LONDON WOOL SALES.

Dominion, Volume 4, Issue 11110, 6 May 1911, Page 8

LONDON WOOL SALES.

Tho London wool sales begin on Tuesday next, and the prospects arc most encouraging. Tho statistical position as compared with the corresponding stile of last year is shown in the table appended ;— May, 1910. May, 1911. Bales. Bales. New arrivals UI.OCO 366.500 Forwarded direct 270,010 203.0C0 161.CC0 163.5E0 Brought forward 9,000 38,000 Total available 170,000 201,500 Tluis it will be se:n that though tho new arrivals were loss than last year the quantity forwarded direct to the manufacturing centres was much more so, with the result that the total available is larger. Tho carry-over from the last sale was exceptionally large, but oven so the total of 201,500 bales is well within the capacity of the market to absorb. The cheering feaAntwerp sales now current. The bidding was animated, and all classes of wool appear to have advanced. The cable message says: "Ordinaries advanced five centimes." The "ordinaries" we take to be coarse crossbred wool, and we are strengthened in this opinion by the fact that of 2788 bales La Plata wool offered, 2215 bales wero sold. This wool must bo crossbred, and the splendid clearance leads to the supposition that the demaud is active. Private cable advices received in Wellington forecast an advance, and the* opinion is now held that crossbred wool will ri-se 5 per cent, to 7i per cent. If the advance 13 registered it would be somewhat remarkable, for it would be obtained in spite of the weight of the European and North American clips, which must now be weli in sight, and also in epite of the absence of any keenness in the American competition. It must be rcmenibired that America has bought very mvich less this year than last year, and the deficiency has been placed at over 100,000 bales. Europehas had to absorb this, and appears to havo done so with considerable case. Not only that, but the demand lias been stroll" enough to keep up values. WELLINGTON MARKET. Messrs. Laery and Co., Ltd., Wellington report wholesale prices ruling on Wellington markets as follows:—Wheat, good whole fowl, 3s. 10d. to Is. per bushel; oats good feed, 2s. 10d. to 35.; oats, Duns, 3s. 2d to 3s. <d. per bushel; oats, seed, white, 3s. to 3s. 3d. per bushel; oats, seed, Algerian, Victoria, 3s. 6d. per bushel; ryecorn 3? lCd. per bushel: maize, 3s. 2d. to 3s. 4d per bushel; fowl barley, 2s. ICtl. to 3s per bushel; Capo barley, 3s. ed. per bushel; crushed malt, 7s. 611. per bushel; partridge peas, 4s. 6d. to 4s. 9d. per bushel; pollard £7 ss. to £7 10s. per ton; bran. £5 63 to £5 10s. per ton; Hour (Atlas). £8 15s Gd per ton; chalT, oatenshenf. £5 lCs. to £5 15s. per ton; potatoes, table, £5 to £5 15* per ton; onions, £4 10s. to £5 per tonmolasses fodder, £5 ss. to £5 10s. per ton : boncdust, £5 15s. per ton; basic slag, £4 ss. to £4 lCs. per ton; superphosphate""' *4 15s. to £5 per ton; oatmeal. £13 lC=.""p'"r ton; rolled oats, in 4's, Cs. 6d. per dozen• choose, medium-sized, Glc!. to 6Jd. per ]£. • cheese, loaf, 6id. to 7d. per lb.; butler' prime bulk, lOd. to lid. per 11).; fresh eg" , "' Is. 9(1. per dozen; preserved esgs, i s . j ( |' to Is. <]d. per dozen: honey, 56's. bright 4d' lirr lb.; linseed nuts, 13s. per cwt.; crushed linseed cake, 13s. 6d. nor cwt.; bacon sides 7Jd. Ncr lb., rolls Bjd. per lb.: hams' Sid. per lb.; fowls, lion?. 3.-. to 3s. 6d.-' young roaster.", 2?. to 45.; duck?. 4 S 6d to 5?., all at per pair; turkey gobbler.-., Bd' to sd. per lb. live wciirht; turkey hem 6d. to 7d, per lb, livo weight.

