BRITISH TRADE SURVEY

Sun (Auckland), Volume III, Issue 715, 15 July 1929, Page 10

BRITISH TRADE SURVEY

STOCK EXCHANGE BUSINESS RESTRICTED TIN MOVE APPROVED (Australian and N.Z. Press Association) LONDON, Saturday. Business on the Stock Exchange is still restricted, and accounts just concluded are said to have been the smallest of the year. But there are signs of improvement, and the relief of the monetary tension through the recovery of the American exchange brought about a more cheerful tone. Early this week gilt-edged stocks recovered a portion of their recent fall, but industrial stocks generally remained unresponsive to the better money conditions, although tin-mining shares developed some activity, probably owing to the hopes entertained of good results following the formation of the Producers’ Association. Discussing the situation, a prominent financial writer says the outside public has not yet sufficiently recovered from the recent losses to be ready to take a hand in speculation again. Moreover, an enormous amount of money which otherwise would be available is tied up in rublDishy shares, which at the pi'esent prices could only be realised at a heavy loss. TIN PRODUCERS’ ASSOCIATION The investment demand for higliclass industrial shares has continued to be sub-normal for a good many weeks, and in view of the political uncertainties is likely to remain so until something occurs to bring home to potential .investors the improved British trade outlook. The formation of the Tin Producers’ Association met with general approval, as it is regai'ded as likely to have valuable results, judging from the expediences of other industries, which have taken similar co-operative action. It is understood that foreign producers, notably Dutch and Bolivian, will be invited to join the association, which at present is all Brutish. The tin outlook generally is regarded as favourable. There has been heavy buying, especially in America. The Australian apple season finished with, the marketing of the Port Adelaide’s cargo this week, but there are still about 180,000 cases to arrive from New Zealand, the last cargo not being due until the first week in August. This would be rather late in an ordinary season, as Lisually the demand for apples falls off greatly after the end of June. GERMAN APPLE MARKET But this year is not an ordinary one, owing to the comparatively small supplies, and the demand for apples is still so keen that the Port Adelaide’s cargo made about top price for the season. Consequently importers of New Zealand apples anticipate that the cargoes still afloat will realise satisfactory prices, always provided that the fruit is not over-ripe, which is a possible risk at this late period of the season. Reports from Hamburg brokers describe the market as firm, and as there will be no more direct shipments to Germany, probably some portion of the New Zealand arrivals will be transhipped to the Continent. It will b© remembered that at the commencement of the season the Hamburg market was decidedly weak, owing to heavy supplies of American apples. But since that competition has ceased, very good prices have been realised. German importers are circularising freely, pointing out these good prices and asking for shipments for 1930.