COMMERCIAL SUMMARY

Otago Daily Times, Issue 22369, 17 September 1934, Page 10

COMMERCIAL SUMMARY

MORE ACTIVITY ON STOCK EXCHANGE (United Press Association.) (By Blectrio Telegraph—Copyright.) LONDON, September 15. (Received Sept. 16, at 6.30 p.m.) With the holiday season drawing.to a close, the Stock Exchange is beginning to show more activity, and the general tone has been quite satisfactory. The gilt edged market is steady, with dominion stocks in good demand. The new Nigerian conversion loan had a good reception. The Argentine conversion of a number of 5 per cent, stocks amounting to nearly £10,000,000 into 4J per cent, bonds' at 93i was also well received. This issue is interesting from the fact that Argentina's credit is so good that the Government was able to dispense with the underwriting of a large proportion of the issue, only about £4,500,000 being underwritten.

EGG MARKET WEAK,

The Australian egg season opened under somewhat inauspicious conditions. There has been an unusually prolonged summer, with a temperature as high as mid June. Similar conditions prevail on the Continent, with the result that egg production is maintained at a very high rate. Consequently tho market has been flooded with Home and Continental eggs. Some weak holders of the latter are selling at almost give-away prices. Thus 171 b Danish have been sold as low as 10s Od per 120. The same weight of Lithuanian have been sold at Bs. In these conditions the price realised for Australian —161 b at lis 6d —must be regarded as satisfactory. OUTLOOK FOR BUTTER. The butter trade is still in the doldrums, but there are some signs that a slight improvement will possibly come before long. Stocks in cold store, though still very heavy, are beginning to decline, and the total afloat from Australia, New Zealand and the Argentine is also falling off. There are prospects of an increase in the German quota of imports for the remainder of tho year. This should mean smaller arrivals of Danish here. Jfc is reported that South Africa is threatened with a butter famine as a result of last year's drought. This may mean that some butter may be shipped there from England, so Australian producers might well consider sending shipments to South Africa.