TRADE OF BRITAIN.

Taranaki Daily News, 21 June 1926, Page 7

TRADE OF BRITAIN.

COMMERCIAL CONFIDENCE

LOAN MONEY PLENTIFUL.

REVIEW OF THE MARKETS.

By Telegraph—Press Assn.—Copyright. Received June 20/ 5.5 p.m. London, June 19.

Despite the prolongation of the coal strike, and the absence of any signs of its early settlement, the stock exchange maintains a confident feeling and -firmness characterises most sections. Even Home Railway stocks, whose dividends may be affected, show only small declines in values, and all are firmer, notwithstanding the competition of new issues.

There have been several trustee stocks issued during the past fortnight, all of which were rapidly over-subscribed. Their success may be regarded as an indication that there is plenty of money available for investment for such purposes.

The prospects, therefore, arc hopeful for the Gommonwealth loan, which is expected early next week. Nothing is ascertainable regarding the price at which it will be issued, but as the recent New Zealand and Victorian 5 per cents, which were issued at 98J, now stand at premiums of 1-16 and 5-8 respectively, the stock exchange would not be surprised to see the Commonwealth price at 99.

THE APPLE MARKET. Considering the heavy arrivals of apples from Australia and New Zealand during the past three weeks, the trade has been fairly satisfactory and . prices have not given way to the extent some people anticipated. This has been largely due to the cold, rainy weather checking the growth of strawberries and other small fruits, and the partial prohibition of the importation of French cherries. Owing to the prevalence of the maggots of the eherry fruit fly, the Ministry of Agriculture has forbidden the importation of all cherries unaccompanied by an official certificate that they come from non-infected districts. Several recent Australian steamers have brought a considerable number of wasty apples, which are only saleable at low prices, but good hard apples continue to meet a satisfactory demand.

DAIRY PRODUCE. The feature of the butter market during the week has been the Danish selling at the same price as Australian, and two shillings to four shillings below New Zealand. This is one of the effects of the coal strike and the consequent trade depression in the Midlands and North of England, which is the principal market for the Danish product, which is now very large. Germany is now practically taking no Danish, so the whole of Denmark’s export butter is sent to Great Britain. The low price of Danish quickly attracted buyers, and much was bought for storage, with the result that the price recovered to 176 s to 178 s, which is about on a parity with New Zealand, Australian being at 172 s to 1765.

The general strike has had an appreciable effect on our wine imports. Numerous Continental shippers, fearing the strike might last a long time, reduced the amount of their exports to Great Britain, while others stopped their shipments altogether, with the result that the total imports in May* from foreign countries were only 983,000 gallons, a decline of 390.000 gallons compared with May, 1925. Australia, on the other hand, showed a satisfactory increase, the month’s imports amounting to 77,995 gallons cbmpared with 64,500 last year.