COMMERCIAL OUTLOOK

Wanganui Chronicle, Volume LXXXI, Issue 18791, 28 May 1923, Page 5

COMMERCIAL OUTLOOK

LONDON WEEKLY REVIEW By Telegraph.—Press Association. ■ —Copyright. Received May 27, 5.5 pun. LONDON, May 26.

The Stock Exchange resumed business after the Whitsun holidays a hesitating mood, business being checked by political both home and foreign, and weakness of Continental exchanges; bui things have steadily improved despite the continuance of the unsatisfactory position of the Ruhr and the threats of war between Greece and Turkey, and the markets closed yesterday with a firmer tendency all round. Gilt edges especially showed improvement, notably colonials, despite rumours of new issues. Although the collapse of the German exchange naturally had an unsettling effect on foreign bonds, even these closed fairly steady. A feature of the foreign exchange market has been the sensational collapse of the German mark, which is attributable chiefly to the never ceasing activity of the printing presses in turning out paper marks, and to the delay in formulating a fresh reparations | plan for submission to the Allies. I The general opinion here is that, until Germany makes some real effort to submit proposals which prove acceptable, it is hopeloss to look for any improvement in the German exchange position. APPLES. The apple market is steady, with buyers active. Arrivals are, clearing well, the good varieties fetching satisfactory prices, especially in the northern markets, and particularly at Hull, which has the advantage of a keen demand from Continental buyers. The quality of apples now arriving is generally satisfactory, ripe and good colour, and mostly carried well. One or two cargoes were rather heated. The future course of the market will largely depend on the soft fruits. Already large quantities of French cherries are arriving, and are being retailed at sixpence to eightpence her pound - —about the same price as apples. I English soft fruits are likely to be retarded owing to the prevalence of cold weather. But, on the other hand, the market is being glutted ■with hoary arrivals of oranges, many of which are setting wholesale at 12s to 14s per 300. BUTTER. Butter shows no improvement, and, with the Danish production heavy, and with shippers beggfng for orders, there is little hope of any increase in activity in colonial supplies. Buyers have undoubtedly lost heavily during the recent fall, and they are now showing extreme care, buying only sufficient for their daily requirements. DRIED FRUITS. The quality of Australian dried fruits, which are now arriving in large quantities, gives general satisfaction, but sales are only small, 1 as buyers consider the prices asked too high. For instance, importers are asking 45s to 50s for Australian Lcxia raisins, for which the best bid available is only 41s. There were plenty of Cape Lexias here, which are fetching 41s, though their quality is hardly equal to the Australian. Good trade is passing in currants, but here again Australian sales are somewhat restricted, as 71s is asked for Three Crowns, the same price as the best Vostizzas. FROZEN MEAT. . Although frozen meat prices show some slight improvement from the terribly low rates recently ruling, trade is still far from good, and Australian mutton moves very slowly. This week'® advance is attributed to the reports of smaller quantities available for export from Australia, and the possibility of 40,000 sheep being reshipped to the Commonwealth. Although the removal of this quantity from our market cannot be regarded as of much importance, considering that the imports from all sources during the first fortnight in May comprised 458,000 sheep and 583X100 lambs. Tho beef market has been depressed by heavy arrivals of South American chilled, which has been selling so cheaply as almost to stop business in frozen beef. Fortunately there is little Australian or New Zealand on spot. The beef market is very sensitive nowadays, and news that a large cargo of Argentine chilled has been damaged by the steamer running aground at Las Palmas has caused the price of South American chilled to jump three halfpence per pound. <