FINANCE AND TRADE

Otago Daily Times, Issue 21978, 13 June 1933, Page 9

FINANCE AND TRADE

COMMODITY PRICES ADVANCE OUTLOOK FOR APPLES BAD mutton and lamb improve (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 10. This has been a dull week on the Stock Exchange. Most markets were inactive, but no weakness developed except in German bonds, which naturally fell sharply on the moratorium announcement, and in Kaffir mines, which, suffered a severe setback as a result of the new taxation proposals and resultant heavy selling from Johannesburg. The best section has been the giltedged market, which showed all-round firmness, partly due to the improvement in the sterling exchange and the cheapness of money, and partly to cessation of speculative activity, in industrial shares, which have been more or less neglected, with the exception of brewery shares, in which there have been considerable dealings, the consumption having been apparently increased materially since the reduction of the duty. , ... Dominion stocks have been quietly steady. The lists for the Commonwealth conversion loan closed this afternoon, No announcement as to the result will be made till Monday, but it is generally believed that the cash UPP 11 ®- anta will receive only a small allotment. . , Commodity prices remain firm ana show a remarkable recovery compared with three months ago. According to the Evening Standard’s barometer, which counts the average of prices in 1930 as 100, the average on June 8 was 77.3 compared with 68.1 on March 2, the advance having been practically continuous. A satisfactory is the improvement in most Australian and New Zealand commodities; even hides, which have long been depressed, show a considerable advance. BUTTER AND CHEESE.

Butter prices are still very low, but the outlook is regarded as being more hopeful than for some time past, and although no great advance in values is probable traders generally anticipate a gradual upward movement. The stocks in cold stores certainly show an increase of 1,153,793 boxes, compared with May 27, but against this may be set the dedining production in Australia and the fact that this is the first time for many months that the quantities afloat from Australia, New Zealand, and Argentina are smaller than for the corresponding period of 1932. The present consumption, aided by the hot weather, should make a considerable reduction of stored stocks. Traders apparently take a confident view of the position, for there has been a large amount of forward buying, both Australian and New Zealand, during the last fortnight. . . , j The cheese position is also regarded as sound, the consumption being as large as usual in hot weather. APPLES. The apple market is suffering from the effects of heavy and the prices realised for many varieties can hardly be remunerative. Fortunately, apples have not met with such serious competition from soft fruits as was expected, for the spell of almost tropical heat and the absence of rain has practically spoiled the strawberry crop, the supplies of which are only about half of the normal quantity, and most of the 'berries are very small. They are being retailed at Is to 6d per lb, compared with apples at 5d and fid. The prospects for apples in the immediate future seem (bad, because during the next seven days 637,000 boxes of Australian apples and 132,000 of New Zealand apples are due to arrive in the United Kingdom. Discussing the quality of the Australian apples, a leading London importer says that *he fruit from the mainland generally is satisfactory, but little praise can be given to Tasmanian apples, which generally are of rather poor quality and are overripe. These defects are reflected in the prices. MEAT. - An improvement in the prices of mutton and lamb in the past three weeks encourages a more confident outlook.- The Smithfield rise has been partly at the expense of beef, which is stagnant, but the low retail prices have caused large consumption of mutton and lamb, which should continue if there is no marked rise in the retail prices. The arrivals of mutton and lamb in the next few weeks will probably be light. The only factor likely to cause a 'setback is the possibility of a heavy supply of home-grown lambs, which the hot weather may bring forward. THE STOCK EXCHANGE. i (British Official Wireless.) RUGBY, June 10. Although the general tone was good, business was on modest lines on the London Stock Exchange to-day.. A feature was the advance in go}d mining shares on the latest advices from South Africa regarding the proposed tax. German bonds improved, 7 per cents being quoted at £66 10s and sJ’s at £46 10s. British funds are steady. ■ i —~ AUSTRALIAN APPLES. HAMBURG, June 12. (Received June 13, at 1 a.m.) The apple market is firm, with a good demand. Western Australian. Cleopatras (somewhat pitted), Cs to los fid; Dunn’s, 12s to 16s 2d; Jonathans, 9s lOd to 13s Sd; Romes, 11s 3d to 13s; Granny Smiths, Ids 8d to 14s 2d. Victorian. —Cleopatras, 11s 8d to 12s 4d; Dunns, 10s fid to 17s Id; Jonathans, 9s 2d to 14s fid; Romes, 11s 7d to 13s; Granny Smiths, 11s 4d to 14s 2d. Tasmanians. —Cleopatras, 12s to 14s lOd; Dunns, 12s 8d to 16s 2d; Jonathans, 10s lOd to 14s lOd; Romes, 12s to 12s 4d. Western Australian Pears (Boxes).— Winter Nelis, 8s 5d to 1,4 s lOd; Josephine, 12s 8d to 16s fid; Keiffers, 9s lOd to 13s.