LONDON WOOL SALES

Press, Volume LXXXVII, Issue 26398, 17 April 1951, Page 9

LONDON WOOL SALES

BANK REPORTS INDICATE IMPROVEMENT

According to cabled , advice received by the Union Bank of Australia, LtdChristchurch, at the conclusion of the second week of the London wool sales there was more general competition, buyers having settled down to a basis of prices. Crossbreds were about 10 to 15 per cent, below the February close, and skirtings, necks, and second lambs remained neglected. •

Current quotations to hand by the bank for New Zealand wools of average condition are

The produce department of the Bank of New Zealand has received the following cabled advice from its London office: ’’The wool sales show an improved tong, with buyers displaying more confidence and competition keener. Compared with Thursday, New Zealand greasy fine crossbred is 5 per cent, higher; medium cross bred, 2J to 5 per centj higher; lambs, bellies, and pieces are against the buyer; scoured is firm; slipes are still neglected.” The National Bank of New Zealand advises that competition is hardening and crossbreds have Improved by 2) per cent.

PRODUCTION OF WOOL

INCREASE AIMED AT (N.Z. Press Association—Copyright) WASHINGTON. April 15. Sub-committees to consider ways of increasing wool production and to conserve supplies have been established by the wool committee of the International Materials Conference. The sub-commit-tees will expedite the work of the fulll committee, which has been meeting regularly since April 2. The sub-committee on production is investigating a possible increase in wool output in future years, but it is recognised that no substantial increase can be effected in the next clip. The conservation sub-committee will collect information on mea ures taken in various countries to conserve available wool supplies. It will aiso study recent developments in synthetic fibres. The wool committee already received a preliminary report from its statistical sub-committee, which is at work on a more comprehensive document.

EXCHANGE RATE IN AUSTRALIA

QUESTION “SURE TO BE REVIVED ” The question of the appreciation of the Australian pound was sure to be revived strongly as soon as the new Parliament met late in June, said the chairman of Capel Court Investment Company (Aust.), Ltd., Mr S. Ricketson, at the annual meeting ot the company. Advocates of appreciation said that if the Australian pound were brought to parity with sterling, the effect would be to reduce export incomes substantially and thus emorce more economical living. They also held that as far as manufacturers were concerned, an appreciation in the exchange rate would intensify competit.on irom imports and thus compel secondary industiy to pay greater attention to the problems of production volume and costs oi production. In this way. the opportunity would arise to foster the doctrine ot hard work amongst the community as a whole, and lead generally to a better conception of national responsibilities. Since the Government Indicated late in 1950 that it did not intend to alter the exchange rate, for ths time being, the question had not been given the prominence it had early In that year. However, it was still a vital question, whicll sooner or later would have to be faced up to. It was believed that the Prime Minister, Mr Menzies, and a number of Hs party in the Federal Parliament, had for some time felt that an upward adjustment of the rate was desirable in the national interest. Their views, however, haa been countered by the members of the Country Party, who, as the representatives oi a large body of primary producers, had rcbolutely refused to agree to any change.

LONDON TEA MARKET

REOPENING ANNOUNCED (N.Z. Press Association—CopyrigMf , LONDON, April 18, According to the "Financial Times," the London tea market reopened on April 16 for the first time since August, 19®. The .eopening follows months of negotiations between the Ministry of Food and the trade to prepare a workable scheme, taking into account rationing, prices, control, and the tea subsidy. Tlie Ministry agreed to the resumption of the auctions because it considers Government purchase does not give consumers the widest possible choice of teas, especially those of best quality. Auctions will be held fortnightly for the start, then the frequency will increase until at the height of the season sales will be |ield lour days weekly as in pre-war years.

IMPORT LICENSING AMENDMENTS

Importers who are forwarding information to the Department of Industries and Commerce relating to imports of cotton piece goods from India are requested by the Customs Department to name the firm in India with which they are dealing. The following amendments to the import schedule have been advised by the Customs Department;— Footwear.—Licences granted for utility type footwear for youths and maids, sizes 10-7, are available only for imports of footwear suitable for school or college wear.

Metal Wove Wire.—Chain mesh fencing and sheep and pig fencing similar to “Hurricane” hinged-joint fencing. "Eclipse Tight Lock" fencing and "Cyclone Hold Fast" fencing is regarded as metal wove wire, etc. (excluding wire netting) and must be entered under licences granted in respect of that item.

COMPANY iQEWS

Broken Hill Pty.—Final dividend of lOd a share. Australian currency, is recommended by directors of the Broken Hill Proprietary. This will be Is 8d or 8 1-3 per cent, for the full year, an unchanged distribution. Dividend will be payable on May 13, shares ex dividend on April 27. McKcndrick Bros—An interim preference dividend of 31 per cent, is payable on April 25, ex dividend April 16. Prestige (N.Z.), Ltd.—An interim dividend of 3 per cent, is payable on May 1. National Bank Australasia.—An unchanged interim dividend of 31 per cent, is announced, payable May 30, shares ex dividend on May 16. Auckland Laundry, Ltd.—For the year ended January 31, the directors report a net profit of £4549, an increase of £1172 The result is the best since 1939, when £5139 was earned. Dividend has been raised from 4 per cent, to 5 per cent, the highest since 1940. and requires £3350. The carry-forward is increased £1199 to £3543.—(P.A.)

STOCK SALES

TINWALD There was a good yarding of fat sheep at the Tinwald stock sale on Saturday. Prices were erratic, and-at the beginning of the sale were down by from 3s to 10s a head on late rates. Prices hardened towards the end of the sale. Medium wethers made 90s, prime to lC5s, and extra prime to 115 s Id. F. C. Tasker (Ruapuna) and G. Middleton (Methven) secured top price. Medium ewes realised up to 595, prime to 70s, and extra prime to 75s Id. A line of 104 was sold on account R. Donaldson (Hinds) at the top price. In the store sheep section, 31. ewe lambs made 935. Five-year three-quarter-bred ewes sold at 66s 6d, and halfbreds at 675. A line of 202 two-tooth Romney ewes realised 14fe. MINING Premlsr Gold Dredging Co—Premier Gold Dredging Company, Ltd., return for the fortnight ended April 13, was 19oz of gold from 19,568 yards of material in 97 hours’ dredging time,

d. d. Merino, 60/64 .. 178 to 183 Fine halfbred, 56/58 .. 150 to 155 Halfbred, 50/56 .. 138 to 145 Three-quarterbred, 48/50 .. 130 to 135 Fine crossbred, 46/48 .. 126 to 128 Medium crossbred, 44/46 .. 126 to 128 Crossbred, 40/44 Not quoted