TRADE REVIEW.

Taranaki Daily News, 14 June 1921, Page 5

TRADE REVIEW.

CONDITIONS IN BRITAIN, WOOL PROSPECTS. FREIGHTS DEPRESSED. By Telegraph.—Press Assn.—Copyright. London, June 11. Business on the Stock Exchange remains dull and uninteresting. The public are apathetic, despite the prospects of a settlement of the coal strike. Industrial stocks are particularly flat, feeling the competition of new issues. The announcement of the South Australian and Tasmanian loans had a depressing effect on the gilt-edged, market, which is carrying a considerable amount of unascimilated stock from the recent flood of issues. Some resentment was expressed at the particularly generous terms of the Australian loan, which are likely to prejudice many gilt-edged stocks. The immediate effects of its underwriting has been a set-back to war loan stocks. The money market has been abundantly supplied owing to Government disbursements, but business has been restricted owing to the shortage of bills.

The outstanding feature of the foreign exchange market has been the fall in the New York exchange, which is attributed to the influence of speculators who are anxious to take advantage of the customary autumn fall in the dollar rate now that the recent improvement appears definitely ended, and the probability is that those who have to import from the United States later on are already covering themselves. The good result of the London wool sales was expected owing to the strength of the primary markets and improved Japanese and Continental demand. A feature so far has been the activity of the Germans, who are taking average faulty merinos of all grades, crossbreds and even old poorconditioned B.A.W.R.A. wools. The appreciation of the franc enabled France and Belgium to operate with higher sterling limits, and,' though their demand depends largely upon the exchange, their business outlook is rather brighter. Yorkshire buyers are reserved, but are taking a fair share of crossbreds. The general impression is that the stagnation in the Bradford market is almost entirely due to the industrial position, and that there is likely to be an all-round improvement as soon as z the coal strike is settled and a new wages agreement in the wool textile industry is established. Meanwhile some spinners, tired of waiting for the coal settlement, are adopting oil fuel. The piece goods trade is stagnant. New orders are small and spasmodic, but the position id sounder financially, and the prospects are hopeful when the industrial outlook improves. Metal quotations have been favorably influenced by the more hopeful labor outlook, and the depreciation of the sterling exchange. The latter is mainly responsible for the advance in electrolytic copper. Heavy offerings of tin caused a relapse. The week’s turnover was 3400 tons, the largest for many months. There was some surprise that values did not decline further. The freight market is depressed, and only hand-to-mouth chartering is recorded, even the present low freights failing to stimulate charterers into activity. Australian wheat rates are unchanged, June 52s 6d, later loading 50s.