FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21967, 16 December 1936, Page 13

FINANCE AND COMMERCE

f'-ljMiE WOOL OFFERING AT tm :■■"" TIMARU

STOCK EXCHANGE QUIET

An offering of 16,500 bales will be put before buyers at the wool sale to be held in Timaru on Friday. The total is considerably larger than usual, and the wool is in excellent condition.

The Christchurch Stock Exchange was very quiet yesterday with dealings in only a few stocks. Prices were firm on the 1\ whole. ' J In a review of New Zealand legislation this year, the Mid- / land Bank says that the experiments of the Dominion will be * watched with interest by the rest of the world. Some dangers are pointed out, but the article mentions that the favourable returns for the Dominion produce will be an advantage.

WOOL FIRST CHRISTCHURCH SALE OFFICIAL REPORT The following report of the Christchurch wool sale yesterday is supplied by the Christchurch Woolbrokers’ Association:— i The first wool sale of the 1936-37 season was held in St. James’ Theatre, when 28,500 bales were offered to a lull attendance of buyers. The selection comprised a large percentage of light, fine quality hogget wool* and also a greater proportion than usual of fine early-shorn ewe wools. A large percentage of the wool offered was over 50’s quality, there bplng very little crossbred included in file catalogue. Bidding, although slow, was well sustained throughout thd sale, the main coming from Japan, which dominated the sale throughout. The local mills were keenly competing for super lots. Passings were exceptionally light, approximately 98 per cent, of the offerings being sold at auction. The following is the range of prices: Merino, 64/70, 60/64 d. d. ”

INCREASED PRICES

BRADFORD MARKET

SYDNEY SALES MARKET CONTINUES STRONG COMPETITION KEEN (UNITED PEESS ASSOCIATION —COPVEIOIIT.) SYDNEY, December 15. At the wool sales, 13,360 bales were offered, 12,175 were sold at auction, and 1974 privately. The market continued very strong, with keen competition from Yorkshire, Germany. France, and America. Greasy merino made 31:ld.

AUSTRALIAN RETURNS

Returns issued by the National Council of Wool Selling Brokers of Australia show that, from July 1 to Noveml r 30, sales of wool in the principal selling centres of the Commonwealth totalled 1,133,940 bales, which realised £21,322,947. Compared with th< similar period of 1935, the turnover shows a decrease of 28,121 bales, but the amount realised an increase of £1,664,280. The greasy and scoured wool sold realised an average of £lB 16s Id a bale, or 14.83 d per lb, the average to November 30. 1935, being £l6 18s 4d a bale, or 13.41 d per lb, and to November 30, 1934, £l2 14s lOd a bale, or 9.8 d per lb. The greasy wool sold during November averaged 16.75 d per lb, compared with 14.23 d in November, 1935, anr 9.9 d in November, 19m. The following figures show tne sales made from July 1 to November 30, the amount realised, and the greasy and scoured average per lb obtained during six seasons:— Avge. Bales. Amount, per lb. 1931 .. 1,055,173 £12,146,692 B.Bd 1932 .. 1,177.739 £13,565,339 B.Bd 1933 .. 1,255,287 £23,546,595 14.7 d 1934 .. 976,822 £12,448,368 9.8 d 1935 .. 1,162,061 £19,658,659 13.41 d 1936 .. 1,133,94: £21.322,947 14.8 d Sales of woo! in the Sydney market from July 1 to Nover. er 30 totalled 549,900 bales, which realised £10,513,272. Compared with the similar period of the preceding season, the quantity sold shows an increase of 7726 bales, and the amount realised an increase of £1,369,751. The greasy and scoured wool sold averaged £l9 2s 4d a bale, or 15d per lb, compared with £l6 17s 3d a bale, or 13.6 d per lb, during the corresponding months of 1935.

LONDON, December 14. The Bradford market is firmer and consumption is well maintained. Yarns are very firm.

IHEAVIER TIMARU : OFFERING

PWNG FOR A FALL

CATALOGUE NOW 16,500 BALES

LARGE ARRIVALS OF WOOL

k (From Our Correspondent.! TIMARU, December 15. Approximately 16,500 bales will be tend at the first Timaru wool sale owmt&cing at 9 a.m. on Friday in »«Theatre Royal. The total at the Member sale last year was 12,556 *fes, tor which £174,000 was revived. Since the weather changed, from 01< * to sunny conditions, wool has *tt coming into store at a tremenjusiate, and the staffs of all stores J3 iaru nay e been working at high t*W ip cope with the rush, 12 hours % for a week of seven days being pessary to meet the extraordinary editions. wool has opened up well, and HJpujh some of the hogget clips are ™w to be dusty, it is nevertheBwtil grown and in good condition. Py utile tender wopl is forward. J* Mips to be offered comprise a *~ Mixed lot of back country *"JHJ6 and halfbreds and lower hills utDreds, The back country halfbreds * Clean- and in good condition

