TRADE OF BRITAIN

New Zealand Herald, Volume LXXIV, Issue 22775, 8 July 1937, Page 7

TRADE OF BRITAIN

REMARKABLE EXPANSION WOOL IMPORTS INCREASE MORE MANUFACTURED EXPORTS The trade revival in Great Britain this year is remarkable both for its magnitude and consistency. For the first five months exports totalled £240,2(38,702. against £20;}.244,256 for the same period last year, while imports rose from £335,450,958 to £394.631,480. Imports in May were £14,000,000 in excess of those for May, 1936, and exports increased by £8,000,000. The largest increase in imports in May was in raw materials, which were £5,660,000 more than last year. Evidence of the improvement in the textile industries is seen in the fact that raw cotton imports were up by £1,070,891 and wool imports by £1,061,939, respectively 25 per cent and 17 per cent better than last May.

Imports of manufactured articles rose by £5,658,000, the main increase hero being non-ferrous metals and manufactures, which were up by £2.673,733 on the previous May, or more than double. Food, drink and tobacco imports increased by £2,629,827. On the other hand, consumption of foreign fruit and vegetables declined by £1,235,838.

The greater part of the export increase for May is accounted for by a rise of £5,075,628 in the value of manufactured goods, while a further £1,758,140 increase was shown by reexports. The greatest improvement was in the textile industry. Cotton yarns and manufactures were £1,051,737 more than last May, an increase of 20 per cent.

Woollen manufactures, including reexports, increased by £367,003, while reexports of waste wool and rags advanced by £833,634. Other textile manufactures rose bj- £301,510. Iron and steel manufactures exported were up

£895,500, or 25 per cent, and goods manufactured from non-ferrous metals increased by £797,011, of which £610,238 were re-exports.

UNION BANK DIVIDEND NO ALTERATION IN RATE SUBJECT TO INCOME TAX LONDON, July 0 The directors of the Union Bank of Australia have declared an interim dividend of 3s a share. The dividend is at the unchanged rate of 5 per cent per annum. The distribution usually has been made free of tax*, but in this case it is subject to English income tax of us in the pound, less Dominion rebate of Is 8d in the pound, making 3s 4d in the pound. This amounts to 6d on the dividend of 3s a share, making the actual payment 2s 6d a share, unchanged Shareholders in Now Zealand will receive about 3s Id a share. Payment will be made on July 31.

BRITISH TOBACCO PREFERENCE DIVIDEND [BY TELEGRAPH —PRESS ASSOCIATION*] ■WELLINGTON, Wednesday The directors of the British Tobacco Company (Australia), Limited, have declared the usual quarterly preference dividend at the rate of 6J per cent per annum, payable on July 31. GOLD AND SILVER QUOTATIONS IN LONDON LONDON, July 0 Fine gold is quoted at £7 0s 4id an oz.. compared with £7 Os 6(1 yesterday. Silver is quoted at 20d an oz. spot and 20 1-16(1 forward, compared with 19sd and 19 15-16(1 yesterday. The quotation for silver at per fine oz. is 21 9-16 d. compared with 21 7-16 d yesterday. PRICES OF METALS TIN STILL RISING LONDON, July 0 Following are to-day's quotations on the London metal market, compared with thoso of July 5: — July f> July h Per Ton Per Ton £sd £ s d Cop., stan., spot . .">0 16 3 50 1 3 Cop., stan., 3 mos. 50 12 0 55 14 4 1 /, Cop., electrolytic . 03 0 0 02 0 0 to to Go 0 0 04 0 0 Copper., elect., wire bars . . . . 05 () 0 04 0 0 Lead, soft, spot . 24 S 0 24 0 7Va Lend, soft, forward 24 4 4'/, 23 18 IV, Spelter, spot . . 22 10 7% 21 10 4% Spelter, forward . 22 14 4 '/ 2 22 3 V/ 3 Tin, stan., spot . . 201 0 0 257 13 0 Tin, stan., 3 mos. . 200 13 'J 257 17 0 FRENCH BANK RATE ONE PER CENT REDUCTION LONDON, July 0

A message from Paris says the French bank rate has been reduced 1 per cent to 5 per cent. The reduction is considered in London to be evidence that the franc is maintaining itself without intervention. The exchange market is quiet.

HIDES AND SKINS IMPROVEMENT IN VALUES There was an improvement in the market for hides and skins at the fortnightly sale held by Auckland brokers on Tuesday. Competition was keen and cow hides advanced by from '/jd to Id per lb. Ox hides also improved, while skins were slightly higher. Prices for best grades were:— Hides.—Ox (abattoirs), heavy, to o%d per lb; medium, B'/jd to O'/d; light, 7%d to 8d; ox (country butchers), heavy, B%d to !»d; medium, 7%d to S'id; light, 7d to 77 a d; cow (abattoirs), heavy, to 8d; light to medium, S'/ 2 d; cow (country butchers), heavy 7d to 7VJd; light to medium, ~'/,d to 7 3 /, d; farmers' (all weights), fid to (!%d; yearlings (abattoirs), heavy, S'/d to BVad; light to medium. Il'/ a d to 12<l; second grade, (t'/ 2 d to BM,d; faulty and cut, ~td to 7d; calfskins. 31b to r>ll>, 1 Id to M'/jd; (lib and 81b, I.V/Jd to IflVad; seconds and cut, 12d to 12'/ 3 d; slippy. :>V,d to ()Vad. Salted Sheepskins.—Thrce-nuarter to full, large. Os 8d to 10s Od; medium, 8s 4d to 8s 1 Od; quarter to half wool, large, 5s 3d to fis; small, 3s 3d to 4s 4d. Dry Sheepskins.—Three-quarter to fulj, wool, medium to lino crossbred, 1 -IVad to tod per lb; coarse crossbred, I <Vid to 1 -IVad; damaged and faulty, lid to 13d; half-wool, medium to fino crossbred, 12Vad to 13V?d; coarse, 12d to 12Vid; damaged and faulty, 7%d io lid; bare to quarter-wools, sound, 10'jd to lid; damaged and faulty, 7'/ 5 d to lOd. Tallow.—Good quality, 21s to 22s per cwt; second grade, IDs to 20s; third, 17b to 18a.