Commercial news in brief

Press, Volume CXII, Issue 33032, 27 September 1972, Page 18

Commercial news in brief

Bradford wool

It was expected that prices would be higher at the recent Bradford auction of overseas wool, but intense competition for all types resulted in the biggest general rise in values for many years. Greasy cross-bred fleece gained 20 to 25 per cent, shears 17J to 20 per cent, and skirtings 20 per cent above July rates. Lambs were keenly sought and values were nominally 17| per cent dearer. The offering of scoured half-bred wools could not be compared directly with that of the previous sale but the nominal rise in value was about 25 per cent. Scoured cross-bred fleece was dearer by 17| per cent. The market for slipes was equally strong, with combing first lambs and combing lambs seconds gaining fully 20 per cent; sheep grades and clothing lines were up to 15 per cent above July.

James Smith notes

James Smith, Ltd, Wellington, retailer, offers to renew its unsecured notes which mature on September 30 at the maximum allowable rates—7 per cent for five years, or 7£ per cent for six years. Otherwise the company will repay the notes on or after September 30, as soon as the certificate is surrendered. Consolidated Silver production The Consolidated Silver Mining Company of N.Z., Ltd, will resume the extraction and treatment of ore at Maratoto. This will be done in conjunction with its existing rock products division at the mill. The decision is the result of silver, and at first it is prothe rising prices of gold and posed to process ore from the Camoola reef which has the highest gold content of the company’s ore reserves. Banks amalgamate The Hawke’s Bay and Gisborne Savings Bank and the Manawatu Wairarapa Savings Bank are to amalgamate to form the sixth largest trustee bank in New Zeaj land, the Eastern and Central 'Savings Banks. The merger I will take immediate effect j after the necessary legisla-

tion, now before Parliament, is passed. The combined banks will have aggregated deposits of just under s3lm, a staff of 137 and 22 branches, with the head office in Hastings. Directors of the two banks see the merger as an effective method of reducing overhead costs, and improving customer services. House brings $12,000 A two-bedroom bungalow on a 25-perch section at 25 Stoke Street, Sumner, was sold for $12,000 at auction yesterday. The government valuation is $5700. The house was sold on account of the estate of Mrs L. M. Bamford by Kent Prier Real Estate, Ltd. The auctioneer was Mr P. G. N. Rookes. A two-storey house with five bedrooms, on a 20-perch section at 282 Gloucester Street, was passed in at $11,650. The government valuation is $6OOO. A garage and store sheds are on the section, which is zoned residential 5. The property was offered by W. E. Simes and Company, Ltd, on behalf of the Perpetual Trustees and Agency Company of New Zealand, Ltd, co-executor of the estate of Mr W. H. J. Hayes. The auctioneer was Mr P. J. Cook.