THE HOME MARKETS

Wanganui Chronicle, Volume LXXXIII, Issue 20151, 21 May 1928, Page 7

THE HOME MARKETS

MONEY, WOOL, FRUIT Speculative Shares Drop, With Heavy Losses HIGHER PRICES FOB WOOL? [ Uy Telegraph—Per Press Assn.—Copyright 1 [ Australian Press Assn. J Received May 20, 5.5 p.m. LONDON, May 19. The Stock Exchange has relapsed into a condition of comparative quietude, which is a remarkable change from the feverish activity in speculative shares which prevailed for several weeks. There has been considerable profittaking, and many speculators have been hit by the fall in prices, the drop in some gramophones, artificial silks and iron steel issues being almost e.« marked as the rise which immediately preceded it. Mining shares have also participated in the set back. Discussing the wool outlook a Bradford correspondent writes: “Prices in London show a hardening tendency as tho sales proceed, and the hope of cheapci- raw material has receded into the background. Consequently spinners have shown more disposition to undertake further operations, the result being that some firms have had a fairly substantial turnover, although the buying movement has not become bo general as to have any striking effect on quotations. The position of topmakers has been strengthened, however, and a definite advance soon would not bo surprising. “It is the opinion iii responsible quarters that wool is more likely to be dearer than cheaper later on.” The demand for apples continues satisfactory, but importers find it impossible to realise higher prices, as supplies continue heavy, arrivals from Australia and New Zealand aggregating □early 300,000 cases a week. The condition of the fruit generally has been good, but one or two cargoes have arrived in a v.ery advanced state, and have consequently been sold at low prices. Pears are meeting with excellent demand, and as Australia and New Zealand have the market practically to themselves, they arc fetching high prices. The continuance of the cold spell on the Continent makes it certain that the early French cherry crop will be small. Indeed supplies of foreign cherries will bo much below usual, for the Ministry of Agriculture, with the object of preventing the introduction of the chc.riy fly, has prohibited the importation of foreign cherries fre . the south of France after June 6, from Central France after June 12, and from northern France after June 21. All Italians are prohibited after June. 16. Thus there will not be the competition from cheap cherries, with, which the markets arc usually glutted during June and the, first half of July. The British strawberry crop has been affected to some extent by the frost, but a good yield is anticipated.