TRADE AND FINANCE

New Zealand Herald, Volume LXX, Issue 21479, 1 May 1933, Page 5

TRADE AND FINANCE

LONDON STOCK MARKETS BUDGET'S SMALL EFFECT INDUSTRIES IMPROVING (Received April 30, 6.3 ft p.m.) LONDON, April 29 What one of the financial newspapers describes as a Budget of somewhat unorthodox character had little effect on the London Stock Exchange, for the gilt-edged market did. not anticipate any relief in direct taxation and the reduction in the beer duty had been generally expected and discounted. Goldmining shares reacted favourably on the supposition that the sterling price of gold will not be allowed to fnll if the Exchange Equalisation Fund maintains sterling at about its present rates of exchange. Consequently there has been much activity in Kaffirs, and Australians have been in demand with prices mostly firmer. The Economist's monthly review takes a mildly optimistic view of the trade position. It says: There is some evidence of slow improvement in British industry. the seasonal increase in employment during March in the building and ancillary industries, public works, contracting and clothing has been accompanied by improvement in the engineering, shipbuilding, iror and steel, vehicle and metal trades, also in some of the textile industries, boots and shoes, furniture, pottery and distributive trades. Against this must be set deteriorations in the cotton, hosiery and coalmining trades and the dock and harbour services. But, even so, there is a netimprovement over the whole country. Many general trade indicators have moved in the right direction. Iron and steel production in March shows an improvement over February. Railway receipts arc better. Retail trade has been well maintained. and commodity prices have shown signs of recovery., Trade reports on the whole are more hopeful,, The export coal business is improving, there has been a small but definite revival in shipbuilding and marine engineering and the motor-car industry is busy with home and export orders.

The wool textilo trade is firmer and more hopeful in all sections, buyers feeling greater confidence. The most disappointing trade is the cotton industry. Unemployment is heavier and more plants are standing idle. It is reported that the Indian- market is overburdened with Japanese stocks.

STOCK SALES PRICES AT MORIRINSVILLE The Farmers' Co-operative A uctionee ;i?iK Company, Limited, report* that .at Moi'finsvill© stock sale on Monday an sStra heavy yarding oi cattle came forward arid eolc, at late rates. The advertised entry of ete«r« sold at late rulinc quotations. Thera was an exceptionally heavy yarding of fufc pigii. The majority comjiated of corkers, which declined ,in value. Prices for urim* bocDners were Slightly firmer than Frankton quotations. The advertised Dedieree, pigii met with good competition, practically tho whole entry being sola. "All classes of fat sheep were yarded in heavy numbers. Fat wethers sold at- late rates, while prices for ewe mutton increased. The larce vard-t ing of stove eheup comprised chiefly a lino of istore wethers from East Coast, and an excellent sal' resulted. Q (rotation:;.—Sheet): Extra heavy fat wetiers, 14s fid to 15s: medium, 12s 7d, to 13s -Id- light, lis 9d to ISs sd: heavy' fat Hwes, to 9s; medium, to 8s; light, to Gs !2d; heavy prime lambs, 12s 3d to 133 6d; medium four and s-ix-tooth wethers.! to lis 3d; well-grown two-tooth wethers, to lis 7d: medium, to 10s 7d; small, to 10s Id: small empty two-tooth ewes. 10s 2d:, four and sije-tooth ewes, fis 2d to 9s Gd: four and five-year ewes, to 73 8d; woolly store iambs, Gs lid to Ba.: cull lambs, to Cs. Cattle: Medium fat eteers, £5 Ss to £5 7s fid; good quality medium fat heifers. £3 to £3 7s Gd: lighler. £2 I.os to £2 173 Gd: medium fat cows. £2 10s to £2 17s; lighter, to ;I'2 iJs; boner cows, to 28s; grown steers. £2 19s to £3 10s; two ajid a-half-year-old steers, £2 5s to £2 13s: mixed colour steers, to 3Ss; Jersey heifer calves, to £2 Is: bulls, to £2 JOs Pigs: Chcppers. 21s to 325: heavy prima baconers, £2 to £2 ss: 36a to 395; light, 32a to 355; heavy pcrkers. 27s to 325; medium. 223 to 2Gs; light. 17a to 225; stores, to 19s: slips, Gs to 10s: weaners, 3s Gd to 7s: pedigree Tarn worth sown due to farrow. 3Jgr.s to 4£gns: five-month-old purebred Berkshire sows, to £2 15s;, maiden crossbred Tamvjorth sows. £2 10s to £3; pedigree Tam worth boars, 3Jg;iis to 4gns; pedigree Berkshire boors, to Igns; pedigree Devon boars, 3sns.

VALUES AT KAMO [from our; own correspondent] WHANGAREI, Saturday The North Auckland Farmers' Co-opera-tive, Limited, reports holding a successful sale at Kamo yesterday when there was a large yarding. Values were:—Dairy cows. £3 10s to i' 4 10s; backward sorts, £2 2s 6d to £3 2s 6d; fat cows, £2 10s to £3 ss; runners, to £1 8s; bon<!r cows, to 25fi; boner bulls, to £4 15s; S-year-old (oloured steers, to £2 Cs; Jersey heifers, to £1 7s 6d. Dalgety and Company, lAmsted, report having a successful sale at Kamo yesterday, when a good yarding; was sold under keen competition at late rates. Backward dairy cows made up to £1 7s 6d; springing Jersey heifers, £4 7s 6d; :Eat cows. £2 103 f boner cows, to £1 lis; bcr.er bulls, £2 Ss; storo cows, 14s; Hereford and Shorthorn 3-year-old steers, £2 10s to £3 3s; 18-mor,ths-old Shorthorn steers, £1 12s Gd; 2-year-old Hereford steers, £s'; coloured steers, to 18s; Jersey bulls, £2 9s; store lambs, 6s lid;aged cull ewes. Is 9d. WHEAT IN AMERICA (Received April 30, 5.5 p.m.) CHICAGO, April 29 TVJieat. —May, 70," cents a bushel; July, 711 cents; September, 72| cents; December, 74f cents. The New York quotation for cash is 813 cents. (Received April 30, 5.5 p.m.) WINNIPEG, April Borne upon the crest of inflation wheat futures rose to-day nearly four cents, thus recovering most of the losses sustained earlier in the week. It was the largest single day's export business for more than a week. Closing prices were: May, 59 j cents; July, 60£ cents; October, 62| cents.