MONEY AND MARKETS

Otago Daily Times, Issue 19762, 13 April 1926, Page 9

MONEY AND MARKETS

FORTNIGHTLY REVIEW

AMERICAN APPLE COMPETITION,

WOOL PROSPECTS BRIGHT.

(Press Association—By Telegraph—Copyright.)

LONDON, April 11.

The Stock Exchange is overshadowed by the serious situation in the coal industry, and business in all departments is dull. This is particularlv noticeable in industrial stocks, especially rubber and tin shares, which have been further affected by the fall in values of those commodities. Gilt-edged prices are mostlv steady. The New South 'Wales scrip remains at about 25s discount. Several new leans were expected to make an appearance after Easter, but they have been delayed, apparently owing to the general uncertainty surrounding the labour and political situation. THE APPLE MARKET. The Australian and New Zealand apple season has not opened too well, the demand not being as good as it might have been, largely owing to the continued heavy arrivals of American apples, and the marketing of large quantities of Americans which have been held in cold store here. These, despite the long storage, are of excellent quality, and appearance, notably Newtown's Wines. Many buyers are giving these preference over the dominions’ fruit, as the latter is not turning out altogether satisfactorily. There is considerable bitterpit noticeable in many varieties, notably Cleopatras and Cox’s, and some of the fruit is decidedly immature. American competition seems likely to continue, as the stored stocks in the United' States are reported to be heavy. AUSTRALIAN WINES. Complaints are being made of the poor quality of some of the recent arrivals of Australian sweet wines of a type which, according to one wine merchant, are of such a character as to produce disastrous results, and almost break the. heart of every well-wisher to the Australian sw-eet wine trade. These inferior wines, which were shipped when too young to stand the lengthy journey between Australia and the Mother Land, have jeopardised a most promising future and trading possibilities. 1 A leading firm of importers, writing to the trade newspapers, suggests that the trouble was due to the impossibility of foreseeing at the commencement that there would be such a large demand, and that stocks of matured wine would be so soon exhausted. The firm adds: ‘lf this business is to be saved the Commonwealth Government must refuse to grant the 4s per gallon bounty on any wines exported, which do not reach a certain standard, quality and age.” FROZEN MEAT TRADE. Although the trade in frozen mutton and beef continues to be disappointing, there has been a great improvement in the demand for Australian lamb, and, aided by a certain amount of speculative inquiry, values have appreciated sharply, and practically the whole of the recent fall in prices has "been recovered. The demand has been chiefly for light-weight descriptions, but other grades have advanced in sympathy. Lamb arrivals have been small during the last few weeks, and this has enabled values to be maintained, but there is sufficient lamb stored here to make operators anxious concerning the future. STABILITY OF WOOL. Discussing the wool situation, a wellinformed Bradford correspondent says;— ‘‘The long-oontinued stability of the wool prices this season has been immensely beneficial to the industry by inducing confidence and facilitating the sale of the fully-manufactured article at reasonable prices.- It has also conduced to the extended use of the finest qualities of wool, while there seems to be little doubt that the considerable publicity which in various ways has been given to the superiority of British clothes, is at length producing good results in a greater demand for Bradford fabrics. A conspicuous feature of the trade at the moment is the demand for the very finest merino goods. Spinners and manufacturers of the highest quality yarns and cloths are busy in the consumption of merinos on a large scale. Topmakers state .hat they can readily sell anything from 60’s quality upwards, but even below this there is no weakness. All the prognostications about the possibility of a fall in wool have been falsified, anil now that the New Zealand season is and the end of the Australian season is within sight, there is sound confidence that the raw material is on a solid foundation.”—A. and N.Z Cable.