AUCKLAND WOOL SALE

Press, Volume XCI, Issue 27614, 22 March 1955, Page 17

AUCKLAND WOOL SALE

Steady Competition Throughout PRICES FIRM FOR MOST SORTS (New Zealand Press AssocidCion; AUCKLAND, March 21. The official report trf the Auckland Woolbrokers’ Association, issued m conjunction with the New Zealand Woolbuyers’ Association and the New Zealand Wool Commission, says that the third main Auckland wool sale of the 1954-55 season was held at" the Auckland Town Hall, today, when 29,509 bales of new season’s greasy wool were submitted to auction. There was a full bench of buyers representing all countries. The Continent, supported by Bradford, were the principal operators, with local mills also in the market for certain lines. Competition throughout the day was steady and was dominated mainly by continental buyers. All districts of the Auckland province were represented in the cataloges submitted. There was a total clearance at auction. The offering as a whole was not an attractive one, and very few good style wools were in evidence. The bulk of the fleece wool was “off” in colour, unskirted or only partly skirted and a large proportion was rather short in . staple. There was not the same quantity of lambs wool offered, today, as was submitted to the corresponding sale last year and that offered today commanded satisfactory prices. Prices, as compared with the, close of the sales in the south, can be quoted as firm for most wools but some types of unskirted and inferior wools were inclined to be irregular. The following is the official range of prices:—

BRITISH WOOL MARKET

(N.Z. Press Association—Copyright) M i a ..LONDON, March 21. Merino wool in the Commonwealth martotis continues to nil rtrongly «t prices relatively higher than can be made for corresponding tops in many consuming centres, states the International Wool Secretariat s special news service. In South Africa, the full-length combing wool season has virtually ended end Australian combing Merinos are nlling, this week, under wide general competition at prices which would cause Bradford topmakers to Increase their quotations, ii these were based on full replacement

Business in Merino tops in Bradford remains dull, however, and, although production is good against orders already “I >l " ners . ’ n d manufacturers seem reluctant to visualise further requirements. This is producing keen competiUo « tor the limited available business and most Merino topmakers in Bradford this week, would accept Id per lb less than the prices recently quotnl. “even so. new business in Merinos is Umiteo and confined to relatively small weights. flne crceedred tops attract the » re ? ent business and, with corresponding wools moving against the SSKL in , m »rlrets, most topmakers ask Id per lb more on 58’s and dceiitics. Medium crossbred tops are firm at recent rates, and after a fortnight s interval In the New Zealand sales lrn P° r ‘ e ,rs look with interest for a raw tel .Mi de tO b * SUPpUed from j‘l g l is , h crossbred wool j 4 Bra dford lately produced prices slightly dearer on most qualities. STOCK SALES PLEASANT POINT The Press" Special Service rm, . . TIMARU, March 21. >,aZ2 e^ cm ? n< !. w « sluggish for the 60 head of mixed quality fat cattle offered at Pleasant Point stock sale today. More than two races of fat sheep and a small entry of fat lambs met a firm demand from butchers and exporters, values for fat ewes and wethers holding very firm. The largest yarding of store sheep this season comprised a mixed entry of wethers, lambs, and ewes. In spite of the easing in the export schedule, values -for lambs held to* a verv high level. Values for wethers and ewes were on a par with recent sales. Values were:— Fat Cattle.—Prime steers, £3B 2s 6d to £4O 12s 6d; light to medium, £27 2s 6d to £34 2s 6d; prime heifers, £26 2s 6d to £32 2s 6d; light to medium, £2O to £24 2s 6d; prime cows, £24 2s 6d to £2B 2s 6d; light to medium, £l2 to £l9 17s 6d. Fat Sheep and Lambs.—Fat lambs, 59s Id to 80s Id; prime wethers, 85s Id to 95s Id; light to medium, 70s to 82s Id; prime ewes, 24s Id to 30s Id; light to medium, 18s Id to 20s Id.

Store Sheep.—Best rape lambs, 55s Id to 61s 6d; medium, 45s to 52s 6d; small, 28s 6d to 41s 6d; tour and five-year ewes, 30s to 50s; rape ewes, 15s to 225; shorn lambs to. 41s; best Romney cross ewe lambs, 668 to 80s; small to medium, 30s to 555; medium crossbred two-tooth ewes, 55s to 925; two-tooth wethers, 65s 6d to 80s.

