IMPROVEMENT IN BRITAIN

Southland Times, Issue 23675, 25 November 1938, Page 3

IMPROVEMENT IN BRITAIN

TRADE ON UP GRADE ACTIVITY IN HEAVY INDUSTRIES Many branches of trade and industry in Britain are far less busy than they were at/this time last year, but there are numerous indications of recovery. The Financial Times expressed the view at the end of last month that industrial improvement will be greater in proportion to the success of the Prime Minister’s appeasement plan. So far as share movements anticipate industrial trends, - emphasis naturally has been laid recently on those companies connected with rearmament. Tire process of speeding up production will stimulate a very wide range of aircraft and general engineering companies. . Other groups will be brought in as suppliers of non-metallic components both for armament and for air-raid precautions. The iron and steel industries of necessity will experience an increase in demand, of which signs are already visible. Improvement in the coal industry in proportion to recovery elsewhere is practically a foregone conclusion, for coal is the ultimate source of the greater . part of the power generated in the country. It is not without significance that the output of 4,756,000 tons for the week to October 15 is the largest since last April, and only 110,000 tons below the figure for the corresponding week last year. Cotton is beginning to shake off the effects of the crisis. Rayon stocks are at a level foreshadowing better buying between now and Christmas, and it is noteworthy that in September rayon yarn consumption slightly exceeded production for the first time this year. “Whether in the home or. export trade, it is early yet to say that we have begun a steady climb, but the instances cited do not suggest that a halt is in sight,” states The Financial Tinies. “The business index, recovered to its July level after allowing for seasonal variations, confirms the indications that we have clambered out of the depths.” FOREIGN EXCHANGES (Received November 24, 6.30 p.m.) LONDON, November 23.

LONDON STOCK EXCHANGE (Received November 24, 6.30 p.m.) . LONDON, November 23. Quotations on the Stock Exchange include:

COLOMBO TEA AUCTION J.,Rattray and Son, Ltd., Invercargill, ■report having received the _ following cabled report of the tea auction held in Colombo on Tuesday:— “Good quality teas offered with full supplies available; common and medium kinds show declines of id per lb; fine teas irregular, with prices unchanged.”

Par. Nov. 22 Nov. 23 Paris, fr. to £1 170 178 21-32 178% New York. dol. to £1 4.866 4.67 4.66% Montreal. dol. to £1 4.866 4.70 5-16 4.69% Brussels, belgas to £1 35 26.61 27.57 Geneva. fr. to £1 25.2216 20.64% 20.58% Amsterdam. kr. to £1 12.107 8.57% 8.57% Milan, lire to £1 92.43 88% 83% Berlin, reichmarken to £1 20.43 11.66% 11.65 Copenhagen. 22.60 kr. to £1 18.159 22.60 Stockholm. kr. to £1 18.159 19.41 19.41 Oslo, kr. to £1 18.159 19.90 Prague, kr. 19.90 to £1 154.25 137 136% Helsingfors, 226% marks to £1 193.23 226% Madrid, pesetas to £1 25.2216 — — Lisbon, escudos to £1 110 110% 110% Athens, drach to £1 375 547% 547% Bucharest, 665 lei to £1 818.60 665

45 s a Clutha RiverBuyers (ex div.) 1 6 Sellers (ex div.) 1 9 Molyneux River— Buyers Sellers 10 Vq