Economic Outlook

STOCK exchange ordinaries index at March 31, close of the first quarter of 1960, was 316.30, a rise of over 4 points since the end of last year. In the past two months, it has see-sawed, but the tendency appears now to be steady. The next three months are traditionally quiet on the Australian market.

Islands trading and mining share prices have held, in the main, but some oil stocks have receded slightly.

Generally, textiles and hire-purchase have been lower, though a development in hire-purchase that should improve its position is a movement from its usual fields (cars. household appliances, furniture) into general discounting and home and building financing. Retailers stock are a measure of higher store turn overs as a result of greater public spend ing through increased wages and bumped up margins. Construction and building material suppliers are buoyant, benefiting by the nation’s current building boom.

Primary production holdings reflect the outlook for overseas exports: a consolida tion of demand without much improve ment in prices. After opening on a confident note with prices well above the same period a year ago, wool has now levelled out to about the same as last season, with Japan active in the market.