BRITISH TRADE REVIEW

New Zealand Herald, Volume LXIV, Issue 19691, 18 July 1927, Page 7

BRITISH TRADE REVIEW

STOCK EXCHANGE ACTIVE.

SUCCESSFUL APPLE SEASON. DOMINION SUPPLY EXCELLENT. (Received July 17, 5.87 p.m.) A. and N.Z.- LONDON, July 16. The settlement on the Stock Exchange on Thursday was arranged without difficulty. The fears which at one time were prevalent that trouble would arise in consequence of the slump in British Controlled Oilfields in consequence of the suicide 'of Mr. James White, the well-known financier, proved entirely unfounded. Prices generally are as high as they were before the reaction set * in, and there is considerable activity in speculative sections, notably mines and industrials. There was considerable strength in gilt-edged stocks. Commonwealth scrip, in which dealings commenced at a shade over one per cent, discount, are now quoted at a discount of about 13-16ths., as the result of steady buying. The effects of tho alterations made in the Budget in the duties on wine are shown in the latest import returns. In every foreign wine-producing country sent a smaller quantity of wine into Britain than in June, 1926, and the total imports fell to 892,000 gallons compared with 1,237,000 gallons. But the imports of Australian wine amounted to no less than 234,000 gallons in June, 1927, which is a very large increase compared with the corresponding months of the two previous years. It is clear that the increased preference is having the effect it was intended to produce, and buyers are taking Empire wines instead of foreign. This week has seen the last arrival of Australian apples, and though two New Zealand shipments are due to arrive within the next fortnight with about 250,000 cases, the Australian and New Zealand fruit season may be regarded as*| practically over. In the past few days j prices have eased slightly, probably because of heavy supplies of South African oranges, but taken all round the season's results have been most gratifying. Prices which were good from the start steadily improved to the end, except for the slight easiness already mentioned. It is, therefore, rather unfortunate that the Tas-. inanian shippers did not send more than they have done. One leading importer says he could have done with another 250,000 cases. The quality of the Western Australian and New Zealand fruit has been oxcellent throughout and Tasmanians have also given satisfaction. Practically the only cause of complaint has been bitterpit, which was in the Cox's in the early part of the season. The steamers carried the fruit well, and a reported case of brownheart in one ship proved to unsubstantiated.

AUSTRALIAN BANKS. EIGHT NEW CAPITAL ISSUES. TOTAL OF £4,881,000 THIS YEAR. An announcement of a new issue of shares by the English, Scottish and Australian Bapk was published a fortnight ago. Applications will close on August 2, when £1 10s will be payable. The balance of subscription and premium will be payable by instalments of £2 on September 15 and £2 10s on October 17. Holders of the new shares will be entitled to the interim dividend for the halfyear ending December 31, which will be declared in May. This is the eighth Australian bank to announce a new issue .this year, leaving only tho Bank of Australasia and the Union Bank that have not sought additional capital during the last six months. Details of the eight issues are as follows:

These issues represent a total addition to the capital of the. banks of £3,618.000, while the premiums on five of the issues total £1,263,000. AUSTRALIAN WOOLFIRST SALE ON AUGUST 29. The series of sales for the disposal of the now season's clip of wool in Australia will open at Sydney on August 29. The next sale will be at Adelaide, beginning on September 9. Of last season's clip, amounting to 2,500,000 bales, only 82,000 bales were awaiting disposal at the end of May.

GERMAN COAL-OIL PROCESS

DUTCH FIRM SHOWS INTEREST. A. and N.Z. BERLIN, July 16. Tho Royal Dutch Shell oil group is negotiating with the German Dyestuffs Trust for the exploitation of oil derived from coal by means of the Bergius process.

GREAT PAPER OUTPUT.

BRITISH MILL'S PRODUCTION

LONDON. July 5. Delegates to the International Journalists'. Conference visited the Kemsley paper mills to-day as the guests of Edward Lloyd, limited. Si? William Berry, managing director of Associated Newspapers, Limited, who presided at the luncheon, announced that .the company's output by the end of 1928 would be between 4500 and {>ooo tons a week, which would be the largest of any paper mill in the world. Mr. Nevill Lloyd said that the transfer of tho control of the mills from the Lloyd family to Sir William Berry would not affect the policy ,of tho company. Tho guests were impressed by the magnitude of the operations and were interested in the model village erected to house the company's employees.

Bank. Shares. Paid-up Premium. Value. Adelaide 50,000 £5 0 0 £2 0 0 Bank of Commerce 308,000 10 0 0 7 6 Commercial 500,000 0 10 0 0 10 0 Com. of Sydney 40,000 12 10 0 — B. S. and A. . 125,000 3 0 0 S 0 0 National* 100,000 5 0 0 2 0 0 Ditto 50.000 10 0 0 4 0 0 N.S. Wales .. 31.250 20 0 0 . — Qsld. National 50,000 5 0 0 — •National Bank of Australasia.