TRADE AT HOME

Otago Daily Times, Issue 21989, 26 June 1933, Page 7

TRADE AT HOME

COMPREHENSIVE SURVEY A BRIGHTER OUTLOOK STOCK MARKET FIRM (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, Jtme 24. (Received June 25, at 6.30.p.m.) The stock markets have shown no decided tendency this week, but prices are fairly well maintained in all sections, despite a noticeable falling off in volume of dealings. The course of developments in the United States is being closely followed, though with some bewilderment, consequently there is a general disposition to wait and see. GILT-EDGED SECURITIES STEADY. Gilt-edgeds, though inactive, remain steady, assisted by the strength _of sterling in terms of the dollar. Dominion stocks are well maintained, wdth an upward tendency in several groups of Stock Exchange securities shown in the Bankers’ Magazine. A list of 365 representative stocks for the month ended June 17 show a total appreciation of £100,000,000. The general impression is that this upward move, especially home industrials, may have resulted from Wall Street, where based commodity increases are due to inflation. HOPEFUL REPORTS. There are also signs of a genuine stirring in trade activity, with the result that stocks in any way affected have all advanced. The Economist’s Monthly Trade Review again has hopeful reports, both for home and abroad. These show a general improvement in trade, which began at the end of March and has continued. The general position is much better than at the end of winter. , UNEMPLOYED POSITION, In Great Britain there is a considerable improvement in employment, with the exception of a further deterioration in coal mining. The improvement is widespread, embracing building, public works, the iron and steel trades, engineering and shipbuilding, *and the textile, clothing, and boot and shoe trades. Distributive industries, dock harbour services, and other activities confirm the improvement. Wholesales prices are unaltered, and the cost of living remains unchanged. Reports of the retail trade for the end of May are very encouraging, and show a marked improvement since a year ago. BANK ADVANCES. In the south of England the total new building plans passed by the local authorities in May are 40 per cent, over May, 1932. . A most encouraging sign is that the long-continued decline in bank advances has been reversed. May recorded an improvement of £11,000,000 sterling over the previous month. This not a seasonal movement, and there is good ground for believing that it arises from a greater need of funds by certain inBritish industrial reports are mostly very encouraging. COAL AND STEEL. The export coal trade is better, and steel production is increasing, especially semi-finished steel. There is a general revival in the engineering export trade, with electrical apparatus improving, particularly with China and South Africa, where important works are in hand. MOTOR VEHICLES. The home demand for motor vehicles is good, and the British industry is rapidly capturing many of the leading Empire markets. COTTON INDUSTRY. The cotton industry reports better business from several markets, and there are hopes of benefit from the new Indian Customs duties upon non-British goods. BUTTER MARKET. The hopes expressed a fortnight ago of an improvement in butter have not yet materialised, and prices have given way about 2s per cwt. Consumption remains good, but arrivals are still large. Stocks in the cold stores remain at well over 1,000,000 cases. THE APPLE TRADE. The apple trade is very disappointing. Prices for most varieties are poor, only hard sorts, like Sturmers and Rokewoods, being sought after. The position is not surprising when it is considered that the aggregate arrivals at United Kingdom ports from Australia and New Zealand are already nearly 4,200,000, of which over 1,200,000 arrived in the past three' weeks. The conditions are aggravated by large supplies of strawberries, which, after copious rain, matured rapidly, and have been flooding the markets, and selling as low as Cd per lb. Cherries are also plentiful, and selling at the same price. Similar conditions prevail in Germany, where the markets are also affected by considerable supplies transshipped from England, which mostly arrived in poor condition. MEAT PRICES. Despite a further rise in values the Smitlifield retail prices have not noticeably advanced, consequently the more cheerful outlook cabled on June 10 is still further improved. An instance is that Victorian Downs lamb reached 7d and Victorian prime light-weights 6Jd, but the consumption of mutton and lamb remains high, particularly the latter. Almost 500,000 carcasses of lamb were cleared in the United Kingdom in one week recently, which is probably unprecedented.