BRITAIN’S TRADE OUTLOOK.

Timaru Herald, Volume XCVIII, Issue 18084, 10 June 1924, Page 7

BRITAIN’S TRADE OUTLOOK.

Holiday Air in Stock Exchange.

WOOL POSITION DISCUSSED.

by Cable —Press Association—Copyright LONDON, June 9.

There has been a holiday air over the Stock Exchange this week, the combined effect of the Epsom meeting and the approach of the Whitsuntide recess having reduced most of the departments to a state of inactivity. Another contributing factor to the general dullness has been the unsatisfactory course of foreign exchanges, which has produced a heavy tendency in most foreign bonds. Weakness oi the sterling.exchange on New York has caused some apprehension of a possible increase in our bank rate, and this lias caused quietness in the gilt-edged market, but prices remain steady, thanks to the large disbursements of money for the June dividends on the war loan and other stocks.

Industrial shares have been dull, especially oils, some liquidation from Paris having followed on the fall in the franc exchange, and home railway (docks being depressed owing to labour troubles.

One bright spot is the Kaffir market, South African mines being freely bought. With reference to the wool position, a correspondent of the “Economist” writes: “No doubt finance is playing a very important part, and if Germany could be relieved of its present financial tightness, a great improvement would soon be seen in all markets.

“The French political crisis is also having an adverse influence upon the textile industry in Northern France, and, while we do not think the strike will materialise among the textile workers of this country, the fear thereof is influencing some forced sales. Trade in the consuming centres has been exceedingly slow since the close of the London sales," hence the future is regarded with some concern." Experts who examined a parcel ol Tasmanian hops, ex Argyllshire, describe them as a fine quality cf brewers’ hops, with a good colour and aroma, arid excellently dried. Thu market at present is quiet, but trade is expected to revive with the warmei weather, especially as old stocks arc practically cleared, and no English will be available till mid-September. .It is estimated that the barrelage of bee' in the United Kingdom for the year will amount to 24,000,000, and, as the crops of hops in this country will be insufficient to make this quantity ot beer, any hops that Tasmania ships to this country will be readily absorbed if the quality is equal to the Argyllshire parcel. The growth of , hops in the United Kingdom is still undei control, and the quantity permitted h; far below tho brewers’ requirements, with tho result that large quantities of foreign hops are imported, chiefly from California. These Californians are of far inferior quality to the Tasmanians, which are tho nearest approach to Kentish that ever have been imported. The apple trade in all centres remains good, and the prices realised are satisfactory, except for blemishes, and even these are fetching much more than their intrinsic value, when compared with clean fruit. The strength of the market in London is probably duo to tho great number of visitors in town for Wembley and tho Epsom race meeting, also to the absence of good soft fruits. So far, strawberries arc very scarce, and, though French cherries arc arriving in large quantities, their value is unsatisfactory. A feature of the -apple trade is the demand for hard keeping sorts, notably Stunners, which are making excellent prices. Australian dried fruits are not selling well, and the prices realised are unsatisfactory. Currauts are quotum 58s to 63s per cwt., with inferior as low us 51s. One of the leading brokers says that the quality shows a great falling off compared with last season’s growth, leaving much to bo desired as to colour and conditio j. Many parcels vary in size, the grading being most unsatisfactory. The latest parcels to arrive show a slight improvement, both in quality and condition So far only common sorts of sultanas have arrived, selling at from 55s to 625. The outlook for dried fruits, generally, is not bright. It is esti mated that California has a stock ot 300,000 tons of raisins. The butter position shows little change, and prices remain linn, Germany having taken some thousands of casks of Danish, enabling the Danes to maintain their price. But there are some misgivings regarding the future, and many traders anticipate a downward movement, as tho weather conditions are favourable for a largo make here, and the Danish output will shortly reach its maximum. Consequently, there may soon be some pressure to sell some of the large quantity of colonial butter stored here, especially as cables received indicate l that Australia and New Zealand arc likely to continue shipments.