UNITED STATES TRADE

New Zealand Herald, Volume LXXVI, Issue 23394, 10 July 1939, Page 5

UNITED STATES TRADE

CAUTIOUS OUTLOOK SPRING PERIOD FAIRLY GOOD WAR FEARS DOMINANT United States business men everywhere have continued to be reluctant to enter commitments, and unwilling to participate in speculations as a result ol the fear of a Kuropean war, declares the May Bulletin of the Cleveland Trust. "Spring business in the United States," continues the Trust, "has been fairly good, and building construction has hold up well.

"The reports of 30") loading industrial corporations tabulated by the National City Bank of New York show that, in the first quarter of this year they made net profits of about 206,000.000 dollars (£-11,200,000 sterling). That is more than twice as much as the 91,000,000 dollars of profits which the same companies reported in the first quarter of last year, and it is only 15 per cent less than the 210,000,000 dollars which they made in the final quarter of 1038. These earning reports are moderately encouraging. and yet the clear fact is that business activity in many lines, and perhaps in most of them, has been flattening out in recent weeks.

"Probably we must reconcile ourselves to the prospect that business will continue to operate cautiously, and to postpone new enterprising undertakings, as long as the fears of war continue to add their restraining influences to the doubts about the prospects for profits which have long prevailed here in trade, industry and transportation. "Bright spots in manufacturing include shipbuilding, aviation, machine tools, chemicals and most parts of the automobile industry. The railroads,as a whole are not earning enough to cover interest requirements."

SEARCH FOR OIL NEW POLICY IN AUSTRALIA The Australian Federal Cabinet has decided to abandon the policy of subsidising the search for oil in Australia in favour of granting taxation concessions to prospecting companies. The States will be asked to introduce uniform legislation, which it is hoped will encourage major oil companies to conduct a search in various parts of the Commonwealth.

HIDES AND SKINS VALUES AT WELLINGTON Competition at the sale of hides and skins in Wellington on Friday was less keen than at previous sales, but. a good clearance was made. All grades of sheepskins met keen competition, with sound-pelted full-wools selling at unchanged prices. Damaged nnd inferior lines were slightly easier. Ox and cow hides were slightly lower, the easing being generally d per lb. Kip and yearling were unchanged, while calfskins were %d per lb dearer. The following was the range of prices:— Sheepskins.—Halfbrcd, 7d to S'/ 2 d per lb; fine crossbred, 7d to OV A d: medium crossbred, « 3 ,-id to OVid; coarse crossbred. C>y A d to D'/.d: halfwools, u'/jd to fid; quarter-wools, 1 Y 7 d to 7d; pells, 2'/ld to VMHides. —Ox, 331b to -l-tlb, -I %d to s'/,d; ox. •151b to 52 lb, -l%d to 5 3 4 d; ox, 531b to s»lb, I'/id to U'/sd, ox, (>Olb to (if)lb, 5%d to OVid; ox, 701b and over, (id to 7'/ ; d; cow. 3,Sib to 3!)lb, -Id to 5%d; cow, ■lolb to -ISIb, ,'V,id to .V/ad; cow, -toll) and over, 3d to .V/jd; kip, 251b to 321b, -1/ nd to (i'/ld; kip, 17lb to ti l lb. ■ I>„(l to 7 l / = d; yearling, I lib to Kill). l%d to Slid; calf, !>lb to 101b. ,~>y n d to B%d; calf, <ilb to Slh, (id to I0 : !id; calf, lib to oil). 3d to l<r%d. LIVERPOOL FUTURES (Received July 0, 5.5 p.m.) LONDON, July S Wheat. —Liverpool futures: October, 4s lid a cental; December, <ls 2jd. LONDON FRUIT MARKET (Received July 9, 5.5 p.m.) LONDON, July S Apples are in fair demand and prices are lower. Australian supplies sold as follows: —Stunners, (is 3d to 9s 6(1; Granny Smiths, Us 6d to 13s 9d; Jonathans, 6s to 9s 6d; Cleopatras, 6s to 7b 9d.