COMMERCIAL.

Press, Volume LX, Issue 18242, 28 November 1924, Page 10

COMMERCIAL.

• —-—♦ •. THE WOOL SALE. TOMORROWS CATALOGUE. Wool has been hurried into the brokers 5n order to be included in the first Bale, the catalogue, as a result, being a good-sized one for this early period of the year. It is just double the pize of last season^.opening catalogue, but to-morrow's sale is just a fortnight later in the month. Apart from this, however, the good prices have stimulated deliveries. ' Notwithstanding the" prevailing optimism and confidence in the maintenance of values, growers generally are very wisely deciding to free themselves of any anxiety in this respect by quitting their clips forthwith.

The catalogues of the various broker; contain the fine wool clips of growers, who make a habit of being in the ?op flight of prices, and no doubt their lots to-morrow yill set new figures. There will be an exceptionally full bench of buyers to assist in achieving this result.

Vendors of crossbred wools, however, need to accept with a good deal ot reservation some of the reports of the advances .made at Wellington and .Napier, such, for instance, as the statement of a "100 per cent." rise on last November sale. A table of the Christchurch values at the November sale 3 of 1922 and 1923 and the January sale of 1924, shows how far into the clouds .to-morrow's values would go if they recorded a 100 per cent, rise on 12 months ago;—

Order of Sal#. The various catalogues and the order of sale to-morrow are as follow: Bales. 2t. Matson and Co. .. _ _ * • 1304 Pyne, Gould, Guinness, Ltd. .. 3W N.Z. Farmers' Co-op. .. -. 2356 > "N T .Z. Loan and M.A. Co. .. jjlo National Mort. and Agency Co. 900 Dalgety and Co.. •• 2564 '• Total '' ' •• n »f 77 t -•'''There are 1822 lots. to offer, and-at '•the average rate of selling a little -over 200 an-hour—and the usual ad--1 .iournmenta, the sale should be over by 9 p Jtri;

EXCHANGE PROBLEM.

*'■ SUGGESTED SOLUTION. (fMMBB 18S0CTATI0* TTLtUWiI.) WELLINGTON, November 27. Mr T.'M. Wilford says suggestions ; iave been put forward by Mr W. McB'ae, "formerly-manager of the Bank of • New South/Wales in Sydney, for overcoming the -exchange difficulty. • Mr Mc- " 3sae considers that none of the proposals 1 .mooted so far really meet the case, and this is. Sis own scheme, devised in the first instance for Australia, but applicable ; to New "Zealand as well. He says the wool, wheat, sugar, and metal industries of Australia will show net profits of well over £12,500,000 during the next five months. He advdteates the " repayment of £5,000,000 a month, for the next five months; or a total ■ of ; £"25,000,000. London funds are now at k discount of, say, 4 per cent., so if loans were issued at, say, £96, the proceeds of .each £96 would pay off £IOO in London. He believes an appeal to

"the country's patriotism would ■ not •prove disappointing, and that it would pay farmers and all concerned to subscribe to tho loato, as a solution of the present difficulties would at once create Letter local markets, and the resulting benefits would be immediate. Bonds purchased at, say, £96 and 6 per cent, could be liquidated in Australia, if necessary, at little or no loss, and tho ■ loss, if any, would be covered by the gtiin. : There would be no increase in the j "total debt, for the loan there . would liquidate the one in London. Apart from the local benefits gained, the country would gain kudos in London through the moral 'effect of such repayment. He • also suggests release of condition notes . :after consultation with the banks without any set date of repayment, and ad- _ .vocates a reduction of. the accumulations in London funds by the repayment of £25,000,000 at the rate of £5,000,000 .a month for five months. This proposal has already been ventilated in the ;Presß> and so far has received no adverse comment.

GEELONG WOOL SALES.

AUSTRALIAN | RECORD PRICE. ■. (kvaruxus abb jt.z. cable association.) •; SYDNEY, November 27. At the Geelong wool sales six bales of greasy .wool realised 51£ pence, the highest price ever paid in Australia. Another.record was 46Jd pence for lamb's wool. '

TALLOW. (n CAZLX—**XSS ASSOCIATION—COPTJUMTT) (AUSTBAUAH AND V.Z. CASUS ASSOCIATION.) (Received November • 27th, 7.20 p.m.) LONDON, November 26. At the tallow Bales 757 casks were offered -and *BB sold at from par to sixpence decline. Quotations: Fine mutton 53a 3d per cwt, medium 48s €d. Fine beei 635, medium <Bs Gd. . •; . Dalgety and Company, • Limited, hare received the following cablegram from their Z/ondon office, dftttd Novcznbw 2Gtn;— "Tallow—At the weekly auction 760 casta tallow were -offered andlsK) ( eold. Poor demand at unchanged price*."

~ . LONDON WOOL SALES. (Received November 27tb..7.25 p.m.) : LONDON, November 2s. At the London wool sales an averfcgo selection in all clmms was offered. The tnadcet vta animated and the expected demand for cioMbred* waa realised. Prices '. -,<5< ne rally - moved ; inr Mllera' favour. The - «»Üb4 *F»faaekl" clip wld *t m

Wir-i — I Fjj. LAB ATT, flbar* end D«bestiu* ' • Bio tor (ratmber Cbrwtcburch Bteek EsebMK«), Isfli* BuUdinn,. oomer High sad Cmlml #trwt», ChrUtchurch. 'Pfeon* •78, ZtUgnm* ; "Irfrtxtt, Chriatdboi«fc>" LCSM-BM9

Inot., 2>ov., Jan. 1922. 1923. 1924. - d. d. d. d. d. d. Merino— Super . 22 to 252 — — 23i to 32i , Medium 194 to 21J 21i to 25 25 to 27 Inferior 165 to 19 IS to 20 21 to 24 Corriedale— Super 20 to 23 23 to 26 26 to 29J r . M«iium . 17 to 19§ 19 to 22 J 22 to 25^ Ilalfbred— .■ Super 20i to 23i 232 to 252 26j to 301 232 to 26 ' Medium .. 17 to 192 192 to 22^ Inferior lli to 16 15J to 19| 18 to 23| Three-quarterbred— 171 to 20 J 20J to 26 Super • f . Medium .. 13 -to 16 11 to 122. 15 to 17 17J to 20 Inferior "8j "to m 11 fo 14 141 to 171 iledium Crossbred— ISi to 221 Super 10J to 132 Hi to 162 ' Medium .; 9 tolOi 112 to 14 16 to 18 Inferior 8 to 9 9J to 11 13J to-loj Coarse _ Crossbred— 151 to 17 Super 94 to Hi 11J to 13 : Medium .. 8 to 9i 10 toll 13J to 15 ■ Inferior .. 6 to 72 Si to 92 11 to 13 Hslfbred Pieces —. 22 to 27$ Firsts 13 to 18 171 to 21§ Seconds 9 to 12$ 13 to 17 18 to 214 Crossbred ' Pieces .. 41 to- 7 7 to 141 11 to 17J