COMMERCIAL

Press, Volume LXXVIII, Issue 23538, 16 January 1942, Page 7

COMMERCIAL

* WOOL APPRAISAL THIRD CHRISTCHURCH OFFERING GOOD QUALITY CLIP SUBMITTED The third Christchurch wool appraisal of the current season commenced on Tuesday, and it is expected that the valuing will be completed tonight. The catalogue comprises between 20,000 and 25,000 bales. The clip generally is an excellent one, the result of the uniform feed growing season on the low country. However, there is more high country wool forward than at the last appraisal, and much of this shows the effects of the heavy storms and snowfalls in the winter. A proportion of this wool is tender and discoloured, In addition, the quantity forwarded from these areas shows a reduction. In one case a high country pastoralist has a reduction of between 40 and 50 per cent, in his clip. The low country wool Is very soundly grown, and except from round the foothills is carrying a good deal of dry yoke. The plains wool is very bright, and owing to the good feed conditions in the spring the clip will probably be heavier than it was last year. A number of clips are showing a stronger tip owing to the freer use ,j the Lincoln-merino rami This adds weight to the fleece, and therefore to the value, but it may be a detriment when the specialist trade returns to normal and a demand strengthens for the finer qualities. The classing generally of the whole clip, notably that done by growers themselves, showed a commendably high standard. The appraisal figures showed only minor differences in special clips when compared with last season. One instance was where Corriedale ewe made 163 d, and last year the corresponding classing 16d. Another fairly large fine wool clip, from the snow country, made 16d. against 16£ d last year. One snow country clip made 14Jd for the first classing, against 14Jd last year, and others of the finer wools from par to a halfpenny better this year for the better lots, and about the same as last season for the subsequent classings. Though there has been no revision of the price schedule for the finer wools, such as has been strongly urged in Australia and advocated in the South Island, these classes appeared to be appraised fractionally more favourably if of good quality than the plainer crossbred types. However, any such difference is not quotable. RESERVE BANK RETURN STERLING EXCHANGE HIGHER DEMAND LIABILITIES INCREASE An Increase of £1,621,370 in sterling exchange is reported in the Reserve Bank returns for the week ended January 5, 1942. The bank note issue declined further, the issue being £312,250 10s less than in the previous week. There was a further increase in demand liabilities by the State and by the banks, the amount for the banks increasing by nearly £3.000,000. Advances to the Marketing Department increased by £1.677,274. An improvement was shown in the proportion of reserve to notes and other demand liabilities, . Liabilities. —(1) General reserve fund, £1,500.000 (same); (2) bank notes £24.130.531 10s (—£312.250 10s); demand liabilities (a): State, £10,302,218 ( + £362,309): (b) banks, £14,186.706 ( + £2.912.360); (c) other, £398,428 ( + £106,874); (4) time deposits, nil (same): (5) liabilities other than New Zealand currency. £22,195 (-£5296); (6) other liabilities, £1.143.159 ( + £9911): total, £51,683,237 ( + £3,073,908). Assets. —(7) Reserve: (a) gold, £2,801,874 (same): (b) sterling exchange. £13,757,281 ( + £1,621,370); (c) gold exchange nil (same): (8) subsidiary coin, £60,195 ( + £2414): (9) discounts: (a) commercial and agricultural bills, nil (same): (b) Treasury and local body bills, nil (samc)j (10) advances: (a) to the State or State undertakings (1) Marketing Department, £7,210,489 ( + £1,677,274); (2) for other purposes, £22.500,000 (same); (b) to other public authorities, nil (same); (c) other, nil (same): (11) investments, £3.842,470 (same): (12) bank buildings, nil (same); (13) other assets, £1,510.925 (-£227,150); total. £51.683.237 ( + £3,073,908). The proportion of reserve (No. 7 less No 5) to notes and other demand liabilities, 33,737 per cent., compared with 32.45 per cent, on January 5. STOCK EXCHANGES CHRISTCHURCH MARKETS STEADY Markets on the Christchurch Stock Exchange were steady on call yesterday and quotations for local body debentures were negligible. Prices generally were well maintained. Apart from vestibule business, the following transactions wore recorded: — Sales on ’Change; Listed Stocks.— 150 Now Zealand Breweries. 35s Id; 200 Booth, Macdonald (prof.), ss. Sale Reported: Listed Storks.— £6OO 3 p.c. inser,. 1948. £99 17s 6d. New Zealand Government 3 per cent, stock, due 1946-48, remained unaltered at £99 17s 6d, Buyers of War Loan, 1953. were fractionally firmer at £B7. Goldsbrough, Mort were firmer on buyers’ offers 24s 9d. New Zealand Breweries were steady, with business at 35s Id, market closing 35s buyers, 36s sellers. Booth, Macdonald (preference) remained unaltered at ss, and more were offered at 4s 6d, but sellers were reticent. . Buyers* offers for Standard Cement and Wilcox Mofflin revealed firmer markets. AUCKLAND Sales,—War Loan. 1953, £B7 (late sale), £B7 (2); Bank of N.Z. (D Mort.), 30s 6d; Union Bank, £6 11s 6d; Auckland Gas, 6s (2) (odd lots); Leyland-O’Brien, 15s 9d; Dominion Breweries, 29s 6d (2): Woolworths (N.Z.), 14s Bd. Overseas hst: Woolworths Holdings (South Africa), 17s. WELLINGTON Sales.—Govt. Stock, 1954, 3 p.c.. £9B 10s (late sale), £9B 10s; Macduffs, L(d. (ord.), 9s; Macduffs, Ltd. (pref.) (5), 21s; Woolworths Holdings (South Africa), 17s, SYDNEY Strong support for bank shares was a feature of trading on the Sydney Stock Exchange yesterday. Morning Sales.—Bank of New South Wales, £24 15s; Union Bank, £5 9s; Aust. Consolidated Indus.. 455: Bradford Cotton, 325; Broken Hill Pty., 335; Colonial Sugar, £44 ss. Afternoon Sales.—Union Bank, 5s 8d; Bank of New South Wales, £24 18s; British Tobacco, 40s 9d; Goldsbrough, Mort, 255; Australian Iron and Steel (pref.), 26s 9d; Tooths, 48s 6d; Rawang Tin, 3s 6d; Broken Hill North, 365; Broken Hill South. 22s 9d. MELBOURNE Sales—Drug Houses, 27s 3d; Myers (pref,). 31s; Mt. Morgan, 8s lOd; Commercial Bank of Australia, 12s lOd. COMPANY NEWS New Zealand Petroleum.—The New Zealand Petroleum Company reports that the Midhirst bore has been advanced to a depth of 10,735 feet without any change in formation. This represents an advance of 725 feet since the last bulletin was issued a month ago. SYDNEY PRODUCE MARKETS (Received January 15, 11.15 p.m.) SYDNEY. January 15. Quotations in the Sydney produce markets are: Wheat, bulk 3s ll«d, bagged 4s OJd; flour, £l2 13s; bran «gnd pollard, £6; potatoes, Tasmanian, £l4 to £l6; onions and maize, not quoted.