TRADE IN BRITAIN.

Taranaki Daily News, 30 April 1923, Page 5

TRADE IN BRITAIN.

GOOD TONE IN FINANCE. DROP IN BUTTER PRICES. HEAVY SUPPLIES. By Telegraph-—Press Assn.—Copyright. Received April 28, 11.5 p.m. London, April 28. The foreign exchange market has been quiet, the only feature being the fluctuations of the mark. According to the Economist newspaper, it would appear the recent break in the mark was the result of no settled policy, but it would seem rather to be due to the Reichsbank suddenly losing heart on a particularly strong outburst of the de • mand for foreign currency. The Government and the Reichsbank now seem determined to carry on the policy of stabilisation, but at a higher level, and the raising of the bank rate to eighteen shows the lengths to which the authorities are now prepared to go. THE BUTTER MARKET. Butter continues its downward course, and though some optimists consider the market has touched bottom, supplies are so large that a further decline would not be surprising, especially if the Danes continue their present policy of forcing prices down in order to clear their shipments each week. Danish today is quoted at 156 s to 160 s, a decline of 15s since Monday. In face of such action it is impossible for holders of colonial butter to maintain prices. The chief hope of recovery is that the lower retail price of eighteenpence now ruling may stimulate consumption, which should increase at the expense of margarine. OUTLOOK FOR APPLES. The apple trade does not show’ any Improvement. Prices at London, Liverpool and Hull are equally disappointing and the only apples realising above 10$ are Cleopatras. Dunns occasionally, and some Coxs. A large proportion of the apples are making Gs to Bs, and some 8s 6d to 9s Gd. Ono of the largest importers estimates the cost of landing apples here at fully 10s a case, so the present prices represent a serious loss to shippers. Apparently the selling price of apples has got back to pre-war level, while costs, charges, freights, etc., are almost double those of pre-war. POOR QUALITY COMPLAINT. Importers are complaining bitterly of tiie poor quality of r l asmanian apples, of which many are immature and rotted, comparing most unfavorably with Oregon, Washington and Newtowns, of which considerable quantities are stili arriving. Some are rather wasty, but good lots are selling readily at 8s 3d to 13s. One Liverpool importer reports that in his opinion Tasmanian shipments commenced much too early, and he urges the Government to prevent such early shipping in future. If .supplies of Americans continue so late in the season, many early Tasmanian varieties ought not to be shipped, for, obviously, while good Americans are available, there is little chance of immature Ribstones and Alexanders fetching remunerative prices. Although the wholesale prices are so unsatisfactory, some shopkeepers are asking exoribitant prices. One large West End store, in its weekly price-list, offers Australian Jonathans by the case at 27s 6d to 28s Gd. Importers regard this price as outrageous, and some of them are protesting to the managers of the stores. SUGAR PRICES UP. Following the reduction in the estimates of the Cuban sugar crop to 3,670,000 tons, compared with a turnout of 4,102,000 tons last season, there was wild purchasing of Cuban, and prices have risen greatly. The advance is likely to continue, as supplies during the next few’ months are expected to b c below requirements, and the position is unlikely to be relieved until late in the autumn, when the European beet crops come along. The advance has been serious , for many retailers, who refrained from buying some time before the introduction of the Budget in the hope that the Chancellor would reduce the duty. The reduction failed to materialise, and since the Budget refiners raised the price to 2s 9d per cwt., with the result that small retailers have been compelled to sell below cost to meet the competition of the multiple shops. Now price? have been raised all round, loaf sugar to BJd and granulated to 7£d- Jam manufacturers arc also likely to advance prices. STOCK EXCHANGE CHEERFUL. The Stock Exchange has reaped th? benefit of a satisfactory Budget. Both “gilt-edged” and industrial groups have been active. British funds have im proved all round, especially the conver sion loan, which shows an advance of 6| since the beginning of the year. The improvement in “gilt-edgeds” generally mav be attributed largely to Mr. Stan ley Baldwin’s generous provision for debt redemption, while “industrials” have benefited by the reductions in income tax and the corporations profit tax. Another contributing factor to the cheerfulness of the stock markets is the more optimistic view being taken of the European political situation. Aus.-N.Z. Cable Assn.