UNEASY WEEK.

Star (Christchurch), Volume LXVI, Issue 20542, 18 February 1935, Page 9

UNEASY WEEK.

London Exchange Worries. LATE RECOVERY. APPLE AND PRODUCE PdARKETS SHOW STRENGTH. (Received February 18, 9 a.m.) LONDON, February 16. The past week has been one of trial and tribulation for the Stock Exchange, and markets have not been so disturbed since the crisis of 1931. As mentioned a fortnight ago, trouble in the commodity markets caused some nervousness. This was followed by newspaper talks of an acute cabinet crisis, the likelihood of an early general election and the possibility of a Socialist victory at it. These stories had an immediate effect on foreign holders of gilt-edged secui ities, who are apt to take gJarm very easily. Heavy Foreign Selling. The result was heavy foreign selling from Monday till Wednesday, which knocked down prices of a number of British funds by 60s to 80s. There were also considerable profit-making sales by Home holders. The weakness spread to industrials, and all departments were affected. On Wednesday afternoon a recovery commenced and was continued until Friday, Messrs MacDonald’s and Chamberlain’s speeches having a reassuring effect. Apple Prospects Good. Prospects for the coming Australian and New Zealand apple season appear fairly good. There are still plenty of Americans here selling freely at about 12s 6d for Newtons and 9s Gd for Winesaps, but it is expected that there will not be a great quantity left when the First Australians arrive towards the end of March. Americans may overlap for a week or two, but if Australians are good quality their freshness should cause buyers to give them preference. As total exports from Australia and New Zealand seem unlikely to exceed 5,000,000 boxes compared with 6,333,000 last year, importers are hopeful that prices will be better than in 1934. The Butter Market. The butter position remains satisfactory, with prices for Australian and New Zealand ranging from 89s to 935, as the daily demand fluctuates. Usually prices rise 2s to 3s early in the week and relapse the same amount when buyers’ requirements are satisfied. Consumptive demand continues excellent, although retail prices now generally are lOd to lid a pound. Cold store stocks are reduced to 387,000 boxes. Demand for Cheese. Australian and New Zealand cheese are meeting with good demand, and prices are slightly firmer, though still too low to be profitable. MEAT CONTROL. Dangers of Big Vested Interests. The possibility that the extension in New Zealand of operations of the big vested interests might lead to a monopoly of the meat trade is mentioned in a lettrr received in the Dominion from Mr J. Swaine, president of the British Association of Meat Wholesalers, Ltd. As a safeguard the association urges producers to ship a large percentage of their meat on consignment through the normal channels of trade. Mr Swaine stated that there was danger of vested interests, operating in New Zealand, gaining such a control of the export trade that necessary supplies would be diverted from the normal channels. This threatened to leave the British wholesaler and the New Z:aland agent with reduced supplies, which might continue to such an extent that the private trader would go out of business. A deputation of British wholesalers waited recently on Sir James Parr, High Commissioner for. New Zealand, and pointed out what was believed to be a very serious menace to the meat trad?, Mr Swaine stated. Mr David Jones, chairman of the New Zealand Meat Producers’ Board, also discussed the matter with the Council and Dominions’ Committee of the association. Mr Swaine referred to the value of recent legislation passed in New Zealand, which he stated gave the Government and the Meat Board very drastic powers over the trade. He claimed that this might help in the long run. if the powers were exercised. Producers in Argentina, he added, were suffering from the same trouble which threatened New Zealand, as their total m:at export was controlled by seven firms. The danger in Argentina had been recognised, and a huge commercial organisation called the Corporation of Argentina Producers had been set up with a capital of 30,000,000 pesos (about £2,500,000 normal exchange). A tax was imposed on every animal killed in the country, whether for home consumption or for export, in order to find the capital of the corporation. It was proposed to reduce the big packers’ licenses by 11 per cent and this 11 per cent would be handed to. the corporation, the meat representing it to be shipped on b half of the Argentine producers for distribution among British wholesalers. Action was being taken in Queensland, Victoria and New South Wales to check t’.M: operations of vested interests. POULTRY AND EGGS. H. C. Smith, of the City Market, reports extra large entries at the sales held on Wednesday and Friday. A line of pullets from the country made 9s to 10s 6d, the 140 birds ave» aging 10s per l pair. Yearling hens made to ss, ordi-n-ary boilers, light. Is 6d to 2s, better quality about 3s. Geese 5s 6d to 6s. Turkeys to 19s for plain birds. Ducks and ducklings 2s 9d to ss. Cockerels 6s 9d for blacks, unfinished. Elggs lid to Is Id per dozen. 6 The Canterbury Co-op. Poultry Producers, Ltd. report that large consignments of poultry were penned at Wednesday’s and Friday’s sales. There was a full attendance of buyers, and bidding for well finished chicken and boilers was animated. The demand for the poorer quality lines was slow. Prices per p:iir were:—Chicken —Heavy to 9s 6d, medium to 7s Cd. light to ss. Boilers—Heavy to 5s 6d, medium to light to 3s 6d. Ducks, prime to 4s. ducklings sold up to 6s 9d. Goslings sold as high as 6s 6d, while turkeys realised lOd per