BIG BUSINESS

Wanganui Chronicle, Volume LXXXIII, Issue 20105, 26 March 1928, Page 7

BIG BUSINESS

DEALINGS IN SHARES Recent Activity on London Stock Exchange A COMMERCIAL SUMMARY. Received March 25, G p.m. (A. & N.Z.) LONDON, March 24. The Stock Exchange ha>s just completed. the settlement of what is generally accepted as one of he largest accounts, if not the largest account. in its history. One financial newspaper says the clearing department dealt with 40,000,000 shares in Courtaulds, and 7,000,060 in Mexican Eagles, in addition lo millions of other popular shares, and as brokers intimate that most of this business represents purchases that have actually been taken up by holders, it is difficult to surmise where all the money is coining from, although it is known there has been considerable buying on American account. Colonial Issue Steady. The principal activity has been in the more speculative shares, and ordinary investment sections of the Stock Exchange have been more or less stagnant, with gilt-edgeds showing a dropping tendency, buL colonials have been steady and the new Commonwealth issue has been in such demand that the price has steadily improved and from being quoted at five-eighths discount, it is now only one-sixteenth discount.

In connection with loans, it is interesting to note that the new volume of the {Stock Exchange Official Intelligence just issued, contains particulars of 54 new loans for a total sum of £416,337,275 raised here by various governments, municipalities, and public bodies during the last twelve months. The Apple Season. The Australian and New Zealand apple season opens on Monday, when cargoes by the NarkunCa and damui will make their appearance at Covcnt Garden and the Monument sale rooms. The outlook does not seem any more favourable than it did a month ago, for the demand for apples is still poor and prices are low. ‘me only hope is that the new supplies, by their freshness and good quality, will attract buyers who have been neglecting apples lately, which is not surprising, for Americans now offering are mostly very unsatisfactory. The market will certainly be severely tested, for during the next three weeks 250,000 cases arc due from Australia and New Zealand. Australian Dried Fruits. "There are developments from the Migration Commission’s recommendations on the Australian dried fruits industry,” the newspaper Grocer says- " Among them is a proposal to establish a co-operative selling agency with a branch in London for the .elimination of agents. Whether such proposals, if adopted, would be successful, remains to be seen. Traders in this country dislike experiments of this sort, and if the Commonwealth authorities recall what happened to New Zealand in respect to the absolute control policy in regard to dairy produce they may be disposed to think twice before attempting to upset the established customs of the dried fruit trade.” Competition for Wool. The second scries of wool sales is proceeding most satisfactorily. There is no sign of weakness of any description, and competition from all quaraers is well maintained. Writing on the position, tlic Bradford Economist’s correspondent says: "Tho impression created by the Lonuon sales is that all the available wool will be wanted, and in some quarters the belief is still held that values are likely to be higher in the autumn. The influence of the strong raw wool position is seen in the very firm quotations for tops, in which there is a steady turnover., especially in crossbreds- ’ ’ Supplies Short. Another Bradford correspondent writes: 44 A leading member of the trade remarked on the changes during his 40 years’ connection with it- He said he had never known a situation parallel with that which exists to-day. Iho salient feature is to be found in the fact that the actual consumptive demand having been sustained and iccelcrated since tho beginning of the season, raw material has never been known to bo so freely absorbed upon arrival, a.nd that consequently the quantity of -,voo Lstill to come forward, available for further contracts, is unusually small, compared with the supplies which ahe customarily accumulated at this period of the year tc pr< vide for requirements.”