WORLD WOOL MARKET

Press, Volume LXXXVI, Issue 26032, 8 February 1950, Page 8

WORLD WOOL MARKET

STILL HIGHER PRICES INDICATED VIEWS OF UNITED SPATES AUTHORITY NEW YORK, February 6. The magazine, “Business Week,” to-day said that the pattern of wool consumption in Europe and the United States pointed directly towards still higher prices, and perhaps a shortage of wool. “What has happened to wool supplies in the past three or four years is one of those things even experts in the industry find- it hard to believe,’.’ the magazine said. Britain figured, it added, that it would take at least 12 or 13 years to dispose of the war-time stockpile accumulated by the Joint Organisation, but already the job was virtually done. Joint -Organisation supplies, which were 3,100,000,0001 b in 1945. would be below 200,000,0001 b by the middle of 1950.

The magazine said that the United States stockpile had also been reduced. Domestic production had been steadily falling in the United States, and 1949 production was estimated at 259,000,0001 b. Production in 1942 was 455,000,0001 b. The world since 1945 had been consuming about 400,0001 b more wool each year than it produced. The magazine said that the United States buyers plunged into the wool market after devaluation to build up their depleted stocks.

SYDNEY WOOL SALES

MARKET 10 TO 20 PER CENT. EASIER

SYDNEY, February 7. There was a full clearance of 35,150 bales at the wool sale held yesterday by the Australian Wool Realisation Commission, Competition was well sustained, and at times animated, chiefly from the Continent. The market was 10 to 20 per cent, below the previous Sydney sale for similar wools on January 26. Prices reflected the recent fall in values reported from other centres. The selection was wholly drawn from war accumulated stocks. VEGETABLES, FRUIT, AND MEAT

With three to four months to go before the season for Australian citrus fruits, supplies of oranges for the local market are coming to hand very intermittently. Occasional sources of supply are Jamaica and .the Islands, but at present retailers’ shelves are bare of oranges. Lemons are in very short supply. Most of last week’s shipment of bananas has gone into consumption. New potatoes are still relatively dear at 4d per lb, and there is certainly no glut of supplies at the moment. Retailers’ Prices Oranges (Jamaican), 9d per lb; apples, Delicious, 6d per lb; new season’s Gravenstein, 9d per lb; lettuce (each), 4d to sd; cauliflowers (each), 6d to 2s; rhubarb (bunch), 6d to Is; onions, per lb, 6d; carrots, per lb, 6d; drumhead cabbage, 8d to Is each; spinach (bunch), 6d; tomatoes, hothouse, Is to 2s 3d per lb. and Nelson tomatoes. Is to Is 6d per lb; new potatoes, 4d per lb; walnuts, 2s per lb; green peas, 6d to Is per lb; spring onions (bunch), 4d to 6d; cucumbers, Is to 2s per lb; apple cucumbers, 4d to 6d each; radish, 4d to 6d bunch; strawberries, (punnet). 4s 6d to 7s 6d; beetroot. 6d a bunch; plums, 9d .to Is 3d per lb; raspberries (punnet), 2s 6d and 3s 6d; peaches. Is to Is 6d per lb; apricots. Is to 2s per lb; vegetable marrows. Is ta Is 6d; nectarines, Is 3d to 2s per lb; french beans and runner beans, 9d to Is per lb; pumpkins, 6d per lb; mushrooms, 4s 6d per lb; grapes, 5s 6d to 7s 6d per lb; bananas, 7Jd per lb; greengages. Is 3d to Is 6d per lb; Bon Chretien pears (new season’s), 9d per lb.

Prices as under fqr the period up to June 30 are set out in Price Order No. 1103:

Veal.—Fillet, first grade, lljd per lb; second grade, 9Jd per lb; loin, 9Jd, 7Jd; stewing, 6d, sd; soup meat, 4d, 3d; steak. Is OJd, lOJd; rump steak, Is 3Jd, Is OJd; cutlets. Is lOJd; rolled, lOd, 8d; stuffed, lid, 9d.

