BRITISH MARKETS

Wanganui Chronicle, Volume 75, Issue 258, 1 November 1932, Page 7

BRITISH MARKETS

COMMERCIAL SUMMARY STOCK EXCHANGE NERVY THE STERLING DECLINE B> Telegraph—Press Association—Copyright, LONDON, Oct. 30. Under Hie influence of Hie decline of steiling,' the stock markets have been somewhat nervy. British fund.weie the first affected, but there \va> not any serious effect. The down ward movement spread to speculative stocks, but here again there were no great declines, ’the steadiness ol sterling in the past few days has had a good effect and the markets weir closed with a brighter tone. Australian Government stocks have given way slightly in sympathy witi British funds. Strangely, goldmining shares were generally easier, despite the rise in the price of the metal. Other Australian stocks, like banks and pastoral com panics, are continuing to show are covery from the late depression, and the resumption of dividend paying by Australian mercantile and land carrying companies is regarded as a good

According to the Economist’s survey of home industries, there has been some increase in activity in the past five weeks, but it has been so partial and moderate in character that it is difficult to say whether it has attained he normal seasonal dimensions. Many leading indicators of the trade posi lion point to no change or to deterioration, but the reports from many oj the chief industrial centres refer to the improvement in tone and some accre tion of now business. Among the satisfactory features is the September re turn of the Retail Distributors’ Association, showing a decline of only 3.6 per cent., compared with 1931. This is the smallest decrease since April, and allowing for the fall in prices may mean that the volume of business has been maintained. Butter Prospects News that both Australia and New Zealand are having exceptionally good seasons and supplies of butter thence during November and December will be heavy is making importers rather anxious regarding the clearance or these largo quantities. Fortunately, the consumptive demand continues good, and, despite heavy importations, there is no accumulation of stocks. The increase of Germany's import quota t° 55,000 tons should have the effect ot keeping a considerable quantity of Continental butter, especially Danish, off this market, but it is considered very doubtful whether Germany can afford to buy such a large quantity, especially with the duty at 75 rcichmarks per 100 kilos. The season’s first large consignment of Australian oranges from New South Wales arrived in good condition. A considerable portion was sold to Ant werp buyers, who were very keen on securing them at prices understood to be satisfactory, though owing to the fluctuation of the exchange it is impossible to state the exact yield. The rest of the cargo arriving next week is expected to sell readily, as the demand is strong. Chilled Meat As a result of the Port Fairy’s successful shipment of meat, importers arc keenly discussing the possibilities of the establishment of a regular trade in chilled beef. One of the chief obstacles to a satisfactory and profitable trade is the difficulty of securing suitable beef. One expert points out if Australian breeders hope successfully to compete with Argentina, they must improve the quality of their herds, and now they have the golden opportunity of doing so most advantageously, as high-class pedigree stock can be bought at wonderfully cheap prices. At the sale of the famous Collynie stud stock near Aberdeen recently the average price realised was £55 for bulls. Six or seven years ago Canada bought heavily. In view of possible benefits from the Ottawa agreements, further important stock sales are being held at Birmingham, Perth, and Aberdeen in February. Review of Wool Markets Mr. Devereux (Australian wool expert) reports that the depreciation in sterling has stimulated a demand for tops at Bradford for export, and, combined with the improvement in the overseas raw wool markets, due to the same reason, caused tho Bradford Merino topinakers to advance quotations. There was a hardening tendency with a moderate amount of new business. Fine crossbred tops were rather firm, and Merino of low descriptions steady, but there was not much business. ThMerino yarn position was unchanged, but quotations were maintained. Busi ness is coming in fa‘irly well, especi ally in the hosiery section. Crossbred yarns were unchanged with not much business. Sales of tops in Germany were only moderate, with prices unchanged. The knitting and hosiery trade is fairly well employed, but the weaving trade is diminishing and export, is very poor.