TRADE REVIEW

Southland Times, Issue 20665, 22 April 1929, Page 7

TRADE REVIEW

BRITISH MARKETS

QUIET PERIOD ON STOCK

EXCHANGE

APPLE PRICES DISAPPOINTING

(United Tress Assn.—By Telegraph—Copyright) (Rec. 5.5 p.m.) London, April 21

The Stock Exchange has entered upon a period of quiescence, which is likely to last until after the General Election, for business always becomes dull at election time. The May Day holiday and Whitsuntide holidays will also interrupt business next month, so there is little probability of any activity developing until the elections ate out of the way.

Some people were hoping for a little spurt after the Budget, but as a matter of fact the markets are quieter than ever, despite the fact that fears of an increase in the bank rate have passed and many conditions have been easy. Although dullness reigns in all the markets, it is satisfactory to note that there have been no signs of weakness in investment stocks, and prices generally has been well maintained, though the Budget gave them no encouragement.

The industrial market is almost lifeless. There is no appearance of anything like speculative activity. Tea shares got a little fillip from the abolition of the duty, but other industrials have been neglected. Even the cables and wireless companies, which were recently full of vigour, relapsed into something like stagnation. Many newspapers this week-end have a column advertisement on colonial issues headed, ‘‘The sweet security of five per cent.” Investment in stocks of the dominions and colonies combined with absolute security of capital and the certainty of income paid on due dates with a slightly higher income than obtainable on similar stocks at home, are points that are being strongly emphasized. The condition of the apple markets both in Britain and on the Continent, is very unsatisfactory and prices realized are disappointing. The chief cause is undoubtedly the heavy supplies of American box apples, which are glutting all the markets. Importers are very pessimistic about the course of the markets for another month at least. After that time there may be an improvement as American supplies will be nearing an end. It is satisfactory to be able to report a firm market for pears, both Australian and New Zealand making good prices which should be maintained as supplies from California are finished and South African arrivals are diminishing. z\ Bradford correspondent says: "The outlook for the next London wool sales opening on April 30 is moderately good. I sec nothing to warrant anyone looking for higher prices, but expect an all round good demand for both merinos and crossbreds at last sale’s values.”—Australian Press Association.