BRITISH TRADE REVIEW.

New Zealand Herald, Volume LXIV, Issue 19620, 26 April 1927, Page 11

BRITISH TRADE REVIEW.

STOCK EXCHANGE BUOYANT. UNEMPLOYMENT DECREASING. (Received April 25, 6.5 p.m.) A. and N.ZT. LONDON, April 24. The long, and eagerly hoped-for decrease in the bank rate has come at last, about a week earlier than the market anticipated it. ' The reduction practical!- synchronised with the repayment of the debt owing by the Bank of France of £33,000,000 to the Bank of England, and this settlement of a war dcbfc„ about three years and ahalf before it was due, no doubt influenced the l directors of the Bank of England in making their decision. The reduction had an immediate effect on the Stock Exchange, which had resumed after the Easter holidays ir. an excellent frame of mind, for it stimulated the optimistic spirit still further, and prices improved all round. Gilt-edged securities were naturally most affected, and colonial stocks generally participated in the improvement, notably tho new West Australian loan which last week was quoted at ninesixteenths discount, and has now reached one-eighth premium. Franc Virtually Stabilised. Industrials have also been well supported. French Rentes are showing much strength as a ruesult of the virtual stabilisation of the franc, as is sl. Jwn by the fact that on the eve of repayment of the sum of £33,000,000 the Bank of France was able to lower its discount rate from 5j to 5 per cenjt. The Stock Exchange is now talking of a further reduction in the bank rate to 4 per cent.; and it is not improbable that this will cosne during the summer. According to the latest statistics trade in Britain is steadily forging ahead. Many branches of industry are becoming increasingly active. The Ministry 'of Labour in its report on conditions in t March says that while unemployment reiinained bad in some im portant industries, an improvement was recorded during she month in tailoring, pottery and earthenware manufacture, general marine engineering, shipbuilding, public works construction, the cotton industry, textile bimcliing, and dyeing. There was a reduction in the numbers of those wholly unemployed in "tho coal mines, but this was more than offset by the increase in the numbers of those temporarily unemployed. Apples Market Good. The apple markat continues good, although of course with increasing supplies it has been impossible to maintain the very high prices \v]hich were obtained for the first New Zealand arrivals. The demand is satisfactory. Much of the best West Australian and New Zealand fruit was bought for the Continent, but the Home buyers are only supplying their immediate wants, as they know that large quantities are coming along. In this connection some importers are questioning the wisdom of tho action of the Empire Marketing Board in issuing statements to tho newspapers about the big supplies. This week the boajrd circulated a statement, that 140,000 .cases from Australia and 43,000 cases from New Zealand would be arriving before the eid of the month Big bnvers of fruit already have this information in their possession, but the smaller retailers bpqpme nervous when they road figures lik©i these, and the consumers point to these statements as reasons why the retail prices should be lowered. • ■ The Otranto brought the first narcel of the new season's drieid fruits. Tho condition of the currants was good, and they am selling at between 13s and 525. The prospects are regarded as excellent, as supplies from other, sources are very restricted. FRENCH FINANCES. i LONDON CREDITS ARRANGED. A. and N.Z. PARIS, April 22. By mere book entries in the form of credits to-day at the London banks which represent the Bank of ! Franco, tho latter repaid to the Bank of England a sum of £33,000,000. The Bank of England, must now iship £18,000,000 in gold ingots to France. BLACKBERRY PEST. NEW ZEALAND A. and N.Z, LONDON, April 22. The Empire Marketing Board has notified the High Commissioner for New Zealand, Sir James Parr, that a further grant of £1333 has been granted; toward the cost of a. laboratory in New Zealand for research in connection wfUh the eradication of the blackberry pest. ADMIRALTY MEAT CONTRACT, COMPETITION FROM ARGENTINE. A. and N.Z. LONDON, April" 22. The Admiralty is. haying considerable difficulty in allotting ' the 'contract for canned meat. It is obvious that Sosuth American contractors have soverely: put prices, but tho department is impressed by the newspaper insistence for Dominion preference, and by- the adverse comment in tho House of Commons because the Argentine was given the last contract. Tho matter has bean referred to the supreme head of Admiralty contracts for a decision. There is strong hope that Australia will be finally favoured. JOSEPH NATHAN AND CO. PROFIT OF £53,253 FOR YEAR. [FROM OUB OWN CORBSSPOJJPENT.] LONDON, March 23. Tho report of Joseph Nathan and Company, Ltd., shows that the gross profits of tho company, including dividends, rents and a repayment of £6963 for excess profits duty and corporation profit tax, is £83,332, while the pot profit amounts to £53,253. Including £<69,524 brought in there is a total available of £122,777. For the previous year? the trading profit was £59,771, and the n# figure, including £42,831, brought forwjard, was £93,524. From tho balance of £122,777 there has been written off development accounts £25,759, and reorganisation expenses took £1326, while dividends ; for 18 months on the "A" 7 per cent preference shares absorbed £52,000. leaving a "balance to be carried forward of £43,1192. Sinco the closing of tiie books the halfyearly dividends have ;been paid on the |"A" preference sharees on October 1, 1926, and January X, 1927, absorbing £35,000, leaving a balance in appropriation account of £8192. Preference dividends, therefore, are now paid up to date. CHICAGO WHEAT MARKET. (Received April 'JS. 6.5 p.m.) A. and N.Z. CHICAGO, .April 24. Wheat.—May, 1 dollar 33£ cents per bushel J July, 1 dollar 30| cents; September, 1 dollar 29| cents.