TRADE PROBLEMS IN N.Z.

Sir James Gunson’s Suggestions RESERVE BANK THOUGHT UNNECESSARY

(New Zealand Press Association) f AUCKLAND, March 21. __Tbe closing of the Reserve Bank of New Zealand, “which is undoubtedly restrictive of legitimate trade,” was one way to battle rising costs and shortages, ■Jdd -Sir James Gunson, chairman of the Auckland Gas Company, speaking at its annual meeting today. Controls and all recently imposed licensing restrictions over trade and commence should be abandoned, he said, and the Capital Issues Committee should be wound up, thereby restoring to commercial enterprise ability to expand legitimately within its own capital net resources.

Rates of interest should be freed from the present depressed level, said Sir James Gunson, and customs tariffs should be revised. The right age for boys to take up apprenticeships to the various trades, he 14, and the school leaving age should be reduced accordingly. Sir James Gunson said the freedom of th I ‘L.? ra £ ing banks should be restored within long-established lawful limits. Most of the controls that crippled industry were war-time emergency measures, said Sir James Gunson. Many had been operating for 30 years. Though some had been relaxed, those that remained were undesirable in peace time. The suggested revision of customs tariffs, he said, would protect and stimulate all essential, economic, and useful secondary industries, which would ensure full empl?,y?l?nt outside primary production activities. It would also benefit the public revenue, without imposing undue restrictions upon essential imports. With a well-drawn tariff as suggested, tariff boards and other advisory units would be “redundant and confusing.” “It is not a multitude of new legislative enactments which the country needs today,” he said. “To be successful, the full policy outlined should be implemented comprehensively; disturbances and difficulties arising would soon resolve themselves with a renewed stimulus for, and activity by, our people. Instalment provisions in that or other measures at the present time would prove ineffective.

“There are too many voices going up and down the land today,” said Sir James Gunson. “Our people do understand New Zealand s isolation and its position with its susceptibility to the influence of world movements, and they appreciate the Dominion’s obligations to the British Empire and Commonwealth.

“But that fact is not enough to settle our domestic problems, which are uppermost in the minds of the people. They are not going to be misled or confused by statements threatening to involve us in unacceptable commitments in foreign lands.”

Sir James Gunson said the battle was now being waged on the home front with local issues. These pressed heavily upon the people, who would eventually see to it that they obtained the answer they desired.

LONDON MEAT MARKET

LAMB PRICES AGAIN DECLINE

Prices for New Zealand and other imported lamb again declined on the Smithfield market last Week, and ewe mutton values were quietly steady, according to advice received from the London office of the New Zealand Meat Producers’" Board. Generally trade for offerings of meat from all sources was slow over the week. « following are the ruling prices on Smithfield market q£ wholesale quantities, the prices forthe previous week being appended:—

OVERSEAS EXCHANGE RATES .

Latest telegraphic transfer rates as adare e as b follows^ ank South Wales OW,_ Buylng - Selllng -

COMPANY NEWS

Hume Industries (Far final dividend of 71 per cent, on both ordinary and preference shares (121 per cent, for the year is recommended, ex April 2.

(P.A.I John Brown and Yarra Falls, Ltd<— The- j companies advise that the latter company has been allotted 100,000 shares of 5s at par in John Brown Industries. These shares have been paid for in cash. Mr Norman Robinson, managing' director of v arra Falls, has joined the board of John Brown Industries. Yarra Falls is the principal supplier of yarn to John Brown Industries(PA.)

