BUOYANT WOOL MARKET

Press, Volume LXXXIX, Issue 26985, 10 March 1953, Page 7

BUOYANT WOOL MARKET

FAVOURABLE REPORTS FROM BRITAIN I HIGH RATIO OF IMPORTS i ’ (Special Correspondent N.Z.P.A.) LONDON, March 9. Wool and tops market conditions in the United Kingdom continue to be extremely firm, with the price tendency agairist buyers. There is a steady volume of business, which is encouraged by strong reports from all the Commonwealth wool markets, states the International Wool Secretariat special news service. Most of the markets report that all qualities of raw material are slightly dearer, with wide general competition for offerings in which Yorkshire importers art the leading participants. Machinery activity in Bradford maintains high levels, with the worsted section showing relatively greater improvement than the woollen section. . Wool consumption in many sections of the United Kingdom industry is the highest since the 1950 boom period and, although wool imports from the Commonwealth market ard now arriving at Bradford in substantial volume, most of the wool now landing is already sold under contracts for tops and yarns, which are still to be delivered. As further orders are received, the wool piocessing. trades , are under the necessity of buying wool against such business, and present indications ate that Britain’s totql wool imports this season may be the highest for the last few years. SHAREMARKET INDICES

LIFE ASSURANCE UNDERWRITERS AGENTS TO FORM ASSOCIATION (New Zealand PreSs Association) AUCKLAND, March 9. The ordinary department life assurance underwriters in Auckland have formed «n incorporated association to raise the status and protect the interests of life assurance office agtnt£. All present members of the association are Aucklanders, but the body is incorporated as New Zealand-wide. Interest has already been shown in other centres. , First headquarters are In Auckland, but they 'may be changed as the association develops. Membership of the association will consist.of fellows, associates, and provisional associates, who are fully engaged in selling ordinary department life assurance, and who are not members of an industrial union. MEAT EXPORT PRICES DEDUCTIONS FOR SHORN LAMBS The following range of shorn lamb deductions came into operation as a deduction from . the 20Jd woolly schedule yesterday : Pullings, per lb on carcase weight? up to 41b. 4 Id; gib to lib, 4d; jib to gib, 3gd; Jib to lib, 3Jd; IJlb to Ulb. 3gd; Iglb to Ulb, 2Jd; Ijlb to Iglb, 21d; IJlb to 21b, 2gd; 2Jlb to 2JIb, 2d; 2glb to 2Jlb, IJd; 2jlb to 2glb, Id; 2Jlb to. 31b. gd. Wethers and Ewes Wethers, 12d schedule: pulling under 31b, deduct 5d a head each Alb of wool under 31b, and for over 31b add 6d. Ewes, 6Jd schedule: pulling under lib, deduct 4Jd a head each jib wool under lib; 21b to 31b, add 5d a head each Jib wool over 11b; and over 31b, add 6d a head each Jib wool over lib.

STOCK SALES

PLEASANT POINT “The Press" Special Service TIMARU, March 9. Heavy-weight steer values were inclined to ease in the average yarding of fat cattle offered at the Pleasant Point sale today, but handy-weights held firm. Six hundred fat lambs and more than three races of fat sheep met a sustained inquiry from butchers and exporters, values showing no change. The particularly large yarding of store sheep, made up of lambs, wethers, and ewes, met a very firm inquiry from start to finish, prices remaining on a par with recent sales. Values were:-r Fat Cattle.—Steers: best, £34 to £36 17s 6d; others, £3O to £33 17s 6d. Cows: best, £26 to £32 17s 6d; medium, £23 to £25 17s 6d; lights £l5 to £22.’ Heifers: best. £2B to £33 17s 6d; others, £23 to £27 17s 6d. Fat Sheep.—Wethers: best, 60s to 70s 7d; others, 50s to 595. Ewes: best maiden, 44s to 49s 7d: good, 38s, to 43s lOd; medium. 34s to 375; light, 26s to 335. Lambs: best, 57s to 64s Id; medium, 53s to 56s lOd; light. 45s Id to 525. Store Sheep.—Two-tooth ewes: best. 80s to 91s; others, 56s to 795. Four and five-year ewes: best, 57s to 625; medium, 50s to 565; inferior, 40s to 495. Ewe lambs: best, 64s to 71s; medium, 58s to 635; small, 37s to 50s. Two and three-shear wethers: 38s to 50s. Wether lambs: best, 45s to 53s 6d; medium, 40s to 44s lOd; others, 30s to 395. Shdtn wether lambs: 38s 6d. STUDHOLME JUNCTION (From Our Own Reporter) WAIMATE, March 6. Values for fat sheep at the Studholme Junction sale showed little change from the rates ruling at the previous sale. Store sheep prices showed an easing tendency for all but the best sorts. There was a medium entry, and a small attendance of buyers. Values were:— ’ Fat lambs: light. 48s to 49s 7d. Fat wethers. 44s 7d to 53s 7d. Fat ewes: maiden, 44s 7d; best, 34s Id to 35s Id; others, 19s Id to 27$ Id. Rape lambs: fat and forward, 40s 6d to 50s. Romney cross wether lambs: 24s to 345. Three-quarter-bred wether lambs: small, 18s to 20s 3d. Cull lambs: 8s to 12s. Five-year Romney cross ewes: 38s to 41s. Full-mouth ewes: 13s 6d to 265.

