THE WOOL YEAR.

Press, Volume LXV, Issue 19610, 4 May 1929, Page 12

THE WOOL YEAR.

SALES EXCEED £11,000,000. I The New Zealand Wool Committee j has compiled for the season just closed I (and for 1927-28 one) a comparison of [ quantities and values. | Although more wool was sold in ' New Zealand at the local auctions held '■ between November 16th—when the sales opened—and March 31st, less money was received for it. Still the respective gross total distributed among woolgrowers (less expenses incidental to production, handling, and selling) ! amounted to £11,603,428. The figures { are:

The gross total returns for the two clips sold in the Dominion were as follows: — £ IM7-28 .. .. •• 12,4Ce,097 ia:<?-29 .. .. •• 11,603,428 The Wellington Sales. Details of the sales at the Christrliurch centre w.-is published recently. The Wellington figures are:

Total bales offered. 121,396; sold, 113,626.

Net weight of wool sold, 40,555,8011b; gross proceeds, £2,527,717 2s 2d; average price per bale for season, £'22 4s lid; average price per lb for season, 14.953 d.

UNFAIR COMPETITION. RECONSTITUTED CREAM. (UNITED TRBbH ASSOCIATION'--B* ELECTRIC TELEGRAPH —COPYRIGHT.) LONDON, May 2. The House of Lords Reconstituted Cream Bill was read a second time by twenty-six votes to twenty-four. Lord Blodislow described reconstituted cream as a blend of Argentine butter and New" Zealand milk powder through an emulsifier. This was most unfair competition for the British farmer.—Australian Press Association, United Service.

STEEL WHICH CUTS GLASS. FRENCHMEN'S DISCOVERY. (OMITED I'EESS ASSOCIATION -BY ELECTBTC TELEGRAPH—COPYRIGHT.) PARIS, May 2. Two French chemists, MM, Aubert and Duval, have invented a new steel the main feature in the manufacture of which consists in treating steel alloys with nitrogen. It is also subjected to treatment with ammoniacal gas. The product cuts glass and quartz like paper. The process is said to be effective with steel only. The surface hardness of the new steel, which is already being manufactured, is stated to be the highest known. Exhaustive tests with motor aero engine cylinders have been stated to produce remarkable results.—Australian Press Association.

CHEAPER BANANAS.

TWO SHIPMENTS ARRIVING. During the next week or two bananas are likely to be cheaper in Christchurch than for some time past. The Maui Pomare arrived at Lyttelton yesterday with 7300 cases from Niue and a shipment from the Cook Islands is due on Monday. The Maui Pomare's consignment is being discharged for Christchurch, Westland, Timaru, and Oamaru. Fruitbrokers, however, decline to say yet how cheap the fruit will be. They want to see the bananas first. There has been a short supply for some time past, and the price has been high.

MEAT EXPORT. THE WEEK'S SCHEDULE. The following overall prices will be paid for all stock received at the various Canterbury works up to and including May 11th, 1920: Prime woolly lambs—First quality to 361b, 9 7-8 d; 37 to 421b, 8 7-8 d; 43 to 501b, 8 3-8 d; 0 to 501b, 8 3-8 d; second quality 8 7-Bd. Shorn lambs Id per lb reduction. Wethers—First quality to 481b, 7sd; 49 to 561b, 6Jd; 57 to 641b, s|d; 65 to 721b, 4*d; 0 to 721b, 4*d. Second quality, sd. Ewes—Under 481b, 5 3-8 d; 49 to 561b, 4 7-8 d; 57 to 641b. 4 l-8d; 65 to 721b and seconds, 3 5-8 d; 0 to 721b, 2 7-Bd. The price for lamb has been advanced by seven-eighths of a penny and for ewes the same. The wether schedule remains unaltered.

HUGE WHEAT SURPLUS.

AMERICAN OFFICIALS CONFER. (UNITED PRESS ASSOCIATION —BY ELECTBIC TELEGRAPH —COFfEIGHT.) (Received May 3rd, 8.30 p.m.) WASHINGTON, May 2. Faced by an immediate serious problem of 260 million bushels of wheat held over, with a bumper crop to be marketed about July 15th, Government officiate conferred to-day with the executives of several eastern railways, which accepted temporarily sharply-re-duced rates on the export wheat shipments.

The executives announced that they recognised that "the emergency of the national proportion exists, necessitating every possible aid to the immediate removal of this surplus from the country." Reductions will be approximately two cent* per bushel from Buffalo, four cents from Chicago, and five cents from St. Louis. The reductions will expire on May 30th. It is felt here that American grain must meet the competition of an nnnsually large carry-over, and production in foreign countries, with a consequent lowering of the price level on the principal markets of the world.—Australian Press Association.

BANK OF ADELAIDE. On April 24th, the Sydney market for Bank of Adalaide shares was firmer at £lO 10t buyer, £lO 14a aeller. The balanoe-aheet just presented indicated that more capital may be required in the near future; and if it be issued there should be no reduction in the current 10 per ©ant: dividend rate (state* a Sydney paper). With the rise in the market price, usual rumours have gained currency, but since the stock is worth the preeent pnoe there ia no reason to believe rumour.

Price Price per bale. per lb Bales sold. i. s. a. Pence. 1927-:8 .. 514,133 24 5 0 16.S9 19-2S-2d .. 538,493 21 10 11J 15.06

19-26-39. Bales Bales Per bale. Per lb. Sale. offered. sold. £ 9.(1. Pence. November 7,7."2 7,621 23 2 11 13.830 December 2.5,983 23,933 in 8 8 16.005 January .. 27,133 ;«,747 23 19 3 16.185 February •27,012 •23,851 21 8 11 14.237 March 33,300 31,474 20 5 4 13.530