WORLD ECONOMIC CONDITIONS

WARNING TREND SEEN COMMENT BY “FINANCIAL TIMES” It is not only in Britain that the industrial boom. has. after a long period of uninterrupted progress, recently entered a more uncertain phase, says the “Financial Times.” A number of European countries have already reacted sharply to the danger signals of rising prices and growing import bills. In Germany Dr. Erhard, the irrepressible Minister of Economics, has been going around threatening industry with a drastic cut in import duties on a long list of key products if it should show any tendency to put up domestic prices. He has also proceeded to more direct action in an attempt to stop a projected increase in the price of coal. Thfc European Coal and Steel Community in Luxemburg has been called upon by the German Minister to bring the German mine-owners to order. Thus far it is the Scandinavian countries which have taken the most vigorous measures in response to the new inflation. That is partly, of course, because the threat of an over-expanded import bill, which only became fully explicit in Britain in January; has been present there for some time. It caused a crisis in Denmark as early as last summer, which was met by an increase in the bank rate and a series of moves to moderate consumer spending, including restrictions on hirepurchase. Scandinavian Fears The difficulties experienced by Norway and Sweden more recently have been on nothing like the Danish scale. In neither case has there been any serious depletion of foreign exchange reserves. Rather, what seems to have happened is that the Governments of both countries decided, after a careful analysis of the economic data available, that the trend was in the wrong direction. Imports were rising faster than exports, and without active counter-measures would almost certainly continue to do so. In the event, they have embarked on a series of counter-measures that look remarkably severe. Norway recently raised her bank rate by 1 per cent.—an act of pointed symbolic significance, in view of the fact that the rate had not been moved for the previous nine years. Earlier this year the Norwegian Government introduced a special tax of 10 per cent, on all new industrial building and on purchases of motor-cars. The Swedes, too, have concentrated their main attack on industrial investment. The 1955 Budget imposes a tax of 12 per cent, on all new contracts for buildings, plant, and equipment made during the year. Farm buildings are subject to the tax, as well as factories.« The only exceptions are new houses and any construction costing less than the equivalent of £lOOO. Incentive to Delay What Is slightly ominous is that the same tax has been used once before, in 1951 and 1952. Its effectiveness is enhanced by the fact that it is introduced for one year only. Industrialists therefore have every incentive to postpone everything but the most, urgent work until 1956. It may seem surprising that the Swedish Government is so ready to make the industrial investor, rather than the consumer, bear the brunt of its disinflationary programme. But the matter becomes more, explicable when it is seen that fixed capital investment has expanded so sharply in the last year that it has been absorbing some 30 per cent, of the gross national product. This is just about double the corresponding figure in Britain. Even so, the Swedish consumer does not get away scot free. The effort being made by the employers, with the active encouragement of the Government, to resist some of the big wage claims now coming forward has created the most serious tension in Swedish industrial relations for many years., This is, of course, the familiar dilemma of the Welfare State, of how to make disinflation work at a time of good business and high profits -with the active consent of organised labour.

Southdown. 58/60’s— d. d. Good 57 to 59 Average 50 to 53 Inferior 45 to 47 Fine Down Cross, 58/56-58’s — Good 56 to 60 Average 55 to 57 Inferior 52 to 54 Extra Fine Crossbred, 56’s— Good 59 to 60} Good to average .. 55. to 58 Average 52* to 54} Extra Fine Crossbred, 50/56’sGood 58 to 59s Average to good 55 to 57} Average 52 to 54 Extra Fine Crossbred, 52’s — Good 55 to 57 Average to good .. 52} to 54 Average . .. 50} to 52 Fine Crossbred, 50’s— Good 54 to 55} Average to good 52 to 53} Average 50 to 51} Medium. Crossbred. 48/50’s — Good 54 to 55 Average to good 52 to 33 Average 49} to 51 Medium Crossbred, 46/50’s— Good 53 to 54 Average to good .. 51 to 32 Average 49 to 50} Coarse Crossbred, 46/48’s— Good 52 to 53 Average to good 50} to 61} Average 48} to 50 Strong Crossbred, 44/46’s — Good 51} to 52} Average to good .. 50 to 51 Average 48 to 49} Early-shorn, 46/50’s— Good • • . 50 to 51} Average 48} to 49} Inferior .... 46 to 47} Crossbred Necks— Good to average .. .. 52} to 54 Average 50 to 52 inferior 46 to 48 Crossbred Pieces— Average to good .. 45 to 46 Average .. .. 42} to 44 Inferior 40 to 41} Crossbred Bellies— Average to good .. 40 to 41} Average . .. ,. 38} to 39} Inferior 37 to 38 Crossbred Locks, 46/50’s— Average to good .. 29 to 30} Average 27 to 28} Inferior .. .. / 24 to 26Crutchings— Average 43 to 44} Inferior 36 to 38 J Lambs Medium Halfbred, 50/56’s— Good 56 to 58 Average 53 to 55} Inferior 48 to 51 Fine Crossbred, 50/48-50’s— Good 57} to 60 Average Inferior Si to to 56 50 Carbo .. ... to 42