COMPANY NEWS

Feltex (Aus.). —The company announces a dividend of 3 per cent, on first preference»shares for the half-year ended March 31, payable April 4. Books close from March 23 to 27, inclusive—ex March 23. (P.A.)

N.Z. Forest Products.— Half-yearly interest on debentures, 4 per cent., 1963-68, is payable March 31. The register closes 4 p.m., March Tl 7, to April I—ex March 31. —(P.A.)

Howard Smith.—A final dividend of 3 per cent, is recommended, making 6 per cent, for the year, and, in addition, a bonus of 1 per cent, on the ordinary capital. Books will be closed from April 15 to 29, inclusive—ex April 15.—(P.A.) I.C.l.A.N.Z.— Consolidated net profit of £1,140,164 was earned by Imperial Chemical Industries of Australia and New’ Zealand, Ltd., for the year ended September 30, compared with the previous year’s £ 1,460,709. Tax provision in the latest year was £59,599 lower at £985,283, and depreciation £134,581 higher at £677,922. A final dividend of 4J per cent, maintains the 7 per cent, ordinary rate, and, with the 5 per cent, preference charge, absorbs £668,257. Turnover rose from £21,500,00'0 to almost £26,000,000, but greater revenue was more than offset by increased costs, the report states. Parent company profit of £995,253.,is a drop of £266,762, after tax £520,000 (down £70,000), and depreciation £331,674 (up £77,430). It is proposed to increase nominal capital by £10,000,000 to £25,000,000, and to convert £1 ordinary shares into stock. Directors state that there is no present intention of issuing any part of the new authorised capital. William Cable Capital Plans.— William Cable Holdings, Ltd., Wellington, proposes to raise hominal capital from £1,000,000 to £1,200,000 by creating 200,000 5 per cent, cumulative B preference shares of £1 each. These new preference shares will rank after the existing 28,695 7 per cent, cumulative preference shares of £l, which will be known in future as A preference shares. Proposals will be submitted to shareholders at an extraordinary general meeting on March 31. The directors do not intend to offer any of the new preference shares for cash in the meantime. It is proposed, however, to offer holders of 50,000 5 per cent, cumulative £1 preference shares in one of the company’s major subsidiaries an opportunity to convert their shares to an equivalent number of B preference shares in William Cable Holdings, Ltd. Last year William Cable Holdings, Ltd., issued 275,025 £1 ordinary shares at par, raising issued capital tq £853,770, comprising 825,075 ordinary and 28,695 preference shares. , , NEW USE FOR TALLOW A new lubricant for jet engines is being developed in the United States from tallow grease. Dr. W. C. Ault, research scientist, Australian Department of Agriculture, says that tallow grease can make the United States, independent of imported castor beans—the raw material for existing jet lubricants.

New York.—Dow Jones (1926 equals 100 )c— . Rails. Industry. Shares Oct. 31 . 100.77 269.23 1,760,000 Nov. 29 . 108.16 283.66 2,160,000 Dec 31 . 111.27 291.90 2,050,000 Jan. 30 . 112.02 289‘.77 1,760,000 Feb. 27 . 110.50 284.27 1,990,000 March 5 . 109.05 283.86 1,540,000 March 6 . 108.93 284.82 1,690,000. London.—“Financial Times”: indus. ord. (1936 equals 100): Govt, and gold'(1926 equals 100) Oct. 31 .. 113.3 95.04 90.59 Nov, 28 .. 117.3 95.26 90.84 Dec 31 .. 115.8 94.41 94.56 Jan., 30 .. 119.4 94.99 98.40 Feb. 27 .. 124.0 95.26 99.68 March 4 .. 124.9 95.92 98.27 March 5 .. 124.9 95.92 98.95 March 6 .. 125.0 95.90 98.18