BRITISH TRADE.

Star (Christchurch), Volume LXVI, Issue 20340, 25 June 1934, Page 9

BRITISH TRADE.

Activity in Gold Mining Shares. GILT-EDGEDS FIRM. United Press Assn.—By Electric Telegraph—Copyright LONDON, June 23. South African gold mining shares are still the only section on the Stock Exchange showing any considerable amount of activity, but although not much business is doing in other departments the general tendency has been steady. A satisfactory feature has been the firmness of gilt edgeds, all British funds showing a good recovery from the recent level. Australian and New Zealand Government stocks main- | tain their position. “The Statist” thus I describes the situation:—“The general undertone is still fairly firm, while the technical position is such that a moderate revival of the investment demand should quickly be reflected in prices. Confidence in the domestic situation does not show signs of weakening, and, as the field for investment is still largely confined to home and Empire markets, the accumulation of funds for which employment has to be found must again make its influence felt.” The Southern Rhodesia loan failed to attract a full subscription, the underwriters being left with 35 per cent of fhejr applications. The stock is quoted about 1 per cent discount. Overseas Trade. The Westminster Bank review contains an interesting article on “Trends in Britain’s Overseas Trade.” It says:— “The recent course of trade .suggests that the Governmental policy, whether fiscal or monetary, is less effective in diverting trade into fresh channels than obstructing it. Compared with the curtailment effected on our imports and manufactures by the general tariff and other duties, the results of the divorce of sterling from gold, of trade pacts with several foreign countries, or even of the Ottawa agreements are slight. If the expansion in manufactured imports seen this year is maintained they will still be only threequarters of the amount imported in 1931. Quite apart from any diversion of trade owing to the Ottawa duties, the proportion of our imports from foreign countries has automatically fallen owing to the duties on manufactures. If we make allowance for this distinction the remaining portion of the rise in the Empire’s share of our overseas trade amounts only, broadly speaking, to restoration of the proportion it represented before the collapse of the prices of primary products terni porarily reduced it. On the other hand, Britain’s adoption of tariffs does not appear to have had immediate harmful repercussions on our export trade, which is sharing in the improvement seen in international trade, but by raising still another serious obstacle to international intercourse, the British tariff played a part in retarding that improvement, and therefore hampering one factor on which hopes of a full recovery of our own export trade must depend.” Dairy Produce. The recent improvement in butter has not been maintained, and prices have relapsed about two shillings. The reason is not far to seek, the imports in May totalling 993,317 cwt, and creating a new monthly record. The Continent, generally, is in the flush of the butter making season, and the usual European importing countries are still being strictly limited as regards the amount of butter they are allowed to import. The surplus of all exporting countries must come to England, despite the very low prices ruling. The imports from Russia, Finland, Estonia, Latvia, Sweden and Denmark in May amounted to roughly 404,000 cwt, compared with about 312,000 for May 1933. The consumption here is still remarkably good, but insufficient to absorb these huge arrivals, and the stocks in cold store have risen to 1,476,831 boxes an increase of more than 300,000 boxes in a fortnight. Fruit. ~ t !} e arr i v als of apples somewhat lighter than recently, prices show a slight improvement. The most marked were the Tasmanian sturmers, packed m Canadian cases, which, in some instances, were about a shilling dearer, the competition by strawberries has not been severe, for supplies have been smaller than usual, and they were very dear last week-end. Costers were asking 16d per lb and the cheapest seen on the barrows has been Bd. Continental soft fruits also have not been in excessive supply. though Italian peaches at a penny apiece have been selling well. HIDES MARKET. General Decline in Dunedin. Messrs Waters, Ritchie and Co., Ltd., report as follows: We held our monthly sale on Thurswav. Our catalogue consisted of a very good .selection of 2002 hides, 318 yearlings, and 31G calfskins. In sympathy with other centres and weakness in the overseas markets, competition lacked animation and values showed a general decline. Medium, heavy and substance ox were id to 2d. light ox and cows id to gd per lb lower. Best calfskins remained firm, but lightweights and yearlings showed a decline of $d to 2d per lb. Following are some of our best prices:—Ox: I 6Slh 83d, 2681 b Sid, 2 S7lb 8 Jd, 4 651 b Bid, 12 651 b B*d, 17 78-81 lb Bd, 13 671 b Sd, 52 65-Solb 73d, 62 6 4-7 71b 7id, 37 751 h 7id, 61 H4-7olb 7d, 132 63-661 b 63d. 32 751 b 63d, 72 62-651 b 6id, 77 71-801 b 6*d, 57 55-561 b 6gd, 65 56-571 b 6Jd. 28 651 b 6d, 17 65-7olb 53d. 33 401 b sfid. 00 4S-551b 5Jd. 12 491 b 6Jd, 10 57-641 b sd. Cows: 4 501 b 6d. 20 64-671 b s*d, S 6 451 b 43d. 300 45-561 b 43d, 124 52-561 b 4 fid, 176 36- 451 b 4!d. 68 42-441 b 4Jd, 37 36-371 b 4gd, 36 371 b 4.1 d, 79 43-461 b 4d. Yearlings: Light, 53d to 63d; heavy, 4id to 6d. Calfskins: 7d to 9d. COTTON AND RUBBER ETC. i United Press Assn. —By Electric Telegraph —Copyright. LONDON’. June 23. Friday’* closing ciuotatinns were as follows, those previously cabled being given in parentheses:— Cotton—Liverpool quotation: American middling up’and, spot 6 C9d (6.61 d). July delivery. 6.46 d <6.37d> per lb. Rubber—Fine hard Para, l-:;d (s*d) per lb; plantation first latex crepe, 6|d (6£d) pe- lb; smoked ribbed sheet, 65d (6*d> per lb. Jute—lndian native first marks, June- | July shipment, £l4 15s (£J4 8«; 9d) per' ton. Copra—Soutli Seas, bagged, July-Aug- j ust shipment. £8 2s 6d (£s); smoked. £6 12s 6d (£6 15s): Rabaul plantation, £8: 17s 6cl (£8 12s 6d) per tor . LinseecJ Oil—£23 10s (£23 15s) per . ton. Turpentine—44s (44s 3d) per cwt. !