FINANCE AND TRADE

Wanganui Chronicle, Volume LXXXIII, Issue 19919, 15 August 1927, Page 7

FINANCE AND TRADE

MARKETS REVIEWED Money Tight in London, but Colonial Issue Strong I butter market firm (By Tehrraph—Per Press Assn.—Copyright.) Received Aug. 14, 5. p.m. (A. & N.Z.) LONDON, Aug. 13. Although the holiday season is at its height, there is considerable activity on the Stock Exchange, particularly in industrials and oils also in tea and rubber shares, while textiles have also become quite brisk. Montetary conditions have been somewhat stringent, although the Bank of England has received a substantial amount of gold and the New York exchange rate has improved. This tightness of money has caused some hesitation in the gilt-edged market, but Colonials have been in good demand especially the latest issue, and it is satisfactory to note that the Commonwealth loan scrip has hardened, being now quoted at only about three-eighths per cent, discount. Metals in Demand. In an informative article dealing with the position and the future of non-ferrous metals, the newspaper Statist points out that the United States is the only important industrial country which has fully recovered from the effects of the war and its aftermath. It consumed 2,022,000 of the 4,322,732 metric tons of copper, lead and zine produced in the entire world last year, or nearly 47 per cent, of the total. It also consumed over half the world’s tin production, and incidentally the United States produced more than half the world’s supply of iron and steel. If this increase in consumption proves to be a natural economic development, similar prosperity may be expected soon in other industrial countries. The enormous increase in general production and consumption in the United States should be regarded as an indication of a world-wide trend towards higher standards of living. It has been demonstrated in the United States that popular wants have expanded to an enormous extent, and also that invention, supported by continuous employment and effort, has made it possible for those wants to be supplied. At the same time, discoveries of new ore resources and improvements in methods of production during the past few years assure abundant supplies of non-ferrous metals for generations to come, at costs that will not be excessive. New Variety of Bread. Many doctors are now recommending the use of crisp bread, a sort of wholemeal biscuit, instead of ordinary white bread, and many biscuit makers, both at home nd abroad, are devoting attention to this new form of food. It is therefore interesting to learn that one of the principal British biscuit firms has been experimenting with Australian wheat in the manufacture of crisp bread . Victorian white wheat was chosen for the first test, and the users report that it certainly performs a useful function in imparting a good colour and fine flavour to the product. Further tests with other Australian wheats are being made. Butter Position Sound. The butter position appears very sound, and though last week’s advance has not been fully maintained, the statistical position points tu an upward movement before November, which seems the earliest moment to expect any considerable arrivals from Australia and New Zealand.

At present there is a marked scarcity of finest quality butter. The Wool Outlook. Discussing the wool outlook, Bradford Chamber of Commerce Journal says that users are compelled, in view of recent events, to recognise that there is not too much wool in this country to meet requirements for the remainder of the year. New wool cannot be expected from Australia in sufficient volume to influence the market until late November, while New Zealand wool will not be available until early in the New Year. Nobody will sell, going on the assumption that in the meantime there will not be any appreciable change in the position of the wool already in this country, although it is generally agreed that medium and coarse crossbreds are in a rather stronger position than finer grades. Generally speaking, wool is too dear for the Bradford market, and it is very difficult for machinery owners to secure orders on a profitable basis for tops, yarn and piece goods. It is hoped that in the next wool season, the position will be adjusted to a more workable basis from Bradford’s point 1 of view. Board of Trade Returns. The Board of Trade returns for July disclose a decrease of £0,920,000 in the value of imports, compared with the previous July, and £1,143,000 in exports. Re-exports of foreign and colonial products increased by £233,000 The principal decreases in imports were:—Coal, £4.150,000; raw cotton, £2.079,000;; oil seeds, £1.026,000. Decreases in exports were:—Cotton yarns and manufactures, £2,385,000. The chief increases iu imports were: Wood and timber £2,313,000. In exports the chief increases were: Coal, £3.592,000; iron, Steel and manufacyjres thereof, £1,532.000.