TRENDS OF COMMERCE

Wanganui Chronicle, Volume 83, Issue 118, 22 May 1939, Page 8

TRENDS OF COMMERCE

THE STOCK EXCHANGE IN LONDON AN ENCOURAGING WEEK •UNCERTAINTY ABOUT NEW ZEALAND ,o, TeleKWh-Fr«w Association— Copyright) * Received May 21, 6.40 p.m. LONDON, May 20. The Stock Exchange concluded the most encouraging week since the markets cracked on the invasion o£ Albania. The volume of business still remains below normal. Prices crept up very gently, but there is a growing return to confidence in noth the domestic and international « t >{ at ' on - Every section of the market ma some gesture of improvement. Most industrials were 5 to 10 per cent, dearer on the week. The gilt-edgej revival broadened into an impress advance, carrying Dominion stocks ■With it. Dominion Issues. The Investors’ Chronicle says the market ranks Canadian as the highest yield around 31. South African and India are next, 31, then Australia and, finally. New Zealand. T'.-'r-ilia neither New Zealand nor Australia comnare with the other Dominions, a., the™/ have run up a debt per head about double that of Ca " ada s treble that of South Afri-a . .... have not Canada’s geographical ..... ity. nor South Africa's sheet anchor gold New Zealand presents a spec., risk, as Mr. Savage must soon choose between a sincere social policy and default. . ; •‘Fortunately, there is no about Mr. Savage.” says the paper. X the contrary, he has done his utmost to avoid default, including exchange control, but he may have to swallow his hopes before the big refunding in IM'- The fact that Mr Nash is going to London suggest--. that the Government is willing to learn. Indeed, New Zealand’s attachment to the Empire may outweigh*, the Canadian and South African more material advantages in the estimation of investori.” .. Unlike the stock markets, ties show no decisive trend. Business remains quiet. April copper statistics forced the price to the lowest level of the year. The United States figures are especially bad. The market is satisfied v.ith the rubber quota decision. Butter declined sharply and Domin-

ion is freely offered at lower prices but attracted little interest. There is still an entire lack of confidence and traders do not expect an improvement in cheese for the time being. The Wool Position. Most Bradford firms report a steady increase in business, both in crossbreds and Merinos. They resent Signor Mussolini’s allegations of economiwarfare, as they maintain that Italy is dumping wool textiles extensively in Britain, undercutting local goods by substantial margin. The British Empire provides an outlet for nearly half of Italy’s total foreign trade In wool issues. Moreover, Italian exports enter India on the same terms as British. Yorkshire firms consequently declare that so far from waging a “white war against Ital> the boot is on the otner foot.