WOOL PRICES FIRM AT DUNEDIN SALE

Press, Volume CI, Issue 29900, 14 August 1962, Page 19

WOOL PRICES FIRM AT DUNEDIN SALE

(New Zealand Press Association)

DUNEDN, Aug. 13. Both Southland and Otago early shorn fleece wools were keenly sought at firm prices, according to official reports on the first Dunedin wool sale of the season held today. There were two official reports issued—one on Southland wools sold in the morning by Invercargill brokers and the other on Otago wools sold in the afternoon and

cent.) on ordinary capital of £6,169,000. Profit is reached after increasing tax provision by £78.000 to £200,000, and smaller depreciation, £435,137 (down £65,431). “Small Loss”

In March this year, directors reported a “small loss” for the six months to December 31, 1961.

Profit for the previous year to June, 1961, had almost doubled, rising from £110,883 to £209,237. The increase offset less than one-quarter of the set-back in 1959-60, when profit fell by £414,191. Latest result restores the profit level to rather more than half of the £525,074 earned in 1958-59.

The 3 per cent, dividend charge will require £185.070, leaving a profit remainder of £101,623. The United Kingdom parent company is a major ordinary shareholder and in addition owns £675,000 deferred capital on which no dividends have been paid. Turnbull And Jones (N.Z. Press Association) WELLINGTON, August 13. Consolidated net profit of Turnbull and Jones, Ltd., in the year ended March 31. 1962, is confirmed at £47,075 in the full accounts. This result, given in a preliminary announcement last week, represents an increase of £4067 or 9.5 per cent, on last year’s figure. The result is reached after provision of £25.634 (£27,570) for depreciation and £47,549 (£42,594) for tax. Preference dividend of 5J per cent, takes £5500 and steady ordinary dividend of 9 per cent. £18.900.

Paid capital is unchanged at £310,000, including £lOO.OOO preference. Reserves are £305.618. Capital will be increased by £60,000 in April, 1965. when a note issue is converted.

The balance sheet shows; Current assets £1,176,108 (£1,173,401), current liabilities. £595.588 (£603.993), net fixed assets. £169.639 (£156,773). Bank overdraft, £275,075 (£269,419), creditors, £248 309 (£267,520), stocks, £916 563 (£857.365), debtors, £258,848 (£315,414).

evening by Dunedin brokers. The Dunedin report said that prices for early shorn wools met keen competition and sold at prices in excess of those ruling ait the end of last season. Good style crutchings sold on a par with recent northern sales but average to inferior grades were slightly irregular and easier on northern rates. A fair percentage of new season pre-lamb fleece wool was on offer as well as second shear wools, crutchings and oddments. The wool was well grown and of good length, but was rather lacking in style because of slight discolouration. There was a fully representative bench of buyers and while competition was well spread the Continent' was dominant The New Zealand Wool Commission was seldom called upon to bid. The total offering by the six Dunedin brokers was 15,267 bales. Range Of Prices The official range of prices for Southland wool is as follows:

Crutchings Coarse Crossbred, 40/46— d d Super to 464 Good 38 to 42 Good to average 34 to 37 Crossbred, 44/48— Good to super .. to 44} Good 37 to 40 Good to average 32 to 36 Average 26 to 31 Average to inferior 24 to 25} Inferior 20 to 23 Crossbred, 46/50— Good 32 to 34 Average 25 to 30 Inferior 20 to 23 Crossbred Seconds— Good 26 to 31 Average 22 to 24 Inferior 16 to 19 Pre-Lamb Shorn Fine Crossbred, 50’9— Super to 49 Good to super .. 44J to 484 Good 41 to 44 Medium Crossbred, 48/50’9— Super 454 to 474 Good to super .. 424 to 45 Good 40 to 42 Crossbred. 46/50’s— Super 444 to 46} Good to super .. 42 to 44 Good 40 to 41) Coarse Crossbred, 46/48’s— Super 454 to 47 Good to super .. 424 to 44} Good 40 to 42 Early Shorn Crossbred— Good to super .. 43 to 45 Good 394 to 42} Good to average 36 to 39 Average 33 to 354 Pieces And Bellies Good 29 to 33 Average .. 25 to 27 Inferior .. 22 to 24