BRITISH TRADE REVIEW

New Zealand Herald, Volume LXIII, Issue 19503, 6 December 1926, Page 9

BRITISH TRADE REVIEW

LULL BEFORE CHRISTMAS. EFFECTS OF COAL DISPUTE. SEVERAL ADVERSE FACTORS. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, Dec. 4. The three weeks preceding Christmas are usually dull on the London Stock Exchange and this year is not likely to prove an exception, especially as there are several adverse factors disturbing the markets. The chief of these is the Chinese situation, which has caused all Chinese bonds to fall heavily. Other factors are the fluctuations in the franc and the fall in the price of rubber. Even the conclusion of the coal strike has not had the effect that was expected. Commenting on this a well-informed financial writer says:—lt is not altogether strange that the settlement of the i.coal dispute should have been followed not by a revival but by rather general reaction on most sections of the Stock Exchange. As is often the case many speculators bought on the strength of the prospective agreement and have taken advantage of its realisation by securing whatever profits had accrued., Moreover the cost of the dispute, so far largely overlooked, is now being daily reflected in the reports of the industrial companies. Fears are also entertained that it may be necessary either to increase the income-tax or to place extra duties on luxury goods. Prices Steady Throughout Strike. The present reaction is made to appear less surprising when it is borne in mind that the trend of prices throughout the most costly dispute in the country s history has been remarkably steady. The writer proceeds to -ompare trio current prices of 27 repesentative stocks with those which ruled on April U. The comparison shows that the only weak section among some of the industrial securities has been the textiles section, which has been affected by independent factors. Investors, therefore, have to congratulate themselves on the manner in which the markets have emerged from the strike. Another financial expert says that while it remains to be seen whether there will be a revival of cheerfulness after the final settlement of the vear has been concluded, at all events there is { nothing in the present stagnation of the markets as a whole to indicate any kind of adverse anticipation of the prospects for 1927. Optimism in the Wool Trade. The London wool sales are proceeding excellently. Competition is good. - The- 1 home trade is buying freely and Germany is federating actively. Even France, tvhich is handicapped by the rate of exchange, is talcing a small quantity. A " Bradford correspondent writes: — The feeling hers is decidedly hopeful. Operations are showing signs of expansion and generally there are sound grounds for the optimistic tone and the more cheerful atmosphere which is noticeable on the exchange. Events are considered to be moving in the right direction. The fact cannot be overlooked that there is sufficient competition to prevent any weakening in .the values of the raw material in Australia, Now Zealand or London. On the non-ferrous metals markets, as on the Stock Exchange, the advent of peace in the coal industry has not had the favourable effect which might have been expected. One metal broker writes: The happy change in the coal situation has chanced to coincide with very subdued reports of trade on the and buying here on a general scale is not likely until work can be resumed without restriction. Therefore _we must be prepared for a quiet time this side of Christmas.

THE LONDON MAKKETS. FROZEN MEAT. Australian and N.Z. Cable Association. (Rfecd. 5.5 p.m.) LONDON. Dec. 4. Sheep.—Canterbury, light, 6d; medium, s£d; heavy, North Island, light, s|d; heavy, s|d; Argentine, light, sd. Lambs.—Other selecteds, light, none offering; Australian, firsts, Victorian, 8 7-16 d; others, 8 3-16 d; seconds, Victorian, BJfd; others, 8d; thirds, 8d; Argentine, seconds, 7&d. Chilled Beef.—Argentine, fores, 4d; others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) Cotton.—January delivery, 6.34 d (6.72 d) December per lb. Rubber.—Para, 17{d (18|d) per lb; plantation and smoked, Jute. Decern, ber-January shipments, £29 10s (£29 10s November-December) per ton Hemp.—October-December shipments, £3B 10s (£3B 15s) per ton. Copra. December-January shipments. £24 15s (£25) per tou. Linseed Oil.—£3l 15s (£32 ss) per ton. Turpentine.—62s 9d (625) per cwfc. HIDES. Hides are active. Home and continental demand is brisk except from France and Belgium, which are handicapped by tho rate of exchange. Quotations are:—Dry salted, 35-451b, 9id; 30-401b, 9£d; 25-3olb, 9d ♦ 20-30 Ib, 9icf. Wet salted (Queensland), 50-601b, 7§d, 40-501b, 7£d, (New South Wales) 7|d and 7|d, (Victorian) and 7|d. QUEENSLAND ARSENIC MINES. STATE ENTERPRISE CEASES. Another Queensland State enterprise, the arsenic mine and works at Jibbenbar, Stanthorpe, is to be relinquished. The Mines Department is calling tenders for the purchase of the whole of the machinery, plant, and buildings, and mine as a going concern. The mine and works have been idle for some time, the reason as officially given being that the price of arsenic has fallen to a figure lower than that at which it could be produced. PUKEKOHE MARKET REPORT. [BS TELEGRAPH.——OWN CORRESPONDENT. 3 PUKEKOHE, Saturday. The Franklin Farmers' Auctioneering Company, Ltd., Pukekohe, report:—At the weekly sale at our mart yesterday the yarding of pigs was about on a par with last week's. Good weaners brought up,to 20b; poorer weaners, 13s to 18s 6d; and slips, 22s to 265. Poultry came forward in heavy entries, about 300 birds being penned. Heavy bens brought up to 4s 3dlighter hens, 2s 4d to 3s 9d; and ducks, 2s to 2s 9d. Vegetables were in good supplv, but bidding was inclined to be slow. Cabbages brought 2s to 8s a dozen;. fe(luce, 9d to Is 6d a dozen; green peas, 3ld to 4d per lb.; onions. Sd per ib.: beet, 2s a dozen bundles, and new potatoes. 4s Gd to 5s a sugar bag for Al grade and 2s Sd for second grade. In fruit, strawberries sold, at la to la 6a a chip, and gooseberries at 7d per lb. Apples were in good supply. Al Slurraers solo at lis ■ a bushel case and Doughertys, 8a to 8s Gd. A large quantity of furniture and" sundries was disposed of at satisfactory prices. SOUTHERN EXCHANGES. [Br XSpaRJU'lI.— PEI-SS ASSOCIATION.] CHRISTCHUSCH, Saturday. The following sales were made on the Stock Exchange to-day .-—Western Australian Bank 54s 6d;, Bank of.' New Zealand (rights), 6s 8d: C-hristchurc'h Gas, ' -*Vts 7d; National Insurance, 73s 6d.