Beef.—Rump steak, first grade, Is 7d; second grade. Is 3Jd; fillet steak, undercut, Is 9d, Is sd; porterhouse steak (bone in). Is 6d, Is 3d; bone out, Is lOd, Is 6d; tenderboy steak. Is 2d, 11 id; thick flank or top rump steak, Is lid, lid; topside steak, Is lid, lid; skirt steak, Is, lOd; chuck steak, lid, 3d; blade or bolar steak, Is lOd; stuffed, respective prices for steaks are increased by Id per lb; sirloin, Is 2d, Hid; sirloin, rolled and boneless. Is sd, Is 2d; prime ribs, lid, 9d; prime ribs, rolled and boneless, Is 2d, Hid: chuck ribs. Bid, 7d; chuck ribs, rolled and boneless, Hid. 9id; wing ribs (bone in) Is lid, Hd; bone out, Is sid, Is 2id; blade rolled and boneless. IOJd. Bid; back ribs, rolled and boneless. Hid, 9Jd; topside. Is Id, lid; gravy beef and shin beef, 9d, ”id: corned silverside, Is lid, Hd; rolled brisket, corned or otherwise, lOd, BJd; brisket on the bone, corned or otherwise, sid, 4id; flat rib, 6d, sd; legs and shins, whole, 4id, 4d; halves (thick end), sd, 4id; knuckle end, 4id, 4d; thin flank, 4d, 3id (prices for third grade beef id to 3id per lb below second grade schedule).

Pork.—Stuff er, first grade. Is 7d per lb: second grade, Is 3id per lb; rolled. Is 6d, Is 3d; leg. Is 4d, Is Id; loin. Is 4d, Is Id; chops, loin. Is 6d, Is 3d; chops, foreloin. Is 3d, Is; foreloin, Is 2d, Hid; corned hand, Is Oid, Hd; corned belly. Is 2d. Hid. Lamb.—Forequarter, first grade. Is Id per lb; second grade, 10id per lb; hindquarter, Is 3id, Is Oid leg, Is 6d, Is 3d; loin, Is 6d, Is 3d; loin, rib end. Is 4d, Is Id: chops, Is 6d, Is 3d.

Mutton.—Side, first grade, 9jd per lb; second grade, 7|d per lb; legs, whole, Is 2d, Hid; legs, shank end (up to 61b), Is 3d, Is; legs, thick end. Is 2d, Hid; middle fillet, Is 3d, Is; forequarters, whole, Bid. 7d; forequarters, shank end, 9d, 7id; Spanish neck, lOd, Bid; shoulders, whole. 10id. Bid; shoulders, shank end, Hd, 9d; shoulders, blade end. Hid, 9id; neck and breast, Bd, 6id; neck, best end, 9id, 8d; neck, scrag end, Bd, 6id; loin, middle, Is lid, Hd; loin, rib end, Hid, 9id; chops, loin. Is 3id, Is Oid; ‘ rib. Is Oid, Hd; shoulder, trimmed. Is Oid, Hd; leg oi chump, Is 3d, Is Oid; Spanish neck, Hd 9d; stewing, 10id, Bid;' flap. sid, 4id; flaps, whole, 2id, 2d; flaps, stuffed and rolled, Bd, 6Jd; culets, French, Is sd, Is 2d; stuffed, rolled, excluding flaps, Is 3d. Hogget Mutton.—The respective prices for first grade mutton are increased in every case by Id per lb. Third grade mutton, from par to 2|d per lb cheaper than second grade. Eggs Heavy grade, 2s 9d a dozen; standard, 2s 6id a dozen; medium, 2s 5Jd a dozen; pullets, 2s 2d a dozen; large duck, 2s 6id a dozen. STOCK SALES TINWALD The entries of fat sheep were large, with extra prime wethers up 3s to 4s a head, at the Tinwald sale yesterday. Ewes were firm at last week’s rates. Late in the sale extra prime wethers reverted to last week’s rates. Extra prime wethers sold from 51s to 61s 7d (E. C. and H. White, of Eiffelton), prime wethers ranged from 45s to 50s, and medium wethers sold up to 445. Extra prime ewes fetched from 31s to 36s Id (R. J. Gallie, of Hinds), prime from 26s to 30s, and, medium ewes up to 255. The prices foi* good rape lambs ranged from 30s to 36s Id, and for medium rape lambs from 24s to 295. Hold-over lambs fetched up to 235. RANGIORA No sheep or cattle were sold at the weekly stock sale held at Rangiora yesterday. Pigs brought from 24s to 41s 6d.

