TRADE OUTLOOK NOT BRIGHT

Southland Times, Issue 23599, 29 August 1938, Page 3

TRADE OUTLOOK NOT BRIGHT

WILD FLUCTUATIONS IN LONDON

LITTLE HOPE OF AUTUMN RECOVERY

(Received August 28, 6.30 p.m.) LONDON, August 27. Wild fluctuations reveal the City’s growing concern over the trade outlook. The trend of the traffic is dispelling hopes of an autumn recovery. The returns of electricity consumption are also discouraging and indicate that the light industries are now feeling the full effects of recession.

Tangible evidence of recovery in the United States will come as a welcome contrast to the European political news and the unsettled outlook in home trade. Industrials fluctuated narrowly, and gilt-edged securities were more than usually quiet, but moderate buying carried the prices above last week’s levels. In view of the unhopefulness of the home situation the behaviour of the Stock Exchange is gratifying, but it must be remembered that the firmness rests upon an almost negligible volume of trading. London expects an acceleration of the pace of the revival in the United States, especially as there is no evidence that the pump-priming programme has begun to take effect. The behaviour of commodities indicates mild general optimism for the remaining months of the year. Metals, with the exception of tin, have been firm. Lead has been strong and active since the talk of formation | of some kind of cartel.

Business in Yorkshire is quiet, pending a lead from the Australian sales. The general feeling is that prices will open more or less in line with present quotations at Bradford. France is expected to be a considerable purchaser in forthcoming months, as her export trade is gradually expanding. World values are now regarded as a sound basis likely to encourage consumption. Butter has remained quiet, and buyers are apathetic. Even in the face of the improvement in Danish and other continentals there have been large offers of Canadian, but it is impossible so far to effect sales. Useful quantities are expected in the next six months. Moreover, exports from Europe are fully up to last year’s; consequently it does not appear that the market will have the customary autumn rise. Consumption remains steady at about 500 tons a week less than in 1937. There is little prospect of an improvement unless butter is retailed in the region of 1/- per lb.

FOREIGN EXCHANGES

THE RIALTO s William Todd and Co., Ltd,, report as follows for the week ended Saturday, August 27: — Pigs: One hundred and thirty-four pigs were entered and sold, there being a keen demand for good weaners. Small stores were slightly easier. Weaners realized, large 25/- to 27/6, medium, 21/- to 23/-, small, 15/- to--20/-; stores, 31/6 to 36/6; small stores, 25/- to 30/-; sows, £2 5/-, £3 5/-, £3 15/-, £4, £5 5/-. Ponies: Four at £6, 1 at £10; 1 at £7.

Poultry: A keen demand. W.L. Hens, 1/8 to 2/4: laying hens, 3/11 to 6/-; roosters 2/6 to 5/-; ducks, 2/- to 2/9; drakes 2/6 to 3/-; Muscovy ducks, 2/6 to 4/-; drakes, 3/4 to 5/-; ganders, 4/6; turkeys. 7/6 to 10/-. Produce: Table potatoes, heavy supplies, King Edwards, £5 to £5 5/-; Arran Chiefs, no demand. Onions (Brown Spanish), 17/6; chaff, £5 10/to £5 15/-; hay, £5 10/-; straw, £3 10/-; wheat, 20/- to 23/-; crushed oats 9/-; pollard, 9/-; bran, 7/-; Farrafood, 16/6; sorrell, 4/-; oats, 9/- to 12/6; rock salt, 8/6; molasses, 13/6; Moose meal, 21/-; Moose nuts, 20/6;* bone flour, 14/-; meat meal, 11/-; oyster shell grit, 6/- cwt. Miscellaneous: Barbed wire, 32/6; No. 8 galvanized, 28/6; fowl netting, 14/6; rabbit netting, 26/-; sheep netting, 26/-; tanks, £2 10/-; pumice portable boilers, £6 15/-; pumice washtubs, 47/6; sashes, 13/6, wheelbarrows 30/-, timber 14/to 17/- 100, stakes 40/-, droppers 16/100, horse covers, 27/6; cow covers, 9/6, draught collars, 47/6; winkers, 21/-; hames, 10/6; Ceylon tea, 401 b chests, 2/3 lb, 51b boxes, 13/6. Vegetables: Good demand. Cabbage, 4/- to 7/-; cauliflower, 6/- a dozen; carrots, parsnips, beetroot, Id per lb. Hedge trees: White escallonia, fed escallonia, olearia, marcocarpa, pihus insignis, 15/- to 30/- a 100; apple trees, 3/-; shrubs, 3/-. Seed potatoes: Early varieties, 10/- to 16/- cwt; certified Jersey Bennes; Epi-

cure, King Edwards, 3/- per 141 b box; K.P. potato manure, 10/-; K.P. super, 6/6; K.P. garden manure, 10/-; blood and bone, 8/6; burnt lime, 4/6 per 1401 b hasz.

(British Official Wireless) (Received August 28, 6.30 p.m.) LONDON, August 27. Par. Aug. 25 Aug. 27 Paris, fr. to £ New York, 170 178 21-64 ; 178 21-64 dol. to £1 4.866 4.88 4.87 7-16 Montreal, dol. to £1 4.866 4.87 1-16 4.88% Brussels, belgas to £1 Geneva, 35 28.90% 28.83% fr. to £1 25.2216 21.29% 21.29 Amsterdam, fr. to £1 12.107 8.92 1-16 8.92 Milan, lire to £1 92.43 92% 92% Berlin, reichmarken to £1 Copenhagen. 20.43 12.17% 12.15% 22.40 kr. to £ 18.159 22.40 Stockholm, kr. to £1 18.159 19.39% 19.39% Oslo, kr. to £1 Prague, kr. 18.159 19.90 19.90 to £1 154.25 141 3-16 ; 141 Helsingfors, marks to £1 193.23 226% 226% Madrid, pesetas to £1 25.2215 — Lisbon, escudos to £1 110 110 3-16 110 3-16 Athens, drach to £1 375 547% 547% Bucharest, lei. to £: 1 818.60 I 670 670 Belgrade, dinars 376.3 21G 216 Rio de Janeiro. pence to milreis 4.90 2% 2% Buenos Aires, pence to dol. 51 18.97% 19.00 Montevideo, pence to peso Bombay, pence * 20% 20% to rupee » 15 53-64 15 53-64 Shanghai, pence to rupee ♦ 8% 8% Hong Xong, pence to yen * 14 31-32 14 31-32 Yokohama, pence to yen Batavia, 24.58 14 14 guilders 12.107 8.93% 8.93% Warsaw, par26.31 26.31 zlotys to £1 43.38 •Determined by price of silver.