TRADE AND COMMERCE

Wanganui Chronicle, Volume LXXXI, Issue 19033, 10 June 1924, Page 8

TRADE AND COMMERCE

WEEKLY REVIEW 7 . LONDON, June 7. There has been a hobday air over the Stock Exchange this week, the combined effect of Epsom and the approach of the Whitsuntide recess having reduced most departments to a state ot inactivity. Another contributory factor to the general dullness has been the unsatisfactory course of foreign exchanges, which has produced a heavy tendency in most foreign bonds. The weakness of the ste ing exchange on New York has caused some apprehension of a possible increase in the bank rate, and this has caused a quietness in the gilt-edged market, but prices remain steady, thanks to large disbursements of money for the June dividends on war loan and other stocks. Industrial shares have been dull, especially oils, some liquidation from Paris having follbwed a fall in the franc exchange and Home railway stocks have been depressed owing to labour troubles. One brigh; spot is the Kaffir market, South African mines being freely bought. POSITION OF WOOL. "With reference to the wool position, a correspondent of the Economist, writes; “No doubt finance is playing a very important part, and if Germany coud be relieved of its present financial tightness, a great improve ment would soon be seen in all markets. The French political crisis is also having an adverse influence upon the textile industry of Northern France, and while we do not think a 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.’’

HOP MARKET. Experts who examined a. parcel of Tasmanian hops ex the Argyllshire, describe them as fine quality ol brewers’ hops, good colour and aroma, and excellently dried. The market at present is quiet, but the trade is expected to revive with the warmer weather, specially as old stocks are practically cleared and no English will be available till mid-Sep tember. It is estimated that the barrelage of beer in the United Kingdom for the year will amount to 24,000,-000, and as the crop of hops in this country will be insufficient to make this quantity of beer, any hops that Tasmania can ship 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 under control, and the quantity permitted is far below brewers’ requirements, with the result that large quantities of foreign hops are imported, chiefly from Call fornia. These Californians are of far inferior quality to the Tasmanians, which are the nearest approach to Kentish that has ever been imported.

APPLES AND FRUIT. The apple trade in all centres remains good, and prices realised are satisfactory, except for blemished, and even these v e fetching much more than their intrinsic value when compared with clean fruit. The strength of the market in London is probably due to the great number of visitors in town for the Wembley Exhibition and the Epsom race meeting, also the absence of good soft fruits. So far strawberries are very scarce and though French cherries are arriving in large quantities, their value Is unsatisfactory. A feature of the apple trade is the demand for hard keeping sorts, notably Sturmers, which are making excellent prices z Australian dried fxiits are not selling well and prices realised are not satisfactory. Currants are quoted at 58s and 63s per cwt., with Inferior as low as 51s. One of the leading brokers says the quality shows a great falling-off as compared with last season’s growth, leaving much to be desired as to colour and condition. Many parcels vary in size, grading being most unsatisfactory. The latest parcels to arrive show a sl’ght improvement, both in quality and condition. So far only common sorts of sultanas have arrived., and are selling at 55s to 625. The outlook kfor dried fruits generally is not bright. It is estimated that Cal'fornia has in stock 300,000 tons of rasins. BUTTER POSITION FIRM. The butter position shows little change and prices remain firm. Germany, having taken some thousands of casks of Danish, is enabling the Danes to maintain their price, but there are sme misgivings regarding the future, and many traders anticipate a downward movement as weather conditions are favourable for a large make here and the Danish output wll 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 the cables received indicate that Australia and New Zealand are likely to continue shipments.