shipment, thus killing both grubs and eggs. If they could be assured that the sultanas were immune they would gladly buy Australian in preference to foreign. SNIAFIL OFF THE MARKET. ACTION IN ENGLAND. (Received 5.5 p.m.) ' Sun. LONDON, Oct. S. The artificial wool known as sniafil has been withdrawn from the English market. It is not known whether this is duo to the failure of tho product or to the projected substitution of an improved •type. Other German artificial wools are still popular.

LONDON MEAT MARKET. PRICES AT SMITHFIELD. The New Zealand Meat Producers' Board has received -the following cablegram from its London office dated October 8, advising Smithfield delivered prices at that date as follows: —. New Zealand Wethers and Maidens. — Canterbury quality, selected brands, 561b. and under, per lb.; 571b. to 641b., bi; 651b. to 721b., 6d; other brands, 561b..and under, 6d; 571b. to 641b., 6d; 651b. to 721b., sfd. New Zealand Ewes.—-641b. and nnder, 4 5-Bd. New Zealand Lambs. —rCanterburv quality, 361b. and under, 10 3-8 d; 371b. to 421b., 9Jtd; 431b. to 501b., B|d ; seconds, 9^d; selected 30d; 371b. to 421b., 9Jd; other brands, first quality, 421b. and under, 9jjd; seconds, 9£d. New Zealand Reef.-v-Ox fores, 4d; hinds, 5 l-8d; cow fores, 2^d; hinds, 4J,d. \ Argentine Chilled Beef.—Ox fores, 4d; hinds, 7d. frozen Pork.—Bolb. to 1201b., llAd; 1201b. to 1801b., 9£d. Lamb.—The market keeps firm, but the demand has fallen off slightly owing to heavy supplies of Scottish lambs, which are realising Is down to 8d per lb. Mutton.—A better demand is being experienced for wethers. There has been little demand for ewes. GRADING OF HEMP./ * RETURNS FOR SEPTEMBER. The returns of hemp, tow, and strip)*"* slips graded at the ports of the Dominion during September show a falling-off as comparod with the corresponding month last year. During last month, the quantities of hemp graded (in bales) were as follow: —Superfine, 20 bales; good fair, 365 bales; high fair, 2175 bales; low fair, 1645 bales; common, 826 bales; rejected, 161 bales; condemned, 18 bales: total 521.0 bales. This shows a decrease of 611 bales on the quantity graded during September, 1925. The amount of tow graded last month was as follows:—First grado, 173 bales; second grade, 860 bales; third grade, 251 bales; condemned, 66 bales; total, 1350 bales. This showed an the corresponding month of last year. The amounts of stripper slips graded last month were:—Second grade, 35 hales; passed for export. 92 bales; condemned, 8 bales; total, 135 bales. This shows a decrease of 42 bales on the figures for September, 1925.

PUKEKOHE MARKET REPORT. [BY TELEOIIAI'II. —OWN CORRESPONDENT. ] PUKEKOHE, Saturday. The Franklin Farmers' Auctioneering Company, Limited, Pukekohe, report:—At tho weekly sale at our mart yesterday we had ft good attendance. Pips came forward in good numberlß and found ready Bale at prices in advance of those at last week's- Hale. Good weaners realising 20s to 255, small weanera 15s to 18s, and slips 28a to 325. Good entries of poultry came forward, and prices showed an advance on those at recent sales. Hens brought from 2s ltd to 4s; yoking ducks, 2s Od ; hens and chickens, 10s to 16s fid. and roosters, good, 4s to ss.—ln vegetables, cauliflowers vvero scarce and bidding was keen. Prices ranged from 4s (id to 10s a dozen. Other vegetables were in good supply and found a ready market. Cabbages brought 7s to 8s fid a small sack lot, 4s to 5s a bag, and 2s to 3s a dozen, loose and small; lettuce, 2e to 4s a dozen, and Southern potatoos 9s per owt. lihubarb Bold at Gs to 8s a dozen bundles Fruit was in good supply and sold to a fair demand. In apples, good Sturmors and Delicious brought 10s per bushel case, aid Dougherty and Brighton 7s, while some rough lines sold at Is to 8s per bushel case, and even at this price 'the. demand was poor. Oranges sold at'2«'to 2s 3d per dozen, • mandarins at 9d, lemons s.t lOd, and poorman's oranges r nt 9s per bushel case. »-