LONDON WOOL SALES

Press, Volume LXXXIII, Issue 25308, 7 October 1947, Page 8

LONDON WOOL SALES

MARKET CLOSES ON FIRM NOTE (N.Z. Press Association—Copyright) LONDON, October 5 The final day of the fifth series of the London wool sales had a catalogue of 14,607 bales,” of which 14,216 were sijld. New Zealand submitted Ql7B bales, and Australia 7557. The market closed on a firm note under keen Home trade and Continental competition, and offerings were well cleared. Throughout the series a total of 110,000 bales was offered, and 105,000 sold. The Home trade brought 65,000, and the Continent 40,000. The tone of the market, has been very firm, with very keen competition. Best sorts are from 15 to 20 per cent., and others 5 to 10 per cent, higher compared with the closing prices of the fourth series. BANK OF NEW ZEALAND’S REPORT The Christchurch branch of the Bank of Zealand has received the following cabled advice from its London office: “The sales have closed with a good inquiry from all branches of the trade. Strong general competition prevailed, particularly for best Merinos. /New Zealand crossbreds and halfb reds were fully firm.'

NAPIER CRUTCHINGS SALE

GOOD LINES SELL WELL (P.A.) NAPIER, Oct. 6.

Except for the passing in of an odd line or two of inferior wool, the offering of the new season’s product at the Napier crutchings sale to-day, resulted in a complete clearance. The sale concluded on the same strong note marking* the opening in the morning, a keen demand being shown throughout for fleece wools comprising the "bought in” section of some k* le , s a catalogue of more than 15,000 bales. Within the trade prices were aaid to be the best paid to date in. the current series of sales, crutchings being up to 23jd for good-length sorts. Coarse types ran almost to the same value. Wool shorn in the 1943-44 season changed hands among the stock pile, offering at rates comparing favourably with the closing scale last season. Competition was well spread for the acquisition of fleeces but more limited in the offering of crutchings. The official report issued by the Associated Brokers said that in the good selection of crutchings offered, a noticeable feature was the absence of seed and burr Competition was very keen for goodlength crutchings. but rather erratic for short wools, hogget and lambs. Inferior and seedy crutchings were not keenly sought, and the Joint Organisation bought occasional lots of inferior lines. The official range of prices is as follows:

COMPANY NEWS

Rotoiti Timber Company.—Net profit of the Rotoiti Timber Company, Ltd., for the year ended June 30 was £2982, an increase of £539. Ordinary dividend is raised from 5 Per cent to 6 per cent., the rate which ruled in 1943. With the preference payment of 6 2-5 per cent., less security tax, £2904 is absorbed in dividends, the balance raising the carry-forward to £2257. The directors state that new logging equipment has been purchased for the Tokoroa bush, to which the company proposes to transfer during the next year. Associated Gold Dredges.—For the week ended October 4 the company’s dredge recovered 62Joz from 48,983 yards iff 2071 dredging hours. * Clutha River Return.—The Clutha River dredge, operating at Alexandra, worked 118 hours last week for a return of 129 ounces of gold.—(F.A.)

SHAREMARKET INDICES

New York.—Dow Jones (128 equal 100). 1939 Highest (Sept.), rails, 35. W industrials, 151.22. Lowest (April), ralli 23.15; .Industrials, 12L4.

DIVIDENDS PAYABLE Niven—ls 3d, plus bonus 3d (ex Sept. 26) .. Oct, Relax—int., pf., 3 p.c., less sec. tax ex Oct. 6) .. Oct Beath—pf. and ord., final, 5 p.c. (ex Sept. 25) .. Oct, K.D.V.—6 p.c. p.a. (ex Sept. 24) .. Oct. Frozen Prod.—BJd a share (ex . Oct. 2) .. 6ct. 1 Geo. Court—lo p.c. p.a. (ex Sept. 30) Oct. 1 W’wths. (N.Z.) —pf.. half-yr., 4J p.c., less sec. tax (ex Sept. 18) ..... .. Oct. 1 W’wths, (Vic.) —pf.. half-yr., 3fc p.c. (ex Sept. 18) Oct. 1 FA.C.—6 p.c. p.a. (ex Sept. 23) Oct. 1 Rotoiti—pf., £6 8s p.c.; ord., 6 p.c. p.a. (ex Oct. 15) Oct. S How. Smith—int./lj p.c. (ex Oct. 7) ..Octi S. British—final. Is a share, plus bonus 6d (ex Oct. 10) .. Oct 1 N.Z. Guar.—2d a share, plus bonus 6d (ex Oct. 4) . . Oct. 2 Hy. Berry—final, 4d, plus bonus 4d (tax free) .. Oct. 2 Otago Freezing—s p.c. p.a. .. Oct 2 United Prov. —final, pf. and ord., 4 p.c. Oct. 1 W'wthk. W.A.—int., ord., 5 p.c. (ex Sept. 18) Oct. 3 W’wths.. Syd.—int.. ord., 5 p.c. (ex Sept. 25) .. Oct.! Brit. Tobacco—pf„ qr.. Ig p.c. .. Oct. 2 Aust. Steel —pf., final, 3J p.c. .. Nov. Elec. Zinc—final, pf. and ord., 9 p.c., plus bonus 2J p.c. (ex Oct. 10) .. .. .. Dec. 1

USE OF ALUMINIUM IN CARS

INVESTIGATION BY FORD MOTORS CHICAGO, Sept. 18. The Ford Motor Company is invest!’ gating claims of some of its suppliers that the substitution of aluminium for some parts would enable the company to produce 100,000 extra cars from its present steel supply. Mr A. J. Browning, vice-president and director of purchases for the company, said some aluminium substitute had already been made and that the aluminium suppliers contended they could cut Ford’s steel requirements by at least 200 pound* a car. A 2001 b cut for each car, Mr Browning said, would raise Ford’s sales by more than 100,000.000 dollars annually. One substitution of aluminium for steel already developed is the use of aluminium for running boards. Aluminium also has been substituted on headlamp housings.

d - d. Three-quarterbred or Fine Crossbred— Good to super .. .. 18 to 20 Average .. .. 16 to Hi Inferior .. .. 12 to 15 • Seedy .. .. « to S Crossbred— Extra super .. to 241 Good to super .. .. 20 to 23 Average 18 to 191 -Inferior .. .. 11 to 15 Seedy 61 to a

London.—"Financial,Times" (1926 equal 100):— Inds. Ord. Govt. Gold January 31 .. 131.7 120.52 129.5 February 28 132 119.82 1354 March 31 .. 128.4 117.76 123.4 April 30 .. 134.5 118.19 119.7 May 27 .. 134.9 118.61 114.7 June 29 .. 133.1 116.87 115.5 July 30 .. 122.5 113.76 llflj August 29 .. 110.4 113.68 134J Sept. 30 .. 116.9 113.11 I25.J Oct. 1 .. 116.9 113.22 1252 Oct. 2 .. 117.4 113.03 123.fi Oct. 3 .. 117.9 112.96 124.0

January 31 Rails. . 50.88 Indus. 1B0.44 sold. 1.310.0C February 28 . . 50.39 178.90 680.CC March 26 . 48.7 177.1 940, OC April 30 . 45.22 170.64 780,00 May 28 . 44 24 169.25 900,0C June 29 . 45.88 177.3 870.00 July 30 . 49.04 180.91 1.170.W August 29 . 48.47 178.85 530.01 Sept. 30 . 48.43 177.49 960,(X Oct. 1 . 48.59 178.10 1.150,<X Oct. 2 . 48.51 178.47 850, a Oct. 3 . 49.11 179.53 l-270,«