BRITISH TRADE REVIEW

New Zealand Herald, Volume LXVI, Issue 20307, 15 July 1929, Page 7

BRITISH TRADE REVIEW

STOCK EXCHANGE QUIET. MOVE IN TIN MARKET. APPLES STILL IN DEMAND. Australian and N.Z. Press Association, (Received July It, 5.5 p.m.) LONDON'. July 13. Business on tho Stock Exchange is still restricted, and accounts just concluded aro said to have been the smallest of tho year. But there are signs of improvement, and tho relief of the monetary tension through tho recovery of the American exchange brought about a more cheerful tone. Early this week giltedged stocks recoveied a portion of their recent fall, but industrial stocks generally remained unresponsive to tho better money conditions, although tin-mining shares developed some activity, probably owing to the hopes entertained of good results following tho formation of tho Producers' Association. Discussing tho situation, a prominent financial writer says the outside public lias not yet sufficiently recovered from the recent losses to be ready to take a hand in speculation again. Moreover, an enormous amount of money which otherwise would be available is tied up in rubbishy shares, which at tho present prices could only be realised at a heavy loss. Tin Producers' Association. Tho investment demand for high-class industrial shares has continued to bo subnormal for a good many weeks, and in view of the political uncertainties is likely to remain so until something occurs to bring home to potential investors the improved British trade outlook. Tho formation of the Tin Producers' Association met with general approval, as it is regarded as likely to have valuable results, judging from the experiences of other industries, which have taken similar co-operative action. It is understood that foreign producers, notably Dutch and Bolivian, will be invited to join the association. which at present is all British. Tho tin outlook generally is regarded as favourable. There has been heavy buying. especially in America. i'he Australian apple season finished with the marketing of the Port Adelaide's cargo this week, but there are still about 180,000 cases to arrive from New Zealand, tho last cargo not being duo until the first week in August. This would be rather lato in an ordinary season, as usually the demand for apples falls off greatly after the cud of June. German Market For Apples. But this year is not an ordinary one, owing to the comparatively small supplies, and tho demand for apples is stiil so keen that the Port Adelaide's cargo made about top price for the season. Consequently importers of New Zealand apples anticipate that the cargoes still afloat will realise satisfactory prices, always provided that the fruit is not overripe," which is a possible risk at this late period oi the season. Reports from Hamburg brokers describe the market as firm, and as there will be 110 more direct shipments to Germany, probably some portion of the New Zealand arrivals will bo transshipped to tho Continent. It will be remembered that at the commencement of the season the Hamburg market was decidedly weak, owing to heavy supplies of American apples. But since that competition has ceased, very good prices have been realised. German importers are circularising freely, pointing out these good prices and asking for shipments for 1930. THE HEMP POSITION. OUTLOOK FOR COMING SEASON. A few of the larger Manawatu flaxmills have resumed work for the season, but milling will not be general in that district for at least a month. It was hoped that during the time the mills were closed for the season tho statistical position of fibres would have improved, but Manila continues to eomo to hand as freely as ever. This is having a depressing influence on the market for all other similar fibres. As an offset, however, Mexican sisal is reported in short supply, and there is still the possibility that before New Zealand hemp production for this season is fully resumed Manila supplies will be brought within bounds. This is pure conjecture, as no one seems to know from week to week what Manila fibre is actually being produced. Locally, prices for export of New Zealand hemp .1 ro £2B 10s per ton for good fair, £27 for high fair, £24 10s for low fair, £22 10s for common; tow, £ls per ton for No. 1, £l3 10s for No. 2. LONDON DAIRY VALUES. PRODUCE BOARD'S REPORT. The New Zealand Dairy Produce Board has received the following market report from its London Office, dated July 12, pi ices for the previous week being in parentheses:— Butter.—New Zealand: Salted, 159> to 172s (170s to 1735); unsalted, 168s to 172s (170s t'i 1725); first whey, 157s (1565); second whey, 152s (1525); 169s to 172s equals approximately Is 4jd f.o.b. Deliveries New Zealand this week, 750 tons; in store, 8450 tons. Australian: Finest salted, 162s (164s to 168s); unsalted. 162s to 166s (164s to 170s). Argentine. Finest unsalted, 160s to 164s (160s to 1645). Irish creamery: Salted, 165s to 167s (168s to 1695); unsalted, 169s to 170s (172s to 1735). Danish: F. 0.8., 166s (1695); spot, 173s to 174s (176s to 1775). Dutch: Unsalted, 164s to 170s (1665). Estonian: 160s to 162s (162s to 1645). Latvian: 160s to 162s (162s to 1645). Siberian: 155s to 156s (157s to 158s). Ukraniun: 156s to 158s (156s to 160s). Polish: 150s to 154s (140s to 1545). French baskets: Salted, 154s to 164s (158s to 1645). Market slow. Retail prices unchanged. Cheese.—New Zealand: White, 89s to 90s (90s to 925); coloured, 91s to 92s (92s to 945); exceptionally, 935; 89s to 90s equals approximately BJd f.o.b. Unliveries New Zealand this week, 26.325 crates; in store, 111,393 crates. Canadian: White, 102s to 112s (102s to 112s); coloured, 102s to 108s (102s to 103s). Newseason's : White, 89s to 90s (90s to 925); coloured, 91s (88s c.i.f.). Australian: White, 88s; coloured, 89s to 90s". English: Finest farmers', new season, 94s (945). Market steady. Retail prices unchanged. The Port Campbell commenced discharge of cheese on Juiy 6 and finished 011 July 8. Tho Rotorua commenced discharge of butter 011 July 11.

Dalgefy and Company, Ltd., has received tiie following cablegram from its London house, dated July 12:—Messrs. Samuel Pago and Pon report: Ihe jotnl imports of butter into the United Kingdom last month was 611,000c\vt., us compared with 632,000cwt. for corresponding period of last year. Messrs. A. 11. Turnbnll has received Hie following cablegram from its London principals, Weddel and Company, Limited:—Butter: New Zealand unsalted, 168s to J72s; salted, 369s to J'2s; Danish, 173s to 1745; market slow. Cheese' New Zealand white, 89s to 90s; coloured, 9Ls to 925; maiket steady. Canadian, white, 39s to 90s; coloured, 91 s - . - , . Leonard and Son, Limited, has received .the following cablegram from its London principal, Mr. A. C. Rowson: Butter: 170s. Cheese: White, 89s to 90s; coloured, 925.