DESCRIBED AS PERNICIOUS

MUSS ASSOCIATION— COPYMOUT.) I Isllin LONDON, December 14. HS3F- WOOI for a £alI « which had FBrket? m recent years on Australian r-S&'-iiZ as a Pernicious practice, FR'iSir H - Pickles, president of liEgP Wool Federation, at a l ; ffw ° f the Bradford Textile bBSft I** 1 ** th at the "bear" seller rKttiik U1 confidence and estabhSßßbm artificial basis of values preK»Jl**'ners from obtaining a return ■ASSm? e wor ld price, which was IQUnd basis. Some Contin■^KfJ^SJ?,! introduced the pracwtucb English operators were pafcagj tffelsed it has proved expenrß» vLS*S last season, and in the FH£i $ ms " he added . "The l"^Ka»^. nce at which wool sells in KfflCof o^? etition should be the SrSHk^^ Bß ' but a dapgerous eleP«*& «?** introduced if that price t£ Mi e Piaything of gamblers "

BRITISH OVERSEAS TRADE

RETURNS FOR NOVEMBER

INCREASED DAIRY IMPORTS

LONDON, December 14. The Board of Trade returns for November are as follows:

Imports, £78,671,000; exports, £38,441,000; re-exports, £4,342,000. The principal increases, compared with November of last year, are:—

Imports—Dairy produce, £840,000; grain and flour, £1,961,000; wood and timber, £1,324,000; wool raw waste, £841,000., The main decreases are:—

Exports—Non-ferrous metals and manufactures, £554,000; coal, £360,000.

FOREIGN EXCHANGES

PRICE OP EGGS

The following prices were paid net in the city yesterday:—First grade Is Id a dozen, second Is; duck eggs Is.

NEW ZEALAND'S EXPERIMENTS

COMPANY NEWS

MAY BE INSTRUCTIVE TO WORLD

MIDLAND BANK REVIEW

(UNITED PBESS ASSOCIATION—COPYRIGHT.) LONDON, December 14. The "Midland Bank Review," in a long article on New Zealand economic experiments, declares:— "The last year has seen crowded experimentation, the results of which will be highly instructive to the world. New Zealand's heavy fixed debt charges and her dependence on agriculture explain the hard times during the depression, but at the time the present Government came into office conditions were better. "Experience alone will shew how far the drastic banking changes undertaken against the advice of the Governor of the Reserve Bank will further the economic recovery on stable monetary foundations. At present there seems little scope for any active open market policy on the part of the Reserve Bank, but there is ample room for public borrowing if it is required. "Whatever may be said against the ambitious marketing plan, it will undoubtedly contribute to orderly marketing if the world persists with attempts to produce prosperity by bilateral trade systems. The Government's programme, however, will remove from the trading banks a considerable part of the old-established means of livelihood, and it may involve imposing higher charges elsewhere, thus reducing the facilities for customers." The article goes on to analyse the trade situation. It considers that at the present level of imports and exports prices will balance New Zealand's current payments. "Receipts are in a thoroughly healthy condition," it states. "Appreciation of the New Zealand pound in terms of sterling will not be easy while the process of active reflation and expansion is pursued. Indeed, hasty and overambitious steps to remove the premium on sterling might place the Government's programme in jeopardy. Neither in New Zealand nor anywhere else is it possible to walk backwards and forwards simultaneously. The Government enjoys a great advantage in that its schemes were launched on an apparent rising tide of prosperity. The prospects seem favourable for a continued movement underlying the natural recovery. New Zealand's experience in the next few years may show much in respect to the speediest and most practicable lines of economic advance."

MOUNT MORGAN

At the annual meeting of Mount Morgan, Ltd.. the chairman (Mr Eric Campbell) told shareholders that for the next year the board's policy would be concentrated on production and that a resumption of dividend payments could be expected in March. Mr Campbell said that the assays oi the new ore body had varied from a few pennyweights to 9£ ounces a ton. The ore had bulked more than Bdwt. The directors, he said, had decided to increase the issued capital by £15.000 bv issuing 120.00r shares t»t a sum as near the ruling market price as possible. The capital expenditure had been greater than that estimated. The completion of the oxidised ore treatment plant, the sulphide mill, and the power-house reorganisation had necessitated several extra items. Commenting on the discovery of the new ore body, Mr Campbell said that a crosscut between the main tunnel and the Lady Brassey shaft had proved an important sulphide ore body in an entirely new area. This body was located in what had bren regarded as an area of overburden, and was situated definitely outside the limits of the ere reserves. It was Loo early to say what the magnitude of the new ore body would prove to be, but the ore was showing on both sides of the crosscut, overhead and underfoot for a distance of approximately 100 feet. At present the new ore zone had not been defined in any way beyond the crosscut of approximately 16 feet, and a rise of about 12 feet. In each instance the ore was continuing strong and dense. Mr Campbell said that the oxidised ore treatment plant was expecced to be in full operation in January, >.nd that its intial canacity was to be 800 tons a day. The bower-hcuse was expected to operate with its new plant nnd turbo-generator on December 14. The costs would r -obably drop by between 6d to 2s a ton of ore treated.

