WOOL MARKET

Press, Volume LXXI, Issue 21387, 1 February 1935, Page 13

WOOL MARKET

third christchurch SALE CATALOGUES CLOSED The Christchurch Wool Brokers' Association notifies that wool for the third sale, to be held on March 1, has already been received into store in excess of the quota of 25,000 bales fixed by the New Zealand Wool Committee, in consequence of which the catalogues for the sale are definitely closed. SYDNEY SALES GOOD COMPETITION ! MARKET FIRM AT REST RATES | OF WEDNESDAY ! (Received January 31, 10.40 p.m.) SYDNEY. January 31. At the wool sales 11,320 bales were offered. 10.198 sold, and 518 disposed of privately The market closed firm with prices equal to the best rates of the previous day. Competition was well sustained, with improved enquiry for skirtings. Greasy merino made 15 : ; d. LONDON SALES Ki IX I.ATF RATES LONDON. January 31. At the wool sales G4<U bales were offered, including 2766 from New Zealand, and about 5539 Australian and New Zealand bales were sold. There was a fine tone and some Continental competition. Full late rates were maintained. Now Zealand greasy merino. Morea. top 10d. average BUI. GOVICRNiMENT REGULATION DEPRECATED AUSTRALIAN SPEAKS TO AMERICANS PHOENIX iArizonai. January 30. Mr Graham Waddell. chairman of the Australian Wool Growers' Council. addressing the United States Wool Growers' Convention, deprecated price fixing and Governmental regulations. "I believe I can safely say that the great majority of Australian sheepmen arc unfavourable to price fixing," he said. "They let supply and demand control the market." He instanced Government intervention in the Great War when wool was sold at 13 cents —a loss of nine and 10 cents a pound. American wool men preceding Mr Waddell urged a high protective tariff against foreign-produced wool.

MIXING REPORTS INACCURATE ADVICE COMMENT BY STOCK EXCHANGE CHAIRMAN In his address to members at I lie annual meeting yesterday of the Christchurch Stock Exchange. LidMr H. Kitson (the chairman) remarked that the outstanding fact in gold mining in New Zealand was the inaccuracy of many gold mining engineers' reports. Not only were their bore values unreliable, but their estimates of the outlay and time necessary lor gold production had been misleading. Many promoters and vendors had published these reports m good faith, and bad to boar the brunt of undeserved hostile criticism tor failure. The time was coming when directors and others would not employ engineers who had failed in their estimates, for, if they did, the public would not support the flotation. "A Great Future" 'T am of the opinion," continued Mr Kitson, "that g'olcl mining in New Zealand has a great future, provided it is in skilful and-capable hands. There is every indication of the price of gold being maintained —in fact, a still higher price may be confidently anticipated. The export tax on gold could, I think, be removed with justification to encourage an industry which has a considerable potential value to the Dominion. The Government could perhaps remove the flat tax and impose a special tax on net profits in its place." Mr Kitson said that 111 the mining section on call or reported on the exchange nearly two million shares had changed hands. Companies that were producing gold were well supported. It was pleasing to note that the public were using more discrimination in supporting gold mining ventures, but there was still room for rurt.her discernment. CHRISTCHURCH STOCK EXCHANGE, LTD. ANNUAL MEETING The Christchurch Stock Exchange. Ltd.. held its annual meeting in the call room. 128 Oxford terrace, yesterday. Mr H. Kitson (chairman) presided over a large attendance of members. The statement of accounts for the year ended December 31, 1P34. was presented and adopted. The following officers were elected for the ensuing year:—Chairman, Mr H. Kitson (re-elected); vice-chairman. Mr J. H. A. Moore: committee, Messrs Wm. Anderson. R. Browning, A. J. Scott, M. B. Warren. NAPIER GAS COMPANY YEAR'S DIVIDEND, FIVE I'ER CENT. II'RESS ASSOCIATION TELEGRAM.) WELLINGTON. January 31. The Napier Gas Company has advised the Stock Exchange Association that the directors have recommended the payment of a further dividend of 2h per cent., on preference and ordinary shores, making 5 per cent, for the year. I The dividend is the same as in the preceding year. The capital of the company' is £104.680. and the reserve fund at the 1933 balance £18,447.J