LONDON WOOL SALES

Press, Volume XC, Issue 27408, 22 July 1954, Page 15

LONDON WOOL SALES

“NO MAJOR DECLINE ANTICIPATED” Though the demand for wool at the London sales just ended was not as strong as was anticipated, the tone of the second week’s sales, when the Continental demand was more pronounced, suggests that buyers are not anticipating any major decline, says the Bank of New Zealand, in a cabled review from its London office. In spite of a slight easing at the beginning of the series, the demand for greasy crossbreds continued satisfactorily on a slightly lower basis. Greasy Merino at the close was 10 to 12J per cent, lower than in May, while greasy crossbred was only 2J per cent, down at the end, having recovered a little as the sales progressed. Scoured crossbreds were almost firm on the May basis for best descriptions, and in the slipes section best combing lambs sold well throughout, being only fractionally cheaper than in May. Other grades were more noticeably affected, and short and inferior types were neglected. Of the 52,000 bales offered. 30,000 were from New Zealand, slipe wool predominating. COMPANY NEWS A.C.1., Ltd.—A final ordinary dividend of 51 per cent. (10 per cent, for the year) is payable on September 30, ex August 28.—(P. A.) Wellington Gas.—An Interim dividend of 3 per cent., ordinary shares, is payable on August 1, ex July 26.—(P.A.) Dominion Invest, and Banking.—Final dividends of 3 per cent, on “A” shares (6 per cent, for year), and 2 per cent, on “B” and “C” shares (4 per cent, for year) are payable on August 24, ex August 10.—(P.A.)

Preference Shares in N,S.W.—The New South Wales Government has decided to repeal the provisions of the Interest Reduction Act of 1931, which apply to dividends on prefreence shares. The act had permitted a reduction of 221 per cent, in the dividend rates payable on preference shares issued before October, 1931, providing the net payment was not less than 5 per cent. It also provided that the rate payable to a company’s preference shareholders should not be reduced to less than the dividend rate being paid to the same company’s ordinary shareholders. LONDON METAL MARKETS (N.Z. Press Association—Copyright)

LONDON, Julv 19. Latest London metal prices are:— Buyer Seller £ s. d. £ s. d. TinSpot .. 769 0 0 770 0 0 Forward .. 759 0 0 760 0 0 Lead— Spot .. .. 96 5 0 96 15 0 Forward .. 94 15 0 95 0 0 ZincSpot .. 77 15 0 78 0 0 Forward .. 78 0 0 78 5 0 Copper— Spot .. 240 0 0 240 5 0 Forward .. 237 5 0 237 7 6 Gold: £12 8s lid ounce.