COMMERCIAL.

Sun (Christchurch), Volume VII, Issue 2047, 6 September 1920, Page 3

COMMERCIAL.

BRITISH TRADE REVIEW. THE MONEY MARKET. By Call?. — Press Association. — Copyright. (A. & N.Z.) LONDON, Sept. 4. A feature or the money market during the past fortnight has been that the scarcity has not diminished after the turn during the month as was expected, though the Government alone has disbursed £20.000,000 in dividends. The outlook. It is considered, will remain uncertain in view of the. forthcoming autumnal demands, and the talk •of a higher bank rate. The renewed danger of a coal strike and other industrial troubles j overshadows all the markets. The Stock Exchange is quiet, industrial slocks being j principally affected, but its influence extends also to many silt-edged securities. | The comparative steadiness of the exchanges j during the past week, after the fluctuations ■ in sterling In France the previous week, I is attributed mainly to the belief that | arrangements have been completed to redeem fiance's American loan. The wool trade regards the improved lone, and the enhanced values at the recent aue- | lions as an indication that the downward: tendency has been arrested, the leading I factor being the Increased American and . Continental buying. Moreover, Home spin-i ners ajid manufacturers need further supplies after the cautious policy pursued I for several months. The trade considers that while caution is still needed, the latest I developments prove that the earlier pessimism was unjustified. Better auctions are likely to react on the wool trade gener- I ally. At the same time, well-informed j circles do not consider that a true basis of values has yet been reached, as supplies must continue for a while to be an uncertain factor. Much depends on the rale at which Australian and New Zealand supplies are marketed and transported. The industrial outlook continues to restrict dealings in metals. Copper possesses a firm undertone, but tin is somewhat depressed. The industrial uncertainty is inclining speculators and other holders to realise little fresh business. Fair business is passing in lead, the Continent offering freely, but there is a poor market for spelter. Freights are firmer under the influence of the coal freights from America. A British coal strike would be ah adverse factor, but the market believes the grain and cotton movement in the autumn will more than counteract that, justifying the hone thai freights will continue to advance. Shipping circles await with interest the prices realised at Lord Inchcape's forthcoming sale of enemy tonnage on behalf of the Government, as the supply of tonnage lor sale far exceeds the demand, LONDON MARKET. (A. & N.Z.I LONDON. Sept. i. Cotton September shipment, 18.7(id per lb. Sultanas—The market is linn and unchanged. .Tute—The market is firm. September shiomenl. £l9. Hemp The market is quiet. AugustOctober .hinmeut. £.">r,. Rubber Para 21d, Plantation 202, smoked l»d. Copra—The :>-.rket is firm. SeptemberNovember shipment. £5: l 10'-. I.ioseed Oil —£.VO per ton. Turpentine 110/(1 per cwl. THE WOOL SALES. (A. & N.Z.I LONDON, Sept. ?.. The wool sales closed firm. Fine merinos were 10 per cent, higher than at previous sales. Yorkshire combings ,"> per cent., good

United States wools fullv 10 per cent., and fine crossbreds fully 5 per cent. Values of medium and low sorts were unchanged, but there was an improved tone. There were the usual withdrawals In low sorts. Flue slipes were fully , r > per cent, higher, and other sorts unchanged. Ninety thousand bales were offered, and 70 per cent. s.old. The next sides open on September 21. PRICE OP WHEAT. Press Association. TIMAUU, September I. The executive of the South Canterbury Farmers' Union passed a resolution that the Government be asked to iix the price of the l!rj!-i>2 wheat crop. Jt was urged that the price should be fixed before October, .so as to give full time for preparation of the land. ARMOUR AND CO.'S LICENSE. GLSHORNE. September I. The largest meeting of farmers ever held in Poverty Hay took place to-day to consider the meat trade problem. It was convened by the East toast Sheepfarniers' Association, and the president, Mr W. G. Slierratt, moved:—'-That in view of the congestion at Home and in the Dominion it is desirable that i'vw trade in frozen meal be permitted inside the safeguard of the Slaughtering and Inspection Act." An amendment to the effect "Thai it is detrimental to the interests of producers to grant licenses in any shape or form, either to Armours or any liki- enterprise," was carried by an overwhelming majority. It was decided to telegraph the decision to the Prime Minister. ASHBURTON MARKET. There is practically no alteration in the positions of the various markets from that of last week. Oats.—lf anything there- is a slightly firmer tone in these, but this no doubt is

reflected by the fuel Uiat several merchants have been covering their September rcquirc- , incuts during the past week. Once this de(mnnd Is covered the position is expected to : weaken again. Values arc purely nominal. ! Chaff.—Sufficient is coming forward to enable merchants to fuliil orders, but lack ■or shipping facilities, together with the fact [that we have experienced a mild Winter, has ; had the ell'ecl of checking business. Values ! are nominally t's to la a- for good, bright j quality. j Potatoes.—There is little improvement in the position of last week, although growers 'arc evidently as optimistic as ever in regard Ito the Australian position. Offerings' have I not been of a large volume, nevertheless ! snllicicnt to cope with the orders hi hand. Values are nominally i' 2.">- to £2 10'- pec | ton on trucks country stations, sacks extra. j Spring Sowing,—Merchants report an hnI proveiuent in the demand for seeds, hut the | cold weather has militated against growth of any description, with the result that I farmers are delaying their sowing down j until more congenial weather is experienced.