FINANCE AND COMMERCE

Waimate Daily Advertiser, Volume XXIV, 21 December 1926, Page 4

FINANCE AND COMMERCE

HOME TRADE REVIEW. (Pet Press Association —Copyright.) LONDON, December 18. .With the approach of Christmas the stock markets lare assuming their customary inactivity, but the tendency of prices remains generally fairly steady. There has been a marked activity m new issues. Besides the Australian States and the New Zealand Loan, and Mercantile, there' was a large issue by the Sniafiscosa, the Italian firm making artificial silk and so-called artificial wool, which recently caused a temporary mild perturbation. The Australian issue was over-subscribed. Gilt edgeds are unusually firm for this time of the year. Colonials are quiet and steady. London, while admitting that the present moment is unpropitious for the new New South Wales loan, does not disguise opposition to the suggestion that she may borrow from America. This market does net waver from the view that New South Wales' ought to join the Australian Loan Council, when. it. is contended the needs of the Commonwealth and all the States could be provided for in orderly and advantageous manner as usual. The view is expressed that a New South Walts issue on New York. . though it is possible, at present on good terms, will inevitably ultimately be unloaded on London, to the detriment of all other New South Wales securities he'd here. Meantime no Australian loan is expected before New’ Year, when some quarters expect a reduction of the bank rate. The Board of Trade returns for November gave an opportunity to review the situation after one of the most disastrous industrial disputes in Britain’s history.

Britain’s apparent adverse trade balance for the eleven months of 1926 amounted to £41,500,000, compared with £.34,500,000 in the same period of last year.

The return to full production in many industries is necessarily a slow process, but considerable progress is being made, and this promises activity ahead, executing the postponed orders for the period of stoppage.

Fortunately the minor industries, including the electrical trades, hardware, cutlery, machinery, motor car, and wool industries, are all showing increasing exports during the past few months. The most notable feature of the recent sales has been the stepping in of Germany to take tne place of French, whose buying has been reduced strikingly owing to the appreciation of the franc. German ascendency is simultaneously appearing in Britain's imports of worsted, and woollen manufacturers.

Britain during the eleven months of 1926 imported 35.500,000 square yards compared with 32.850.000 in 1925 and 26,750.000 in 1924. Germany this year supplied 8,500.000 compared with 2,750.000 in 1925 and 1.750 000 in 1024. France supplied 19.500000 compared with 22.750.000 and 19.500.000 Although at the moment there has been a decided pause in the recent upward trend of butter prices, there is little chance of a weakness setting in. A good deni of butter bought during the last few weeks has not gone in consumption yet. but there is a shortage of 400.000 boxes landed and en route from Australia, compared with a year ago. Ireland ifid France are both expected shortly to begin buying Dominion butters, and with Australian supplies delayed, if not reduced by the recent drought, the present steadiness of the market is expected to cofitinue for some months The Grocers’ Association’s newspapers are all condemning root and branch the recent sale of the. whole new stock of Australian canned fruits to Home and Colonial buyers, for the result has undoubtedly been that grocers desiring to stock Australian lines to meet a definite “Buv British” demand, cannot obtain supplies except of lower quality draw-n from Weddel’s large unfortunate purchase last year. It is learnt that Weddel’s re’-entlv un’oaded the whole of their remainder, about 80.000 cases, to on© firm at cheap prices, averaging only about 7s 9d per dozen. N.Z. PRODUCE FOR FRIENDS. LONDON. December 19. The New Zealand Meat Board is spreading throughout Britain Christmas cheer, which New Zealanders have ordered to be sent to friends. , Two thousand five hundred and sixty carcases of Inmb have been sent everywhere. including the Shetlands, Land’s End and Channel Wands. Each is packed in hessian at th© London Docks, and delivered nt the home of recipient bv December 23. The Butter Board is posting 1500 cartons of butter, in four, eight, and twelve round lots. The practice has grown considerably sin— 1924. Traders admit that it is a h ipnv plan to advertise products extensively and cheaply.

WAIMATE STOCK MARKET. A REVIEW. Business in the sheep markei has been more brisk since the freezing works opened at the beginning of the week. Although small drafts only have been taken, it has awaken ed the market and brought enquir ies for lambs suitable for rape feed in January and February. Forward delivery lambs are still slow of sale, the seller quoting too high a price for the buyer. About 21s to 23s 6d has been obtained for a few sales, but the lambs were doing well and off good country. The lambs this year are cn the big side but are not killing so well as last year, and a fair per fentage are going as set?

end quality despite careful dropping. The prices of B£d for 361 b and under, and a penny less for over and seconds were obtained. Full market jates or slightly better were obtained for a yarding of 200 iambs at the Stud holme sale on Wednesday.

Ewes and lambs are the principal sellers in the store market. Prices ranging from 14s 6d to 15s 3d are being obtained for good mouthed ewes, shorn, with forward conditioned lambs at foot, but very low prices are being given for low-con-ditioned and failing-mouthed ewes, unless with very good lambs at foot, current values being round about. 10s 6d to Ils 6d. Shorn ewe hoggets receive some enquiry, extra good ewes selling at from 30s to 33s 6d.