MANOR PARK, LIMITED

The prospectus of Manor Park, Ltd., a company which proposes to erect a building in which public receptions and dances may be held, has been issued. Capital, of which a good portion has already been subscribed, is £IO,OOO in £1 shares. The provisional directors are Messrs R. H. Hill, E. W. J. Millton, R. D. Wood, A. P. A. Nicholls, end R. C. Jamieson, all of Christchurch. The only material contracts are an agreement retaining the services of Mr E. Short as manager, and an agreement giving an option over a piece of land in Avonhead road.

WHITE STAR BREWERY

The sale of the White Star Brewery, Kalapoi, to New Zealand Breweries, Ltd., is reported to have been confirmed by the shareholders. New Zealand Breweries v/ill take over next month.

BRITISH WHEAT MARKET

LONDON, December 14. Wheat cargoes are very firm at 6d to Is advance. Parcels are 6d dearer: Futures are quoted:— Dec. 10. Dec. 14. London (qr.)-- s. d. s. d. January ... 43 1 43 8 March .. May • .. .. 41 6J 42 61 Liverpool (cental)— December .. 9 1:{ 9 4J March .. .. 8 53 8 83 May .. 8 43 8 7i July .. .. 8 32 8 6jj

CHICAGO FUTURES

NEW YORK, December 14. Cents a bushel:— December .. .. 135b May •• . •• m l July .. .. im

NEW YORK TIN

NEW YORK, December 14. Tin is quoted at 51.85 cents per lb

PRICE OF GOLD

LONDON, December 16. Gold is quoted at £7 ls'9d a fine ounce.

Extra super -: to 24J Super 194 to 22 Average 15} to 19 Inferior 14 to 154 Corriedale— Extra super — to 261 Super 21 to 24 Average 184 to 20 Inferior 15 to 18 Fine Halfbred, 58, 56/58, 56— Extra super — to 25J Super 22 to 24 Average 184 to 214 Inferior 15J to 18 Medium Hrtfbred, 50/56, 50— * Extra super — to 22 Super 184 to 20 Average 14J to 18J Inferior 13 to 14 Extra Fine Crossbred, 48/50 — Super 151 to 163 Average 14 to 15 Inferior 12 to 133 Fine Crossbred, 46/48- - Super 14 to 151 £ Average 131 to 14 BL Inferior 12 to 13 klodium Crossbred, 44/46 — EW^Super 15| to 16} W * Average .. 13J to 15 f Inferior 12 to 131 Bellies and PiecesMerino, good to super 15 to 191 Merino, low to med. .. , Mtftaedi; good to super ;1|JaT£bred, low to med. 12J to 144 13 -WW 11 to 124 Pieces— Halfbred, good to super 154 to 221 Halfbred, low to med. 12 to 15 Bellies and PiecesCrossbred, good to f super 104 to 134 i Crossbred, low to med. Cachings— 9 to 101 { ? Halfbred, med. to good 11 to 134 ;.-# Halfbred, inf. and Hj \ seedy . .. 84 to 104 L-1 Crossbred, med. to good ii to m ■•~i Crossbred, inf. and U{: Merino 64 to 104 8 to 94 ■•'.Halfbred 63 to 91 B Crossbred 6 to 7

(BRITISH OFFICIAL WIRELESS.) Paris, fr. to £1 RUGBY, December 14. Par. Dec. 12. Dec. 14. 124.21 105 11-64 105 9-64 New York. dol. to £1 4.866 4.90 3-16 4.903 Montreal. clol to £1 4.866 4,892 4.90 Brussels, belgas to £1 35 29.001 29.02 Geneva, fr. to £1 25.2215 21.33 21.133 Amsterdam. fl. to £1 12.10 / 9.00} 9.01 Milan, lire to £1 92.46 93 3-16 93 3-16 Berlin, reichmarken to £1 29.43 12.18 12.19 Copenhagen, i kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.39} 19.39} Vienna, schgs. to £1 34.585 26} 28} Prague, kr to £1 164.25 138 19-32 139 Helsingfors, marks to £1 193.23 2263 2263 Madrid, pesetas to £1 25 2215 Lisbon, escudos to £1 110 110 3-16 110 3-16 Athens, drach to £1 375 547} 547} Bucharest. lei to £1 843.6 020 020 Belgrade. dinars 25.2215 213 213 Rio de Janeiro, pence to mllreis 4.899 4.1 4i Buenos Aires, pence to dol. 51 — Montevideo, pence to dol. . 39J 39J Bombay, pence to rupee 19 18 9-64 18 9-64 Shanghai, pence to dol. ♦ 14 17-32 14 17-32 Hong Kong, pence to yen . 14 15-16 14 15-16 Yokohama pence to yen * 13 13 61-64 Batavia. guilders 12.107 8.97} Warsaw, par zlotys to £1 43.36 _ • Determined by price of silver-