WOOL SALE AT WELLINGTON

Press, Volume LXXXIII, Issue 25138, 20 March 1947, Page 8

WOOL SALE AT WELLINGTON

KEEN DEMAND FOR FINER GRADES

BELLIES AND PIECES SELL WELL

(P.A.) WELLINGTON, March 19. The following official report on today's Wellington wool sale was Issued by the Wellington Wool Brokers’ Association in conjunction with the New Zealand Wool Buyers' Association and the New Zealand Wool Disposal Commission:

Catalogues totalling 37,545 bales were submitted to auction, comprising 34,378 bales of greasy wools, and 3167 bales of slipe wool. The wool generally opened up in fairly good order, but there was a proportion of tender and weatherstainea clips. There were representative offerings from the Wairarapa, Manawatu. Taihape, Marlborough, and Nelson districts.

Owing to the postponement of the February sale the offering consisted of a fair percentage of early shorn wools. These opened up in good condition. There was a full bench of buyers. Competition came mainly from Continental, American and local mill buyers, with Bradford operating. Well-skirted, good style fleece wools met with keen demand, especially finer grades, while unskirted poorly got-up fleece wool was neglected, buyers showing little interest in these wools. Wellgrown coarse crossbred wool of good style realised good prices. Bellies, pieces, and necks met with very keen competition. Lambs* wool was in demand, buyers being prepared to pay high prices for good quality, local mills being prominent in the bidding.

COMPANY NEWS

CAPITAL REDUCTION FAVOURED FARMERS’ CO-OPERATIVE ASSOCIATION Stockholders and shareholders of the .New Zealand Farmers' Co-operative Association of Canterbury, Ltd., at meetings yesterday, agreed to resolutions seeking a reduction of the company’s capital from £975,000 to £691,722 by extinguishing the liability of, £2 a share not paid up on 141,639 ordinary shares of £2 10s each. The decision will now be forwarded to the Supreme Court for confirmation. Thd proposal was strongly favoured at yesterday’s meetings, voting st the respective meetings being: secured deposit stock: for the proposal, £434,985; against, £4516 (one stockholder); representauoh in favour, 72.1 per cent. First preference: for, 903 ( 21,172 shares), representation 72.9 per cent. “A” preference: for, 1489 ( 36,863 shares), representation 73.7 per cent. “B” preference: for, 765 (*16,789 shares), 78.1 per cent. £2 10s pdid: tor, 730 (12,796 shares), 72.9 per cent. 10s paid: for, 3764 ( 82,417 shares), 58.1 per cent. General meeting: for, 5758 (£169,946 shares), 65.2 per cent. Voting for the proposal was unanimous in all except the first group named. The text of the motion passed was:— "That the capital of the company be reduced from £975,000 divided into 30,000 first preference shares of £5 each, 50,000 “A” preference shares of £4 each, 50,000 “B” preference shares of £4 each, and 170,000 ordinary shares of £2 10s each to £691,722 divided into 30,000 first preference shares of £5 each, 50,000 “A” preference shares of £4 each, 50,000 “B" preference shares of £4 each, and 283,444 ordinary shares of 10s each, and that such reduction be effected by extinguishing the liability of £2 a share not paid up on 141,639 ordinary shares of £2 10s each . . . and further that the capital represented by the 17,551 fully paid ordinary shares of £2 10s each be subdivided by such fully paid ordinary shares of £2 10s each being divided ifto five fully paid ordinary shares of ilks each, and by each of the 10,810 ordinary shares of £2 10s each which have not been allotted being divided into five ordinary shares of 10s each, and that regulation 3 of the Articles of Association be amended accordingly.” Mr G. Hamilton presided at the stockholders’ meeting, and Mr C: P. Agar, chairman of directors •of the association, at the shareholders’ meetings. HUDDART PARKER, LTD. Consolidated profit of Huddart Parker, Ltd., Melbourne, and its subsidiaries for the year ended December 31 was £150,524, compared with £157,025 in 1945. Taxation provision is £68,822 (last year £64,170), depreciation £71,634 (£88.277), and £22,725 is transferred to contingencies reserve, against £3ftooo in the previous year. The parent company’s profit amounted to £119,992, compared with £123,685 in 1945. Preference dividend of 6 per cent, requires £30,000. and ordinary dividend, unchanged, at 12 per cent., takes £90,000, leaving a carry-forward of £65,461, against £65,469 brought in. After allowing for preference dividend the ordinary shareholders’ dividend is a return of less than 4 per cent, on their funds. The directors report that working conditions were mainly controlled by Government-appointed authorities, and operational costs were continuously rising. SHEEPSKIN LEVIES AMENDED (P.A.) ’ DUNEDIN, March 19. The committee controlling the collection of levies on sheepskins announcel that the rates of levy for various grades of skins have been amended and will oc as follows on all sheepskins purchased as from April 1, 1947: Super and first pelt.—Full wools, 7d; three-quarter wools, 7d; half wools, 7a; quarter wools, 7d; shearlings, 70: 7d; hoggets, 7d: lambs, 7d; Merinos. sa: woolly blacks, 4d; short blacks, 2d; double fleece. 2d; milk lambs. Id; woolly brokenid; short broken. Id. Second Pelt.—Full wools, 7d; tnreequarter wools, 7d; half wools, 7d; < l ter wools, 7d; shearlings, 7d; pelts, 7a; hoggets, 7d; lambs, 7d; Merinos, sa. woolly blacks. 4d; short blacks, 2d; double fleece, 2d; milk lambs, id; woolly broken. Id: short broken. Id. Dead and Badly Damaged.—Full wools. sd; three-quarter wools, sd; half wools. sd; quarter wools, 4Jd; shearlings, 4d. pelts. 2d; hoggets, sd; lambs, sd; Merinos, 2d; woolly blacks. 4d; short blacks, 2d: double fleece, 2d; milk lambs, woolly broken. Id; short broken. Id.

