BRITISH TRADE.

Taranaki Daily News, 22 June 1925, Page 7

BRITISH TRADE.

STOCK EXCHANGE REVIEW. PRICES WEAKEN SLIGHTLY. NEW ZEALAND PRODUCE. GOOD DEMAND CONTINUES. By Telegraph.—Press Assn.—Copyright. Received June 21, 5.5 p.m. London, June 20. There has been no improvement on the Stock Exchange and the conditions oi the gilt-edged market remain muon the same as a fortnight ago, except that prices have weakened further. There has been a steady flow of selling, mostly on behalf of underwriters, in order to meet their commitments in respect to several recent issues, which still stand at a discount of over 25s pei cent., notably the New Zealand, New South Wales and London County Council loans. The result of this state or affairs is that borrowers tins week have been compelled to offer more favourable terms, and the issue of £2,000,000 ol 5 per cents, by the Synthetic Ammonia Nitrate Company, under the Trade Facilities Act, has been made at 98. The boom in rubber shares has been cheeked by a relapse in the price of raw material. The foreign bonds market has been somewhat upset by the disturbances m Shanghai, which naturally caused a heavy tall in Chinese bonds. The only satisfactory feature has been the distinct revival in home railway shares, apparently induced by the optimistic speech of Viscount Churchill, chairman of the Great Western Company, who spoke hopefully of the prospects of the South Wales coal trade and the substantial reAults arising from the econom’cs effected by the Great Western diieetors. Among the new industrial issues is one of Australian interest, the Union Cold Storage Company’s 3,220,000 6 pci* cent. £1 preference shares. FOREIGN EXCHANGES. Explaining the collapse of the Italian exchange, the Statist says that speculation apparently had little to do with the depreciation. Most Italian buying orders for foreign currencies must be considered genuine trade requirements. The present movement ie probably seasonal in character. Its main cause, must b? sought in the comparative failure of the last Italian wheat crop, and the consequent imports of grain that are now: being made make unusually large quantities. What happened ie the strongest argument that can be advanced for Italy’s immediate return to the gold standard.

Despite the fact that the stocks of butter in oold storage are very heavy and the arrivals of Australian and New Zealand butters continue large, there has been a good demand • lately with a hardening of prices. Three weeks of hot weather have curtailed both the Home and Continental supplies, and buyers have apparently come to the conclusion that there is little prospect of prices, going lower. Consequently they, have come on the market and purchased freely. The hot weather has also had a good effect on the cheese market, for a consumption of cheese always rises with the temperature, and as the prospective arrivals are small, the outlook is decidedly favourable. THE WOOL OUTLOOK.

The apple trade is feeling the effect of the consumption of soft fruits, particularly strawberries, which are now being marketed freely. The quality, however, is not equal to the standard,the berries being mostly small and deficient in flavour owing to the. dry weather, but costermongers are taking them in place of apples. Consequently prices are- lower. .The decline ii\ apples has been accentuated by the fact that many Tasmanians apd Victorians are ot indifferent quality. The best sorts, particularly keeping varieties like Stunners, continue to meet an excellent demand and make good prices, and the Continent is taking considerable quantities of wellcoloured, showy fruit. Regarding the wool outlook, a Bradford correspondent writes that a marked and sustained revival is not anticipated just yet. Consequently they are adhering to the policy of doing no more than cover actual needs, which are very limited. They are quite content to run the risk of awaiting the verdict of the London sales in July, and are waiting to see Australia’s policy regarding the liquidation of the balance of wool on hand. •