FINANCE AND TRADE

Wanganui Chronicle, Volume LXXXIII, Issue 19847, 23 May 1927, Page 7

FINANCE AND TRADE

REVIEW FROM LONDON Stock Exchange has Duller Tone Than a Week Ago COLONIAL FRUIT SELLING WELL Received May 22, 11 p.m. (A. & N.Z.) LONDON, May 22. Dullness prevails on the Stock Exchange and the course of the markets this week has been most disappointing, especially as last week the outlook was bright. The reasons for the present conditions are not far to seek. The first is the panic on the Berlin Bourse, which has reached here, and the second is the unexpected withdrawal of £1,500,000 of gold from the Bank of England: on Thursday, which dashed the hopes that the bank rate would be reduced to four per cent. Gilt-edgeds are weaker all along the line, but fortunately there is no pressure to sell, and the same may be said of all the other markets. The subscription lists of the New South Wales conversion loan closed to-day, but no information is yet forthcoming regarding the result. The general expectation is that subscriptions have been satisfactory and? that tho underwriters have not been saddled with a great amount. Earlier in the week, when there were hopes of a bank rate reduction, people were talking of the loan being fully subscribed, but since monetary conditions became harder the gilt-edged market weakened, the feeling became less optimistic.

The Australian and New Zealand apple season is now half-way through. Arrivals are heavy, about 500,000 half cases coming within a fortnight, but prices are being well maintained and the trade generally is very satisfactory. This is largely due to the demand from Germany, also Scandinavia. Large quantities are being transhipped every week to Hamburg and other northern European ports. Importers are optimistic about the future, most of them expecting the present good prices to be maintained till the end of the season. English fruit is very backward and Continental cherries, which are usually very plentiful towards the end of May, have not yet appeared in any quantities. The quality of the New Zealand' fruit has generally been very good, though the latest arrivals are on the ripe side and some importers complain of occasional slack packing. The West Australians are mostly satisfootory, but some are soft and bruised. Tasmanian fruit is somewhat disappointing, for though much of it is excellent, there is too much bitterpip, especially in the Coxe’s, the result being that prices for these have varied from 10/- to 22/-. Pears from West Australia, Tasmania and New Zealand mostly landed in good condition and are meeting in excellent market.