N.Z. Mutton Mar. 11. Mar. 18 Crossbred Wether and/or Malden Uwes— 481b and under 1 4} 4} 49 to 561b 1 2} 1 2} 57 to 641b 0 11} 0 111 65 to 721b 0 91 0 91 Ewes— 481b and under .. 0 101 0 101 49 to 561b 0 9} 0 9} 57 to 641b 0 7} 0 7} 65 to 721b 0 61 0 61 N.Z. Lamb First Quality—Crossbred: 361b and under 2 1 2 0 37 to 421b 2 0} 1 11 43 to 501b 1 9 1 81 Second Quality— Average about 311b 2' 1 2 0 First Quality—Downs: 361b and under .. 2 1 2 0 37 to 421b 2 0} 1 11 43 to 501b 1 9 1 81 Second Quality— Average about 311b 2 1 2 0 First Quality—Canterbury: 361b and tinder .. 2 1 2 0 - 37 to 421b 2 0} i 11 43 to 501b 1 9 1 81 Second Quality— Average about 311b ..2 1 Australian Wethers and/or Maiden Ewes— 2 0 401b and under 0 112 0 111 41 to 481b 0 101 0 102 49 to 561b 0 94 0 94 Ewes 401b and under .. 0 10} 0 10} 41 to 481b 0 91 0 91 First Quality Australian Lambs— 29 to 381b 1 10 1 9 37 to 421b 1 8 1 7 43 to 501b Second Quality 1 5} 1 5 281b and under .. 1 10 1 9) 29 to 361b 1 8 1 8 Argentine Lambs (first quality)— 361b and under .. 1 7 * 37 to 421b * Second Quality— Average about 281b —nw * • Not quoted. Australian Frozen Beef First Quality Ox Hinds145 to 2101b 1 3 J 2 First quality ox crops .. 13 Argentine, Chilled 1 2 Ox Hinds— 145 to 2101b 1 10 to 2 n Ox Fores— 145 to 2101b Chilled Beef. New 1 4 to Zealand 1 6 Ox Hinds145 to 2101b 1 10 to 2 J Ox fores 1 3 to 1 New Zealand frozen beef.—No tions. quota-

N.Z. to £100 stff. .. 100/7/6 101 New York— 1 Doi. to £1 N.Z. .. 2.7882 2.7567 | Montreal— Doi to £1 N.Z. .. 2.7452 2.7096 1 Australia— £A to £100 N.Z. 124/10/9 124 Fiji— £F to £100 N.Z. .. 111/11/9 110/4/3 Western Samoa— £S to £100 N.Z. .. — 100 South Africa— £N.Z. to £100 S.A. 99/14/0 101/5/6 Belgium— Francs to £1 N.Z. 141.54 137.05 Denmark— Kroner to £1 N.Z. 19.62 18.94 France (Metropolitan)— Francs to £1 NJZ. 984 957 Holland— Kroner to £1 N.Z. 10.70 10.45 Norway— Kroner to £1 N.Z. 20.24 19.58 Sweden— Kroner to £1 N.Z. 14.64 14.30 Switzerland— Francs to £1 N.Z. 12.28 12.04 Ceylon— N.Z. pence to rup. 17 29-32 Hong Kong— 18| N.Z. pence to dol. 14 45-64 15 21*64 India— NJJ. pence to rup. 17 29-32 18 11-32 Pakistan— N.Z. pence to rup. 251 26 25-64 Singapore— N.Z pence to dol. 27 27-32 28 47-64 ManilaPesos to £1 N.Z. .. — 5.48 Papeete and Noumea— Francs to £1 N.Z. —: 171.82 Western Germany— Marks to £1 N.Z. 11.80 11.56