TRADE REVIEW

Daily Telegraph (Napier), Volume 58, Issue 68, 22 April 1929, Page 10

TRADE REVIEW

BllITlSIi COMMEEC1AL SUMMARY. TOO MANY APPLES ON HAND. AustraliaD Press Associatioa LONDON, April 21. I'he Stock Excliange has entered upoti a period of quiescence. which is likely to last unti] after the general election, for business alwaj's becomes dull at election time. The May Day holiday and the Whitsun holidays will also interrupt business next month, so there is little prohability of any activity developing until the elections are out of the wnv. Some people were hoping for a little spnrt after the Budiet, but, as a nmtter of fact. the markets are qnieter than ever, despite the fact that fenrs of an increase in the hank rate have passed and money contlitions have been easy. ALMOST LIFELESS. Although dullness reigns in all markets, it is satisfactory to note there have heeti no signs of weakness in investment stocks, and prices generally have heen well mnintained, though tlie Budget gave them 110 encouragement. The industrial niarket is almost lifeless. There is no nppenrance of anything like speculative activity. Tea shnres got a little fillip from the aholition of the duty, bnt other industrials have heen neglocted. Even cables and wireless eompanies. which recently were full of vigour, relapsed into somethiug like stagnation. Many newspapers this week-end have a column advertisement oti colonial issttes, headed "The Sweet Security of Eive per C'ent." lnvestment in stocks of the dotninions and colonies, comhined with absolute security of capital and certaint.v of income paid in the due dntos, with a slightly higher income than obtainable on similar stocks at TTome, are points heing strongly emphrtsised. TOO MANY APPLES. The condition of the apple markets, both in Britain and on the Continent, is very unsatisfactory and prices realised are disappointing. The chief cause is undoubtedl.y heavy supplies of American Cox apples, which are glutting all markets. Importers are very pessimistic aboiit the course of the markets for another month at least. After that time there mav be an improvement, as American supplies will be nearing the end. It is satisfactory to be ahle to report a firm niarket for pears, both Australian and New Zealand making good prices, which should he maintained, as supplies from California are finished and South African arrivals are diminishing. A Bradford correspondent says : "The ontlooki for the next London wool saies, opening on April 30, is moderately good. 1 see nothing to wnrrant nnynnp looking for higher prices, but T pxpect an all-round good demand for both Morinos and crossbreds at last saies' values."