SHAREMARKET INDICES New York.—Dow Jones (1926 equals 100) :

COMPANY NEWS National Mortgage and Agency.—The “Financial Times. ’ London, says it has been asked to make it clear that the final dividend of 2*/ 2 per cent, and bonus of 2\' 2 per cent., making 7*/ 2 per cent, for the year, tax free, announced by the National Mortgage and Agency Company of New Zealand are not payable on the 158,421 “B” shares of £1 recently issued in the form of a bonus. In all other respects the additional shares rank with the "B” shares as existing before the bonus issue. The company’s year ends at September 30. and the payments now announced are in respect of the period to September 30, 1949. The 158,421 "B” shares will rank for any dividend declared in respect of the year to September 30. 1950, including any interim distribution. Final dividend and bonus are payable on March 21 next in sterling to shareholders on both the New Zealand and London registers. Quill Morris (1936), Ltd. Increased Dividend.—The directors are recommending a final dividend of 33 per cent., plus a bonus of 1 per cent., making 8J per cent, for the year. Last year’s dividend was 7J per cent. The annual meeting is set down for March 6. Otago Daily Times.—This company is declaring a final dividend of Is, making Is 9d for the year, payable February 17 —ex dividend February 4.—(P.A.) Whakatane Board Mills.—This company is paying a preference interim dividend on preference shares of 2*A per cent., —ex dividend February 24.—(P.A.) MINING Blackwater Mines.—lt was announced in London last month by Blackwater Mines, the New Zealand gold-mining company, that in respect of the-period September 10 to. December 31, 1949, the company treated 6827 tons of ore for an estimated working profit of £11.767, including £3411 from a ball mill clean-up. During the period January 1-September 9 a working loss of £7440 was incurred. At the annual meeting in London last September, the chairman stated that unless the New Zealand Government allowed the company to sell Its output on the market, or the official price of gold was raised, the company would have no option but to start salvage operations. Electrolytic Zinc Production.—Risdon works: 6616 tons zinc. West Coast mines: 4948 tons ore treated for 300 tons lead concentrates, 1451 tons zinc concentrates, and 121 tons copper concentrates, for four weeks ended January 11. The period includes the annual holiday and overhaul shut-down. LONDON TIN QUOTATIONS (N.Z. Pness Association—Copyright) 1 LONDON, February 6. Tin is quoted on the London Metal Market at £599 17s 6d a ton for spot delivery and £584 5s for delivery in three months. British Treasury’s Lucrative Investment.—The British Exchequer received £3,375,120 from the Government holding, of shares in the Anglo-Iranian Oil Company in the year ended March 31, 1949, according to the finance accounts of the ! United Kingdom. The revenue from the I minimum annual payments and royalties received under the Petroleum (Produc-1 tion) Act, 1934, was £15,597. 1

Rails. Indus. Gold. Sept. 30 . 47.87 182.51 1,100,000 October 31 . 47.86 189.54 1,140.000 November 30 . 48.11 191.55 1,320,000 December 31 . 52.76 200.13 960,000 Jan. 31 . 55.09 201.79 1,690,000 Feb. 1 . 54.59 201.89 1,810,000 Feb. 2 . 55.17 204.11 2,040,000 Feb. 3 . 55.51 204.53 2,210,000 Feb. 4 . 55.53 205.03 730,000 Feb. 6 . 55.34 204.59 1,490,000 London.—"F nancial Times” (1926 equals 100):— Ind. ord. Govt. Gold. Sept. 30 .. 105.1 . 107.13 135.15 October 31 .. 101.1 103.35 136.36 November 30 .. 103.5 107.01 134.31 December 30 .. 106.4 105.36 132.95 Jan. 31 .. 104.3 105.56 131.13 Feb. 1 .. 104.3 105.75 131.01 Feb. 2 .. 104.2 105.80 130.83 Feb. 4 .. 104.2 105.73 130.74 Feb. 6 .. 104.2 105.44 131.04