OUTLOOK FOR WOOL

Press, Volume LXXXVII, Issue 26517, 4 September 1951, Page 9

OUTLOOK FOR WOOL

REVIVAL OF CONFIDENCE EXPECTED (N.Z. Press Association — Copyright) LONDON, September 3. It is generally considered too early to form a reliable estimate of the season's outlook for wool prices, says the International Wool Secretariat’s special news service. After the major price fluctuations of recent months, all buyers are approaching the new season with restraint and many large importers are apparently withholding buying until a clearer estimate of the season’s price level may be formed. The trade, however, believes that wool is moving to a basis which will command a revival of confidence. Trading conditions, both in Britain and France, are quiet, and the best feature of the Yorkshire market is that mill output has continued to exceed the volume of incoming business. Some wool-processing firms report that undelivered contracts are at the lowest level for more than a year, which means that the wool-consuming trades need to place new contracts in the near future, if idle machinery is to be avoided. This basically healthy position means that no large stocks exist in trade hands to impede the demand for the new season's wool.

Tops Quotations Approximate tops quotations are as follows: 70's, ''A,” 173 d per lb: 64’s, “A,” 156 d, and “B” 150 d; 60’s, super, 143 d; 56’s, super, 130 d; 56’s, super, 1150; 50’s, 93d; 48’s, 88d; 46’s, 860.

COMPANY NEWS

DETAILS OF ICE CREAM MERGER The Tip Top Ice Cream Company (Auckland), Ltd., is offering shareholders of Peters Ice Cream Company (N.Z.), Ltd., two and a half fully-paid 5s shares in Tip Top for each fully-paid £1 share held In Peters Ice. Shareholders who do not desire to exchange their holdings for Tip Top shares are being offered a cash payment of 50s for each Peters Ice share. Announcing these details of the merger in a circular to shareholders, the chairman of Peters Ice Cream Company (N.Z.), Ltd., Mr R. G. Rainger, states that if the proposal' is carried into effect Peters Ice shareholders will, after an Interim dividend is declared by the Tip Top company for the half year ended October 30, participate pari passu in ordinary dividends declared by Tip Top. The offer is subject to Tip Top obtaining the necessary approval to the issue of the new shares, continues the circular, but no difficulty is anticipated in this respect. The directors have made exhaustive inquiries and have given every consideration to the proposal, it states, and consider acceptance of the exchange of shares advantageous to shareholders of Peters Ice Cream Company (N.Z.), Ltd. Under the amalgamation, which will eliminate costly overheads, and should re-, suit in a greater earning capacity, the Identity of Peters Ice will be retained, says the circular.

Kempthorne, Prosser, N.Z. Drug The company has declared an interlir dividend of 4 per cent., payable on September 21—ex dividend September 4. (P.A.) K.D.V. Boxes, Ltd., Auckland.—Thi: company is recommending an unchangee dividend of 8 per cent, for the year ended June 30, payable on October 2. ex September 22. The annual meeting of the company will be held on September 21.

SHARE MARKET INDICES

New York.—Dow Jones (1926 equals 100) :— Rails. Industry. Shares Oct. 30 .. 66.78 226.42 1,790.000 Nov. 30 .. 68.53 227.60 2,080.000 Dec. 30 .. 77.64 235.41 .1,530,000 Jan. 31 .. 86.58 248.83 2,340,000 Feb. 28 .. 85.10 252.05 1,640,000 March 31 .. 80.58 247.94 480.000 April 30 .. 82.92 259.13 1,790,000 May 31 .. 79.64 249.67 1,200,000 June 29 .. 73.39 242.64 1,730,000 July 31 .. 80.54 257.86 1,550,000 August 24 .. 79.04 266.30 1,210,000 August 27 .. 78.47 265.59 1.080,000 August 28 .. 79.04 265.56 1,270,000 August 30 .. 80.20 268.28 1,510,000 August 31 .. 80.33 270.25 1,530,000 London.—“Financial Times”: Indus, ord (1936 equals 100): Govt and gold (1926 equals 100):— Indus, ord Govt. Gold Oct. 31 .. 116.6 108.82 112.70 Nov. 30 .. 114.3 107.01 105.35 Dec. 29 .. 115 7 106.93 109.73 Jan. 31 .. 120.8 105.95 117.14 Feb. 28 .. 122.4 104.86 120.95 March 30 .. 120.9 104.73 119.67 April 30 .. 132.9 103.42 120.56 May 31 .. 137.2 102.38 116.76 June 29 .. 135.8 101.58 111.48 July 31 .. 127.1 101.76 111.48 August 24 .. 131.9 101.91 111.56 August 27 .. 131.7 101.91 111.00 August 28 .. 132.2 101.95 111.48 August 30 .. 132.4 101.98 111.32 August 31 .. 133.0 101.98 109.88 MINING Snowy River Dredge.—The return for the last fortnight ended on Friday last was 116 ounces of gold from 49,000 yards of material treated in 268 hours.