WOOL MARKET

Press, Volume LXIX, Issue 21050, 29 December 1933, Page 11

WOOL MARKET

THE WELLINGTON SALE OFFERING OF 30,000 BALES Wellington's second wool sale will commence at 7.30 p.m. on January 10. The first two catalogues, comprising 9000 bales, will be offered that evening, and the sale resumed next mornins at 9 o'clock. The following is the catalogue in the order of sale:— Bales. Dalgety and Co. .. 5426 Murray, Roberts and Co., and Johnston and Co. .. 3594 Levin and Co. .. 6877 N.Z. Loan and Mercantile Agency Co. .. 4519 N.Z. Farmers' Co-op. Distributing Co. .. 3099 Wairarapa Farmers' Co-op. Association .. 1517 Abraham and Williams, and Wright, Stephenson and Co. 4968 Total .. .. 30,000 LONDON SALES KEEN BIDDING (r;iou oub owh correspondent.) LONDON, November 24. The sixth series of Colonial Wool Sales for the present year opened on November 21, with a total offering of 9G25 bales, of which 4550 were from New Zealand. There was a large attendance of buyers, and keen competition was recorded from all sections of the trade. Messrs H. Dawson and Sons state that Yorkshire competition predominated in London, particularly among medium crossbred descriptions. France operated on the finest Queensland wools. The buying was well spread and evidenced a strong available purchasing power. Withdrawals were almost entirely absent. A good selection of merinos made an advance of from 10 to 15 per cent, on October closing rates. Finest warp wools from Queensland were fully 10 per cent, dearer. Scoureds sold up to 15 per cent, advance for necks, brokens, and pieces, the fleeces registering 10 to 124 per cent, above last sales' closing rates. Crossbreds' 20 Per Cent. Rise. Of crossbreds there was a splendid selection in all grades, excepting greasy halfbreds. Medium sorts were in particularly strong demand and showed often from 15 to 20 per cent, advance. Lower grades were Id to ljd in the grease dearer. Scoureds generally showed about 10 per cent, advance. A few lots of Queensland superfine greasy lambs, practically free of fault, sold at 10 per cent, above last sales, mainly to Continental buyers. Scoureds were in poor supply. New Zealand greasy crossbred lambs were 7i per cent, higher, and scoured crossbred lambs a halfpenny to a penny above last sales' closing rates. The consumption in merinos throughout the West Riding, it is stated, has been terrific, and is one of the main factors that has achieved the absorption of abnormal Australian and South African clips. Yorkshire stocks of raw wool and tops remain light: during recent months these have been drawn upon for export to America, and by the Continent in certain grades. Comebacks and fine crossbreds are extremely scarce. WAR LOAN STOCK (BI.ITISII omtut WIBE!.*SS.) RUGBY, December 27. British 3J per cent. War Loan Stock is quoted as follows: — ;C P. d. December 27 .. 101 2 G December 23 .. 101 2 0 December 20 .. 101 0 0 December Ifl .. 101 0 0 December Ifi .. 101, 0 (I December 10 .. 100 7 0 MERCANTILE STOCKS LONDON. December 27. Dec. 12. Dec. 27. II s. d. £ s. d. Dalgety and Co., shares . . 7 15 0 7 15 0 Dalgety and Co., 4 p.c. debentures .. 97 10 0 90 10 0 Goldsbrough, Mcrl, 5 p.c. B deb. .. 98 10 0 97 10 0 ECONOMIC FRAGMENTS <y Quotas or Stable Money? Ry F. O. G. Sham). An;;;us and Rabcrtson. 07 pp. (3/G net.) [KevimvH ijv ruonossnn, AU.AX O. IJ. KIMIKK.J Professor Shann enjoys a welldeserved reputation as an incisive and picturesque writer on Australian economic history, and at the Ottawa Conference, the World Conference, and elsewhere, lie has had wider opportunities than fall to the lot of most academic people in this part of the world of contact with the hard facts of political and economic conflict. He here reprints two addresses given in Perth on the issues raised at these conferences and adds a further essay on the same subject. Professor Shann starts a large number of hares in a way which indicates a lively appreciation of the chai'acter of the real problems of the post-war world; and though it is not always quite clear in which direction he wants his hares to run, his lively sallies will give salutary jolts to the numerous people whose minds are still running in grooves which were hollowed out in a rather distant past. The average New Zealander prob&bly requires little persuasion of the futility of the final " agreements" which cloaked the failure of the London Conference, " the unique concentration of the world's wranglers largely bent on serving special interests by new restrictions"; but there are probably still some who believe that the Ottawa Conference marked an important step forward on the road to a rational world. For them it will be useful to see how Professor Shann pricks that bubble too. " The agreements hammered and twisted into shape" at Ottawa " show more traces of desires to narrow British trade than of zeal to spread it ' wider still and wider.' " Professor - Shann has little comfort for those who believe that Britain's turn to protectionism is not a retrograde step which seriously threatens the proud position which she has been accustomed to enjoy.