Commercial News

Auckland Star, Volume LXXIV, Issue 229, 27 September 1943, Page 7

Commercial News

FUTURE OF WOOL

POST-WAR PRODUCTION PRICE STABILITY FACTOR LONDON, August 31 The future of the wool industry aftei the war is. another of those economic problems of the future about which it is impossible to envisage as yet any cleai outline, but it is generally considerec that there is little likelihood of Britain continuing the present Anglo-Australian wool agreement when it expires a year after the war. War exigencies and a desire to prevent wool falling into enemy hands largely dictated Britain's policy for wool purchases, which, admittedly, have been generous. When these factors no longer operate, however, why should Britain play fairy godmother to the wool producers more than to any other producers *of primary goods, it is asked. The advantages of a guaranteed price and orderly marketing are undeniable, but, it iargued, it should not be beyond the powers ox the wool interests so to organise the trade tnemselves as to prevent the violent fluctuations in prices which characterised the wool market alter the 1914-1918 war. At that? time tho greatest factor disorganising the markets was the great distances separating wool stocks from the centres where they v. ere required. The accumulation of stocks in tne United- States has gone some way to overcome this problem, while it is hoped that the improved shipping position will enable a progressive building up of the present low stocks in Britain to meet the requirements of the British and Continental textile industries after the war. „ How great the Continental demand is likely to be is also a matter for speculation, because, although the people of Europe will desperately need woollen clothes, it is feared that the Germans have taken much of the textile machinery fioin occupied countries for scrap to feed the war machine. Also, when they are driven out, the Germans will destroy what remains. GRAIN AND PRODUCE The following Is the official wholesale market report of the Auckland Grain, Seed and Produce Merchants' Association:— Wheat'.—The stock position has been relieved and a distribution made ex ship at the special cash-with-order prices for minimum 10-sack lets. Through store prices are from 7/4 to 7/6 per bushel. Maize.—Bad weather is still interfering with shelling and there is practically nothing available. Nominal prices for whole maize through store are from 7/9 to 8/ per bushel and for kibbled 8/1 to 8/4 per bushel. Oats. —There is a steady inquiry with a firm market, with B. Gartons selling through store at from 5/4 to 5/7 per bushel. Chaff.—Stocks are not heavy and are meeting with a steady inquiry at from £13 15/ to £14 15/ per ton. Barley.—The only stocks available are through store, where clipped is selling at from 5/8 to 6/2 and undipped at from 5/3 to 5/6 per bushel. Barleymeal.—Merchants are holding fair stocks of Australian barleymeal, the price for which through store is from £11 to £11 15/ per ton. Stoclcmeal.—A further quantity has been distributed ex ship while ample supplies are available ex store at from £11 1/3 to £11 17/6 per ton. ' STOCK EXCHANGE DOMINION DAY HOLIDAY Owing to the observance of Dominion Day, the Auckland Stock Exchange was closcd to-day. MYER PROFIT HIGHER Including £19,955 over-provided for taxation last year, profit of Myer Emporium, Ltd., Melbourne, for year ended July 31 is £209,519. Provision for taxation is £145,000, and for depreciation £85.680. Previous year's profit was £167,137, after allowing £226,389 for taxation (including £26,339 short provided for 1940-41), and £ 105.673 for depreciation. Ordinary dividend is unchanged at 7*2 per cent, requiring £129,375. Preference dividend of 9 per cent absorbs £53,990. CANTERBURY FARMERS The Canterbury Farmers' Co-operative Association, Ltd., report a net profit of £31,593, compared with £30,303 last year and £25,351 in 1941. An unchanged dividend of 5 per cent on all preference! , shares required £-1090, and an unchanged dividend of 5 per cent on ordinary shares was recommended. SHAREMARKET INDICES London: Financial Times <1925 eauals ">0):— Govt. Rails Indus. Gold 1049 High 114.4 64.6 118.0 158.1 1942 LOW 113.4 54.1 ss.s 138.1 JulV 28 ..:... 112.4 67.8 127.9 164.4 August 31 112.3 67.7 }r?'s Sept. 22 112.3 65.9 130.1 165.5 New York: Dow Jones (192G equals 100):— Ralls Indus. Turnover ; 1942 High 29.28 119.71 — 1942 Low 23.31 92.92 — • July 28 35.70 137.64 1,845,000 1 August 30 34.13 135.73 335,000 September 25 .... 35.18 141.08 331,000 i EXCHANGE RATES I - i Following are the latest rates for purchases and 1 sales of foreign exchanges quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice; — T.T. T.T. Buying Selling New York, dollar 3.2542 3.2050 Montreal, dollar ... 3.6039 3.5290 India and Ceylon, rwpee 22 3-16 22 3 ,4 r London, £N.Z., £stg., 100 124 7 6 125 0 0 r Australia. £A. £ NZ, 100 100 10 0 100 0 0 / Fiji. £F, £ N.Z., 100 90 0 0 88 12 6 r s. Africa, £NZ, £SA, 100 123 0 0 125 2 6 2 Chungking, Chinese nat. 1 dol. N.Z. pence to dol. — 0 0 4