The official range of prices is:— Southdown— d. d. Good to super 26 to 28 Average 23 to 25} Inferior 20 to 21} Fine Corriedale and Halfbred— Good to super 27} to 281 Average 24 to 261 Inferior 21} to 23 Medium Corriedale and Halfbred— Good to super 25 to 27} Average 23 to 24J Inferior 21 to 221 Corriedale and Halfbred— Good to super 24 to 25 Average 22 to 23 Fine Crossbred — Good to super 22 to 29 Average .. .• 161 to 16} Inferior 14 to 141 Medium Crossbred— Good to super 19 to 20 Average 16 to 181 Inferior 14 to 141 Strong Crossbred— Good to super 20 to 23 Average 181 to 191 Fine Halfbred— Good to super — to 29} HoggetAverage 21} to 24} Fine Crossbred hogget— Good to super 20 to 21} Average . ♦ 18} to 19} Inferior 16 to 1?} Fine Crossbred hogget (shorn) Good to super 21} to 23 Average 19 to 21} Inferior 161 to 17} Medium Crossbred hogget— Good to super 19} to 20} Average 17 to 18} Lambs Inferior 15 to 16 Halfbred and Down— Good to super — to 30} Average — to 27 Fine Crossbred— * K ' Good to super — to 28 Average ... 24 to 26 Inferior and seedy 15 to 18 Medium Crossbred— ' Good to super 27 to 30 Average 22 to 25 Pieces Inferior to seedy 15 to 18 Crossbred— Good to super 16 to 17 Average 14} to 15} Bellies Inferior and seedy 11 to 121 Crossbred— Good to super 13 to 14} Average 11} to 121 Crutchings Inferior ’ and seedy — to 11 Crossbred— Good to super .. & .. 15} to 16} Average 13 to 14 Locks Inferior and seedy 8 to 11 Crossbred — to 8} 4 T~