BRITISH TRADE REVIEW.

New Zealand Herald, Volume LXVIII, Issue 20947, 10 August 1931, Page 5

BRITISH TRADE REVIEW.

STOCK EXCHANGE DISTURBED.

DECLINE IN BRITISH FUNDS. THE POSITION OF RUBBER. (Eeceived August 9, 5.5 p.m.) LONDON, August 8. The three weeks' account on the Stock Exchange, which has just been concluded, has been one of the most disturbing experienced for a long time, owing to a combination of adverse factors arising out of the complicated international situation, especially the German crisis. Last Wednesday the sharp" break of the principal exchanges upset the markets greatly. There were many pessimistic iamours current. It was feared that the withdrawals of gold would be resumed, which would have necessitated a further advance in the bank rate. Fortunately, these fears proved groundless, and a slightly more confident tone was apparent when the markets closed yesterday. In the course of the three weeks there has been a serious decline in most giltedged stocks. British funds showed fails ranging from £1 12s 6d to £3, compared with July 17. Australian stocks fell by from £2 to £4. The only matter for congratulation is that although prices were marked down there has been little pressure to sell, except in gilt-edged and foreign stocks and the railway markets, and the actual volume of business has been limited. A3 the Financial Times points out, while prices generally have moved downwards, the falls in man;- instances have been out of all proportion to the amount of selling and have mainly reflected the acute nervousness prevailing. The Improvement in commodity prices in the latter half of June, following Mr. Hoover's debt moratorium proposals, has not been maintained, and the downward movement has been resumed. In July wheat, cotton and rubber touched low records, and with the supplies of each continuing to exceed consumption there does not seem any prospect of improvement. Regarding rubber, the Mincing Lane Tea and Rubber Sharebrokers' Association's report says: "The silver lining to the cloud lies in a strong probability that the wavering policies are closing down and are more likely to become effective. With no early possibility of a largely increased consumption, the immediate salvation seems to lie in reduced production, but it is difficult to see how far this can be carried before a resultant improvement in price comes, and the best interests of the industry must ba served by those who are endeavouring to find new uses for the material." THE LONDON MARKETS. FROZEN MEAT. (Received August 9, 7.15 p.m.) LONDON, August 8. The weekly quotations for the undermentioned classes of frozen meat are based on actual sales of wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and/or ex London stores. They are compiled by the Quotations Committee, SmithSeld. To arrive at the equivalent ex ship values, one farthing per pound should be deducted from the* prices quoted below. Quotations given represent the average for the week and are not selected lines-, but for parcels fairly representative of the bulk of shipments now on offer. New Zealand Frozen Sheep. —Canterbury and North Island selected crossbred wethers and maiden ewes, ,481b. to 561b., 4|d; 571b. to 641b., 4§d; 651b. to 721b., 4gd; North Island crossbred wethers and maiden ewes, 481b. to 561b., 4fd; 571b. to 641b.. ewes, under 481b., 3Jd; 481b. to 641b., 3|d; 651b. to 721b., 3sd. Australian Sheep.—First quality crossbreds and/or Merino wethers, 401b. to 651b., 3|d; 301b. to 551b., old; ewes, 301b. to 551b., 3|d.

Argentine Sheep. —First quality crossbred wethers, 481b. to 641b., 4fd; 651b. to 721b., 4d; over 721b., none offering. I'ataganian Sheep.—Wethers and/or maiden ewes, under 501b., 4|d; 501b. to 601b., ewes, 401b. to 501b., 3|d. New Zealand Lambs.—Canterbury, 561b. and under, 7id; 371b. to 421b., 7§d; 431b. to 501b., 6|d; second quality, average 501b., "id; other South Island brands, 561b. and under, 4olb. to 501b., 63d; selected North Island brands, including Downs, 561b. and under, 7|d; 371b. to 421b., 501b., 6Jd; second quality, average 301b., 7£d; other North Island brands, first | quality, 361b. and under, 7£d; 371b. to 421b., 7d; second quality, average 301b., 71d Australian Lambs.—Victorian, _ first qualitv, 361b. and under, 7d; 571b. to 421b.," 6£d; other States, first quality, 361b. and under, 6£d; 371b. to 421b., s;jd; Victorian, second quality, 361b. and under, 6|d; other States, second quality, 361b. and under, 6Ad; all States, third quality, 6fd. Argentine Lambs.—First quality, 561b. and under, 62d; 371b. to 421b., 6§d; second quality, average 301b., 6§d. Uruguayan Lambs.—First quality, 361b. and under, 6§d; sneond quality, 371b. to 4211)., bird; third quality, average 301b., 6|d. New Zealand Frozen Beef.—Ox fores, 1601b. to 2201b., none offering; other sorts, none offering. Australian Frozen Beef.—Ox crops, under 1001b., over 1001b., 2|d; ox hinds, under 1601b., 3|d; over 1601b., 2£d Argentina Chilled Beef.—Ox fores, 1601b. to 2201b., 2|d; ox hinds, loQlb. to 2201b., 7^d. New Zealand Pigs.—First quality, 601b. to 1001b., average 901b., 6d; 1011b. to 1201b., 5J,d. Australian Pigs.—First quality, 601b. to 1001b., average 901b., s|d; 1011b. to 1201b., sgd. All other sorts are unchanged. COTTON, RUBBER, JUTE, ETC. (Last week's prices in parentheses.) Cotton. —September delivery, 4.21 d (4.56 d) per lb. Rubber.—Para, tation and smoked, (2fd) per lb. Jute. —New crop, August-September shipments, 52s 6d (£ls 12s 6d) per ton. Hemp.—July-September shipments, nominally £2O per ton. Copra.—July-August shipments, South Sea, £ll 2s Gd (£ll ss) per toh; plantation, Rabaul, £ll 5s (£ll 7s 6d) per ton. Linseed Oil.—£l6 (£l7) per ton. Turpentine.—47s (475) per cwt. The Bank of New Zealand received the following advice from its London office as at the close of business last week:—The market is quiet and unchanged for wethers. The market for ewes is firm but there is little business doing. The market for lambs is rather easier, being weaker for heavy-weights, while liglitweights remain steady. Unfavourable weather is affecting trade. Quotations. Wethers, light, to per lb. j wethers, heavy, 3|d to 4Jd; ewes, _3 4 d to 4 l-3d; lambs, twos, 7 l-8d to (|d; eights, 7d to 7|d; fours, 6£dj to 6|d; seconds, 6fd to 7^d.