NAPIER WOOL SALE

Press, Volume LXXXIX, Issue 27037, 12 May 1953, Page 7

NAPIER WOOL SALE

MARKET FULLY FIRM ON AUCKLAND PIECES ADVANCE 2f TO 5 PER CENT. (New Zealand Press Association) NAPIER, May 11. The Napier wool sale season closed today on a very sound note. The market was fully firm on Auckland, with the exception of pieces, which advanced from 2i to 5 per cent. A total of 15,356 bales was offered today, and practically a full clearance resulted. Competition was well spread, with animated bidding marking the day's selling. The official report described the offering as comprising a fair selection of "B" and ’’C” grade fleece, average-to-good lambs and necks, and average-to-inferlor bellies, pieces, and locks. Range of Prices The following is the official range of prices:— d. * d.

COMPANY NEWS

—The operations of SHknit, N.Z., Ltd., for the year to December 31 resulted in a net loss of £31,745. This compares with a net profit of £8498 the previous year. Latest result is reached after making provision for depreciation. There is no provision for dividend and no addition to reserves. Last year the company paid a dividend of 7 per cent. The directors say that at the last annual meeting attention was drawn to the marked buyer resistance then developing. Trading conditions in the underwear industry became worse during last year. General Industries’ Year.—Consolidated net profit of General Industries, Ltd., earned on higher capital, eased by £16,805 to £239,401 for the year ended February 28. Unchanged ordinary dividend of 10 per cent, requires £150,920 (Increase £22,421) on capital raised by £498,011. A full year’s charge would be £188,272. With the 7 per cent, preference dividend of £20,852, the total amount is £171,772, or £67,629 less than consolidated profit. Parent’s carry forward is £9441 higher at £53,969. Trade contracted during the year, but the sales outlook has since improved, directors state. Expansion of plant and buildings has continued in the various States. General reserve in consolidated accounts has been increased by £130,174 to £3oo,ooo—from the profit, £36,576; assets revaluation, £36,218; share premium's, £15,000: and excess depreciation, £42,380. Colonial Sugar Affairs.—lndications are that the Colonial Sugar refining £3,000,000 5 per cent, debenture issue is meeting good response. It is understood, says the "Australian Financial Review," that applications have passed the half-way markclosing date is May 27. Of the total £3.000,000, the underwriters, lan Potter ano Company, have taken £1,000,000 firm. New Zealand Newspapers.—The net profit of New Zealand Newspapers, Ltd., has risen by £10,677 to £75,072 for the year ended March 31. This is a record for the .company. Dividend, unchanged at Is M a share (final), requires £49,792. Undivided profits are increased from £103,870 to £129,150.—(P.A.)

U.S. RUBBER STOCKPILE A natural rubber stockpile of 1,250,000 tons has been built up by the United States Government since Korea. Synthetic rubber production In the same period has more than doubled to almost 1,000,000 tons a stock of natural rubber is believed to be adequate to supplement synthetic rubber through a fiveyear war. Congress has been asked by President Eisenhower to authorise the immediate sale of the Government’s synthetic plants to private industry. _ Mr Paul Shafer, chairman of tbeHouse of Representatives Armed Services- Rubber Sub-committee, is confident that private industry will offer about 300,000,000 dollars for the 26 plants that ara likely to be sold. MINING Snowy River. r— The return for the fortnight ended May 8 was 75 ounces of gold from 42.000 yards of material excavated in 247 hours.—•(F.O.Q.R.)

Southdown, 53/60’1— Average to good . 631 to 65} Average 601 to 62} Inferior Extra Fine Crossbred. 54/56’s— 461 to 481 Average to Food .. to 60 Average 55 to 57 Extra Fine Crossbred, 52’s— Average to good 55 to 58 Average .. .. Fine Crossbred, 50's— 53 to 54 Average to good .. .. 54 to 57 Average .. .. 52 to 53} Inferior 40} to 50 Medium, 48/50’s— Average to good .. 53 to 54} Average 51} to 52} Inferior Coarse Crossbred, 48/46's— 49} to 51 Average to good 52} to 53} Average .. 49 to 51 Inferior /. .. ,. 47 to 48 Cotted FleeceGood 59 to 50 Average .. .. 47 to 49 Inferior 42} to 44 Extra Fine Crossbred Hogget (Shorn), 54/56's— Average to good .. 59 to 66} Average Fine Cr o s s bred Hogget (Shorn), 50’s— 53 to 55 Average to good .. 48 to 53} Average Extra Fine Crossbred Hogget 45} to 47} (Woolly), 54/58'—s Average to good .. 58 to 60 Average .. Extra Fine Crossbred Hogget 54 to 56 (Woolly), 52’sAverage to good , to 59} Average Inferior .. .. .. 48} to 441 to 53 48 Southdown Cross— Good .. .. .. 831 to 64} Average 55} to 56} Inferior and seedy .. 40 to 50 Lambs Medium Crossbred. 50’s and 48/50'a— Good .. .,. , .. 57 to 59} Average Inferior and seedy 53 to 56 40 to 45 Lambs, Second Inferior and seedy Necks Fine Crossbred, 50's and 48/50's— t 38 to 48 Average Inferior and seedy 48 to 52 48 to 47 Pieces Crossbred, 48/50’s— Good ... .. .. to 49} Average .. .. .. 41 to 46 Inferior 33 to 40 Bellies Crossbred. 46/50*s— Average .. .. .. 40} to 42} Inferior 37 to 40 Seedy/carbo .. .. 34} to 36 Crutchints Crossbred. 44/48’s— Good .. .. ,. to 47 Average .. ,. .. 42 to 44 Inferior .. .. .. 38 to 40 Seedy-carbo .. ., 31 to 35 Locks CrossbredAverage .. .. .. 29 to 33 Inferior .. .. 1.. 26 to 27}