BRITISH TRADE REVIEW

New Zealand Herald, Volume LXVII, Issue 20628, 29 July 1930, Page 5

BRITISH TRADE REVIEW

GOLD SENT TO FRANCE.

OUTLOOK NOT ENCOURAGING. POSITION IN TIN INDUSTRY. LONDON, July 27. With the approach of the holiday season business on the Stcck Exchange always begins to fall away. This year the slack period commenced earlier than usual, and thero is littlo indication of any public interest either in investment or speculative stocks. Gilt-edged securities have felt the effect of the continuous drain of gold from the Bank of England, chiefly to France, and British funds have lost some of the appreciation in values which they experienced a fortnight ago. Dominion stocks have also been dull. Tho withdrawal of gold for France led to somo talk of nn increase in the bank rate, but according to tho Financial News tho balance of opinion is against a likelihood of a change beforo tho end of August. The Economist's review of tho state of trade again makes rather dismal reading. It says the position as revealed by the June Board of Trade statistics is even more discouraging than it was a month ago. It is not surprising that there is in evidence on tho one hand a general loss of confidence, and on the other a feeling that things will be better in the autumn. To deal with the latter feeling first, it may be said at once that there is no ground for supposing that there will be any improvement in trade abovo tho normal revival of activity that follows the holiday period in all years, good and bad alike. This year the depression i 3 too general and too deep-seated for its end to be of a sudden and definite character. In fact, if tho autumn harvests are such as to precipitate a further decline of commodity prices, tho autumn revival is likely to be less marked than usual. The general loss of confidence in busines circles is only natural, but it is equally a state of mind calculated to prolong the trade depression, and not to accelerate its termination. Eeview o! Apple Season. Tho Australian apple season is drawing to a close untjer depressing conditions. Importers will not bo sorry when the last cargo has been handled. Recent arrivals have consisted largely of poor quality Tasmanians, and as they came on a market glutted with soft fruits, both English and Continental, it is not surprising that the apples made only low prices. Cooking sorts especially have done badly, for supplies of raspberries and currants, have been enormous. Indeed, the arrivals of theso from the Continent have been so large that English growers have had to take unremunerativo prices for their crops, and some are actually letting tho fruit rot rather than pay for carriage to tho markets.

The only Australian apples which are doing any Rood are hard-soft like Rokewoocls, Granny Smiths and best Sturmcrs, but many of the last-named are too largo and too ripe. A considerable quantity of New Zealand apples lias been placed_ in cold store, in tho hope of better prices after the glut of soft friiits ha 3 ended. Tin Output Curtailed. The Tin Producers' Association states that as a result of co operation between the world's chief producers it is estimated that an aggregate curtailment oi about 17.100 tons in the output of metallic tin will be effected to December 31, 1930, without reckoning the reductions which are being made by Chinese producers in Malaya, Siam, and China. But even this reduction does' not satisfy one leading firm of metal merchants, which in a letter to tho newspapers asks whether what is being done is enough to save the situation. It points out that a temporary improvement is not what is wanted in the mining industry as a whole. Those mines which stop work for two months will not derive any benefit, unless any rise in price is maintained after they have resumed production. Commenting upon this point of view the Financial Times savs that unless there is a considerable early improvement in consumption, of which there is no real indication as yet, the current restriction scheme cannot do more than keep the present unwieldy stocks from expanding further.

LONDON BUTTER PRICES. UPWARD TENDENCY REPORTED. Leonard and Soil, LUL, has received the following cablegram from Mr. A. C. Rowson, London, dated July 25: Butter: New Zealand, finest, 138s; first grade, 1365. The demand and the market are stead v. Tho tendency is upward. Cheese: New "Zealand, white, 795; coloured, 83s. Deliveries: New Zealand and Australian, 25,110 crates; Canadian, 6435 boxes. Stocks: New Zealand and Australian, 125,165 crates; Canadian, 116,623 boxes. Tho demand and the market are steady. The outlook is for little change. Amalgamated Dairies, Ltd., hasrecoued the following cablegram from its London house, dated July 25:-Buttcr: Our prices unchanged. fcinest, 140s. Other finest generally, 138s. Market quiet but firm at advance. Retails unchanged. Cheese: White, 795; coloured, 83s. Market steady but quiet. Retail unchanged. TOBACCO FIRMS MERGE. CARRERAS IN AUSTRALIA. Following tipon tho announcement in Melbourne by tho chairman of directors of G. G. Goode, Limited, Mr. E. C. Dyason, of the merging of interests of the company with Carreras, Limited, London, tho secretary of G. G. Goode, Limited, stated that a provisional agreement has been signed in London, under which Can-eras, Limited, will acquire a controlling interest in his company. Tho agreement provides for the allotment to Carreras, Limited, of the 75.093 unissued ordinary shares in G. Gr Goode, Limited, at 10s "a share. Mr. E. C. Dyason will remain the chairman of the company, and Mr. N. S. Cozens will retain his present position of general manager. Bending tho return of Mr. Cozens, who will be accompanied by Mr. Louden, a London director of Carreras, Limited, there will be no change in the policies of the merging interests. BONUS ON BUTTER-FAT. NEW ZEALAND COMPANY. [BY TELEGHA^VT. —OWN COUUESI'ONDENT.] HAMILTON, Monday. The. shareholders' bonus on butter-fat supplied to the New Zealand (.o-ojierativo Dairy Co., Ltd., during tho past season will bo 3-8 d pet lb (id in respect of butter shares and I-3d in respect of coal and timber shares), and share deductions where necessary will be at tho la < IC Tho general manager, Mr- C. J- Par ' lane, states that the shareholders bonus will bo payable in cash on tho biiUer-i.it covered by fully-pa.d shares and the hnlanco owinc on any contributing sluus Kat 11.0 ™<l of to. 1928 29 season will In.' paid before allotting any additional shares.