LONDON WOOL SALES

Press, Volume LXX, Issue 21146, 23 April 1934, Page 13

LONDON WOOL SALES

DEMAND FROM GERMANY UNCERTAIN ONLY SMALL QUANTITY ( ATA LOG I ED (l SITED i'i:ces ASSOC.'! .'.TICiN —r.V ELECT RIO 1 K LEU KA I'd - COP VIMU UT.) LONDON, April 20. The "Yorkshire Observer'' says that private advices from Germany state that the embargo on wool purchases will be r.-Miti.uied unlil May 15, for completion of the arrangements for State control. This, naturally, is raisin'.,' conjecture whether Germany will be represented at the London sales, but a leiicr from a big topmaking firm in Germ'.my there will be a lively demand from German spinners for stocks of wool lops. Tha reduction in .stocks will force Germany to buy in the world markets as soon as she has assembled enough foreign currency, but control will check speculation and spread imports evenly over different months. Another reliable source says that Germany's wool imports will be subjected lo a L-! per cent. duty. The German position makes the London outlook puzzling, but brokers arc well prepared Lor all eventualities. The quantity catalogued will not be large, and the sales are arranged to cover two weeks. Provision is being made to accommodate offerings to demand in order to prevent a seriously detrimental effect on values or injury to woo! owners' interests.

There may possibly be a demand liom Holland on German accounts.

WELLINGTON SALE The final sale at Wellington for the Season will be held to-day. commencing at 9 a.m. The catalogue comprises 16,151 bales. IKUIT INDUSTRY EXCHANGE PREMIUM ADVANTAGES EVIDENCE BEFORE COMMITTEE CONTRADICTED A statement made before the Monetary Committee that without the exchange premium the fruit industry in ."New Zealand would have been ruined was contradicted by a local fruit grower yesterday. He said that the industry would not oy any means have been ruined without the premium. Prices were low last year, and the exchange certainly made a difference to growers' returns, but the season for a variety of causes was the worst for many years, and similar conditions w°re not likely to recur. The statement made before the cornm ttee set out that the exchange gained on the proceeds from fruit during the 1933 season amounted to £lll. 810. The higher exchange rat.ocean freight charges by ."i.Gd a case and packr costs bv 0.7 d a case, the total increase being o.3ci. Tables were submitted giving a comparison of last year's United kingdom average returns under three rates of exchange, namely, par, 10 per cent., and 25 per cent. With exchange at. . par, the net return to tuc grower would have been /.d a case. At 10 per cent, exchange the return worked out at 8.55 d a case, and at 25 per cent., the return was Is 2.925 d a case. "The net exchange benefit goes to the grower," the statement continued. "Without the exchange benefit the industry would be ruined. Production costs are about 2s 6d to 2s 9d a case. so even with the exchange benefit the grower is receiving not more than 50 per cent, of production costs.

•'Overseas values have declined extensively during the last few years. The following table gives the average c.i.f. sterling prices since 1927:—1927 13s ll.fld: 1928. lis 0.8 d: 1929. 12s D.7d: 1930, 8s 8.3d; 1931. 9s 4.4 d; 1932 8s 10.Id; 1933, 7s 0.5 d. Without an increment such as exchange the industry eoula not continue to exist."

FRUIT EXPORT LONDON PRICES LONDON, April 20. The Tuscan Star's N"w Zealand pears (case) sold as follows:—Cornice Ms to 15s. Bosca lis 6d to 14s 3d. Clairgeau 3s Gd to 9s 6d, Conference lis 9d to 12s 9d. Winter Cole 12s (id to 13s 6d. PRICE OF GOLD LONDON, April 21. Cold ia line ounce) is quoted:— £ s. d. April 21 .. ..0' If) 8 April 19 . . . . 6 15 3 April 17 .. ..6 14 81 April Ifi . . .. 0 14 lOi April 11 .. .. CMIII April 13 .. ..0 14 9 PRICE OF SILVER 'F"tTls!| OKKIIIM. \VIHLLr.-55.) RUGBY, April 20. Silver ipence an ounce) is quoted:— April 19. April 20. Soot . . 19J 192 Forward . . 19 15-16 20 LONDON~MARKETS LONDON, April 21. Friday's closing prices:— Cotton--Spot, G.lßd; May. 5.81 d. Rubber-Para, sd: plantation •rr.ohcd, 5 13-lGd. Jute—April and May, £l6 ss. Copra--iVav and June, South Sea. ST ss; smoked, £6 15s; plantation Rabaul. Ml 17s Gd. Linseed Oil—£l9 15s. Turpentine—£2 10s 3d.