LONDON WOOL SALES

Press, Volume LXXXIX, Issue 27148, 18 September 1953, Page 13

LONDON WOOL SALES

BRIGHT OPENING TO SEPTEMBER SERIES KEEN DEMAND EVIDENT (N.Z. Press Association—Copyright) LONDON, September 18. A report issued fy the Committee of London Wool Brokers states that the September series of London wool sales penned today with a catalogue of 7528 bales. Slipes predominated among the 4574 bales from New Zealand, and the selection of greasy and Scoured wools was small. The home trade was the principal buyer In a steady market, with useful support from the Continent. The feature was strength of competition from Bradford topmakers for the small offering of greasy crossbreds, prices for which were up to 71 per cent dearer than at the eiose of the previous series in July. Some of the finer qualities were as much as 10 per cent, dearer. Scoured crossbreds also sold freely, although competition from- woollen spinners was le&i animated, prices for fleece wools being unchanged on the July level while skirtings and crutchings were 21 to 5 per cent, dearer. Many lots among the slipes were of a length suitable for combing and attracted competition from topmakers as well as from the woollen trade. In general, lambs and sheep of good style were up to 5 per cent, dearer, while prices for average styles showed no change. Factor of Supplies In a supplementary report the committee of London Wool Brokers emphasise that the pronounced advance in prices for greasy crossbred combing wools should read against the immediate supply position of the industry in Bradford and on the Continent. Two months ago supplies were generally considered to be just about adequate to last until the New Zealand clip becomes available, but during the last few weeks a considerable number of new orders has been booked for export of crossbred tops, with the result that the supply position now begins to cause some anxiety. Argentine No Help Argentina is no longer a useful supplementary source from which raw material can be obtained by trade in Britain now that the concessionary rates of exchange for sterling payments have been withdrawn, and relatively small quantities of crossbreds are on offer at early sales in Australia. In fact, the trade must wait until the New Zealand opening before being able to buy in bulk, and wool from the opening sales is unlikely to reach Europe before the New Year. In the meantime, only spot market sales of su<i New Zealand descriptions as are available at this time of the year, and the sale of the English clip, can provide any relief. All expectations of a good market for New Zealand descriptions were amply fulfilled today. Highest price was 78d for average style 56-58’s quality, shipped on a merchant’s account from Christchurch, in which consignment 18 bales of 50-56’s quality realised 72}d.

GROCERY NOTES Business remains brisk, and there has been a noticeable change-over to summer lines with the commencement of the warm weather. Jellies, cordials, fruit extracts, canned fruit, and such like are starting to sell more freely. Merchants are preparing for the Christmas trade, in that they are placing orders for peel, dried vine fruit, and many other goods which sell readily before the festive season. Overseas goods have been arriving at Lyttelton during the last few days, and the Rangitata from England has brought a wide variety of ite.ns. The Waimea has also arrived with dried fruits and breakfast cereals from Australia. Sheep and Lamb Tongues Dearer.—Another sharp increase m the price of tongues has been recorded, and it. will now be interesting to see if this will affect their sale. During the last few months there have been very few available, particularly in the 12oz sizes. If supplies remain this way, the price may make little difference. The 12oz tins have increased by 8s 3d a dozen and 16oz by 5s a dozen. Salmon Trout.—This is a fish of . the salmon variety canned in Denmark. There have been quantities available on the local market, where It has been Well received. A further shipinent arrived during the last few days, and sales are expected to be good. Breakfast Cereals. —There has only been a spasmodic supply of Australian cornflakes during the last six months, and there do not appear to be any better stock opportunities for the future. The makers of these imported cereals expect to be able to supply the New Zealand market by the end of the month with a limited quantity of rice bubbles, wlilch have not been seen locally for many years.

INSTALMENT SALES OF SHARES '

NEW DEVELOPMENT IN NEW YORK

On October 1 the New York Stock Exchange plans to make instalment sales of common stocks. The plan would work in the following way: if the investor of 50 dollars a month were accumulating du Pont shares, which sold at 96*,i dollars each, he would be credited with a fraction of a share, down to four decimal places. In this case, after his first payment, he would own 0.5181 of a share. If a dividend happened to be paid while that was still his holding, he would get 0.5181 of whatever the payment happened to be. The idea had its orgin in the Brookings Institution survey of share ownership in the United States. This showed how few Americans actually owned stock. MINING Grey River Dredge.—The latest return for the clean-up period, September 1 to September 15, was 507.85 ounces of gold, from 160,000 yards, excavated in 234 hours 15 minutes.—(F.O.O.R.) West Coast Dredges.—The final wash-up of the Kanieri dredge, which completed excavations preparatory to beaching on Saturday last, realised 256 ounces of gold from 86,000 yards of material, treated in 194 hours. The unit will be stripped and removed to Greenstone, near Kumara, where a new area is to be worked. The other unit of Gold Mines of New Zealand, Ltd., Arahura dredge, in the first half of September won a total of 221 ounces of gold from 99,000 yards of Saterial excavated in 228 hours.— \0.0.R.)