RETURN OF £384,605

Press, Volume LXXVI, Issue 22910, 5 January 1940, Page 9

RETURN OF £384,605

SALE OF CANTERBURY WOOL

FIRST APPRAISAL REALISATION

BALE AVERAGE, £l6/14/-

A gross return of £384,605 was received from the appraisal of 23,132 bales of wool at the first Christchurch assessment of this season before Christmas. This amount has not. actually been paid out, because 5 per cent, of the gross is being retained under the Imperial Government purchase to form a fund which may "be used lor balancing the payout to the New Zealand 'average of 12.18 d per lb at the end of the season. The sale returned averages of approximately £l6 13s 3d a bale and 13d .per lb. It might have been expected that these averages would be higher, but the first appraisement, like a first auction of the season, included a larger proportion than normal of piece" wools, crutchings, and oddments left over from last season. A definite improvement on these averages should be seen at future appraisals in Christchurch, where the bulk of the wool sold is of finer quality than the average for New Zealand. The second appraisal for Christchurch will commence on Monday, when it is expected that approximately the same number of bales will be available as were offered at the appraisal here last month. Wool has been coming into store very freely as the unbroken weather in almost all districts has allowed shearing to proceed without interruption. The wool so far handled in the city stores is not quite up to the standard usually offered at a January auction, because the growing season was not good, and because the quality is more mixed. In normal years the second auction was generally regarded as the best, and many growers forwarded their fleece for it, and left their pieces till later sales. The wool forward contains a heavy proportion of the best of the Canterbury ewe clips. The season in many districts has been poor for growing, and a larger proportion than normal of faulty and tender wool has been sent in. There is, of course, some superlatively good wool from the more fortunate districts, but as a whole the offering is not as robust or well grown as it normally is.

WAH EISK COSTS REDUCED 1 ■ L_

NO SUPPORT FOR MARKET LONDON COMMITTEE RESIGNS t r . '. LONDON, January 3. The war risk rating'committee of the Institute b'f London Underwriters has resigned en bloc owing to the lack of market support. The current schedule expires to-day, and the committee has drawn up an advisory schedule in which general decreases are made in rates between New Zealand, Australia, and the East, Africa, South Africa, the Mediterranean, the Black Sea, and the Far East.

HEAVY ORDERS FOR WHISKY [

WAR STIMULATES TRADE IN AMERICA Agents in New York, state that whisky importers in America are being deluged by wholesalers with orders.' Since the outbreak of war, many American firms, fearing a shortage of supplies later in the year, are endeavouring to build up reserve stocks. With the rate of exchange now. favourable to the United States it was to be expected that importers would try to lay in as much Scotch whisky as possible, says the: December issue of the Australian Brewing and Wine Journal. Cabled orders for both bulk.and cased whisky continue to come in dajly to Glasgow bonds, and warehouse staffs are working overtime in getting shipments ready. New York being the principal distributing centre, is the leading market, and large parcels are also being sent to Philadelphia, Baltimore, Boston, San Francisco, Seattle, and the Cities iri the Middle West. Canadian trade is being maintained at the previous year's level. The August exports were 34,030 gallons, and for the eight months 404,000 gallons. This compares with 412.000 gallons for the same period in 1938, and 485,000 gallons for January-August, 1937. Indents from. Montreal have been steady, and in recent weeks Vancouver has taken some good,bulk supplies.' The increase in the Canadian War Budget of the tax on imported spirits from five dollars to eight dollars a -gallon may adversely affect'the Scdtch whisky imports.