BRITISH MARKETS

Wanganui Chronicle, Volume 80, Issue 301, 20 December 1937, Page 7

BRITISH MARKETS

RECOVERY CONTINUES THE ADVANCE IN WOOL Received Dec. 19, 6.30 p.m. LONDON, Dec. IS. The stock market recovery continues. City business men agree that while there is noth’.ng to encourage the hope of a spectacular recovery, 1938 should see firm markets with possibly a revival in the spring. Holiday influeii'es are already anparent. In the commodity markets the f volume of bu/iness is very small. Metals are disappointing and tin has fallen sharply, while the encouraging November cepper statistics haw not affected price:. The rise in the world refineci stock* was only 31000 ions and actually stocks fell if the United States is excluded. The of whether wool has touched nottom scorns decisi.e’y answered. Most i.'ac’ers are surprised at lhe liveliness of the recovery. More inutiirics have boon received for tops fro.n spinners and manufacturers but at present they are reluctant to follow the upward trend. Butter is experiencing a difficult market. Stocks are considerably down on the previous fortnight. This encouraged hope for a useful appreciation but the advance is purely nominal and business has been entirely distributive. There has been no speculation, indicating that despite the improved statistical position there is little optimism. There is plenty of butter in sight and lower prices are expected in February. Retail butter prices have been drastically slashed, Empire average prices being 13d to 14d per pound but consumption, though improving, has still not recovered the loss during the period of high prices. There is no interest in cheese. Though arrivals have been comparatively light, the demand has been barely sufficient to clear them. There has been an aprpeciable demand for all descriptions of eggs owing to he colder weather and price! are better.