TRADE REVIEW.

Western Star, 7 February 1922, Page 3

TRADE REVIEW.

LONDON, February 4

The past week has seen the first reactionary movement on the Stock Exchange this year. It is due largely to the djisquieting news from India and Egypt, which caused some weakness in gilt edges. Other factors ivere the reaction after the rush of new issues, on which heavy calls are falling due and the fear of difficulties connected with marine re-insurance companies, which may lead to realisation of securities. The set-back has not' been long-lived, prices generally closing well above the worst level. It is satisfactory to not" that colonial stocks aiV little . effected. Another interesting fact is that the only giltedged which did not decline was Irish land stock. "

The capital issue statistics reveal the remarkable fact that new flotations in the United Kingdom* far exceeded those of any month during, the preceding two years. The Statist gives, the amount for January as £158,000,000 compared with £95,000,000 in February, 1920, when the boom was at its highest. Of this £158,000,000, £151,000,000 was rapidly over-subscribed probably constituting a record and placing underwriters in a very happy postion. TheA chief feature of the foreign exchange market has been the rapid improvement in the dollar rate to 4.32 tiie highest point since August, 1919, which is attributed largely to the Senate .passing the bill for the refunding "of the Allied debts. A further appreciation in ■ the value of sterling is not improbable, but the, strike on the gold mines on the Rand' may have an important effect. Large goi.cS shipments to the United States in .'the last, year or two have done much to strengthen the exchange. A cessation of these shipments even for a few weeks may cause the rate to fall again. . Describing the wool position a leading authority says that despite the remarkable "strength and advance in the' raw material end of the trade, things arcnot altogether happy. The lull in new business during the lastfortnight was not , merely superficial and! transient, but was justified by the small volume of home trade. A Sipurt-in values checked the slight revival in the demand at the piecegoons end and in general the unsettlement of trade'conditions means that there is more than temporary nervousness in placing new ordfers. Consequently manufacturers view the fjipward movement with great misgiving and fear that the-new basis 'will be difficult to niantain. Spinners would feel mere confident if '.prices were governed loss by raw material and had more support from the wearing section. Fortunately the export yarn business continues good. There is little sign of any diminution, jpf the demand from the hosiery trade. There is little more activity in the cloth. trade for export, the Far East and America showing an increasing interest, but the general-economic and political atmosphere is hardly yet favourable to more than very gradual I Improvement. , ' -.

Although in butter was ■slower weelf owing to heavy colonial arrivals and the decline in Danish, prospects are 'reported as favourable. Prices will fluctuate with Danish variations, hilt the consumption continues good and is likely to remain so while prices are about the present level. ' There is considerable comment regarding the disparity between .vsfnis-h and New Zealand, the .former being retailed at 21d per lb t'ompu" I with New Zealand's Kid. One ol the' chief reasons is the fact that inuiish arrives regularly thrice weekly, assuring customers a constant supply, whereas New Zealand! >arrives at irregular intervals and slow and uncertain discharge ' prevents the retailers getting requirements regularly. One of the leading importers says that if he could assure retailers that they would receive their usual quantities every week New Zealand prices would be within a few shillings of Danish. ' ,

, The prospects for cheese are very promising. Canadian exports have practically ceased and • the stock of Canadian here has been materially reduced. Stocks* of New Zealand and Australian are none too plentiful and the demand is strong despite the higher prices.

Falling Prices in Men's andl Boys' Clothing. We were fortunate in securing, tremendous stocks at a »huge discount for cash, enabling us to offer these attractive values :—Men's Ready-to-wear Suits, dark patterns, sale prices 49/6, 59/6, 75/-, 90/-. Special quality Petone and Oaniaru Worsted Suits, 'sale price 120/-. Men's Sports Suits, , -59/6, 65f-7 75/to 90/-. Sports Coats, 39/6, 'ls/- to 50/-. Odd Tweed Coats a few only, 45/-. Men's Tweed Overcoats, 49/6, 59/0, 75/- to 95/-. Men's Raincoats, 49/6, 59/6 to 120/-. Men's All-wool Colonial Saddle Tweed Trousers, to clear at 15/6. Denim Overalls, 8/11. i Strong Working Trousers, 7/11, 10/6, 1:5/6. " Men's Working Shirts, 7/6, 10/6, 12/6. NcL'liaec Shirts, 7/6, 10/6, Jl2/6. Tennis Shirts, 9/6, 10/6, 12'6. Wool Sox, 1/6, 1/11, 2/6 to 3/6. Special" offering in Men's Police. Braces, to clear at 2/6 each. Men's Wool Singlets and Pants, 6/6, 7'6, 10/6 to 15,6. Flannel Unders, 6/11 to 9/0. Merino Pants and. Singlets, to clear at ■7/6. Men's Gaps, 5/6 and 7/6. Men's Felt Hats, 10/6, 15/6, 17/6 to 22/0. Men's Tweed Hats, 5/6 and 7/6. 50 dozen Wide-end Ties to clear at 1/6 and 2/6 each. Men's Handkerchiefs, 1/-, 1/6, 1/9 to 2/6 oncli: Hoys' Raincoats, special value 17/0 each. Tweed Overcoats, .sizes 4 to 7, 25/-; Hoys' 'Varsity Suits, 17/6 and 19/6; Boys' S]ports Suite, 29/6, 32/0, 35/- to 33/6. ; Special lino of Boys' Knickers to clear att 3/11 pair. , Strong Cotton Knickers, special price 7,6. Boys' Jerseys, sizes 20 and 22in, only 5/6. Boys' Jerseys, all sizes, from 7/6, 9/0, 10/6 to 12/6. Bov«" Golf Ho«e, 3/6, 3/11, 40. Boys' School Caps, 2/6 to- 4/6. Boys' Shirts. 4/6 'to 5/6. Boys' Braces, 1/6, 1/11, 2/6. Boys' Hats, ];'- 1,0 ■l/6 each. Alho miany cither exceptional offerings now showing in our Men's and Boys' Department at H. & J. SMITH Ltd., The .Progressive. Drapers, Tay street, Invercargill, and Main street, Gore—Advt.