Customs duties collected at the port of Wellington yesterday amounted to £2414 3s. Bd. BANK OF ENGLAND RETURN. Ey Telegraph—Press Association—Copyright (Rcc. May 5, 8.30 p.m.) London, May i. The Bank of Englani! return issued for the wee!; ended Wednesday, Slay 3, is as under:— Issue Dr.pAnntEXT Kole Issue- £55,205.00) Gov.debfc ... £11,015,030 Other Bccurilioj ... 7.J34.000 GoU ... 3fi.757.000 £55,206,000 fiO.iOG.UW BiNEIXG DEPARTMENT. Proprietors' Govt. sccuvicupital £11,553,000 tios £14,071,000 Public do- Other sccuri- ' posits ... 15,117.000 ties 32,068,000 Other doposits ,„ 42,070,000 Kotos ._ 2G.550.C00 Best, 7-day tnd other bills 3.153.C00 Coin ••• «• I.OW.COQ £M.'Jj3,003 £7J,0j3,C00 The leadins Hems or the Dank of England returD aiford tho following comparison:— This week Last week. Last year £ £ £ Eullion M ... 2G.707.000 36,051.000 C7,87-2,0M Eesorve . ... dli.ofis.ooo 27.618.C0) 28.701,001) Note circulation 25.311.003 28.010,000 28.633,03) Public Deposits 15.1-17.C0U lT.fttf.COO 10,325.000 Other Deposits i2.070,UXJ 10.S8SJUOJ i4.137.0U0 Proportion of reserve to liabilities ... 17.66 K.Ol J2.63 GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a comparison of those ruling lest week:—

BANK PIATES OF DISCOUNT, flie Bank of England rate was reduced on Jvuo 9 from 4 to 3 Der cent.; on .September 29 it was advanced to 4 per cent and on October 20 to 5 per cent. On December 1 it was lowered to 4J per cent, on January 27 to 4 per cent., and on February 16 to 3* per cent., and on March 9 to 3 per cent The Ban!; of France rate was reduced from 34 to 3 per cent, on January 23. 1908, and remain? at the latter figure. Tbo Imperial Bank of Germany un January 21 191.9. lowered its rate from 5 to 4} per cent., and on February 10 to 4 rcr cent, liut on September 26 it was raised to 5 per cent on February 6it was reduced to ii per ctiut., and on February 19.t0. A per cent.

MARKET RATES OF DISCOUNT. The following aro the market rates for best threo months' bills:—

London Paris Berlin rate. rate. rate. This week 25 2J II Last week 2 9-16 2J 3 Last year 33-16 2i 3J Short loans arc Quoted at 2 per cent., as against 23 per cent, last week and 3 per cent, last year.

COLONIAL AND OTHER PRODUCE. Wheat—The markets are firm. An Australian cargo sold at 355., 14,(100 quarters, New South Wales, per sailer, March shipment, 3&. 9d.; parcels of South Australian and Victorian, Aiiril-May-June shipment at 345. to 31s. 3d.; Ilareh shipment at 355.; holders ave asking 355. 3d. for February-March-April cargoes; 375. has been offered for Australian, on spot. Flour—There iz better inquiry. Australian patent, 255.,,, ex, store, and 245. 6d. to.

Oats' aro firm, La. Plata, May-June shipments, 14s. 6d. to 14s. 9d.

Butter is dull, with a downward tendency; 93.CC0 box<K of colonial arrived durin" the week, whilst the Homo and Continental supplies are steadily growing. Dan feh Ills, to 112 a.; choicest Australian, salted, 98s. to ICQs. (2s. lower); New Zealand. 108s.. unsalted llCs.; lower qualitice are neglected at 84s. to 945. Cheese is quiet. New Zealand, 61s. to 625. Sugar.—German beet, 08 per cent, net titro, sd. lower, at 10s. 2d. per cwt.; firstmark granulated, f.o.b. Hamburg, sd. lower, at 12s. 3d.

Rabbit skins.-Tho sales have closed. Fair good quality sold at par to halfpenny decline, good summers, penny to three-half-pence lower. Bradford Tops—The market i-s firm and unchanged. Sixty-fours, 27Jd. per lb.; super sixties, ?.7d.; common sixties, 26d.; fifty-sixes, 23? d.; fifties, 19jd.; forty-sixes, .15Jd.; Torties. 14id.

Wool "salos—The Antwerp sales have closed with value? slightlv weaker; 4145 bales sold out of 66E2 bales offered.

METAL MARKETS. Copper.—On spot, Is. 3d. higher, at £53 15s. per ton; three months', ss. higher, at £54 Us. 3d. Tin.—On spot, 40s. lower, at £192 per ton; three months'. 15s. lower, at £189. Pig-iron.—Middlosboro , No. 3, sd. lowor, at 465. Id. per ton. Load.—Soft, foreign, unchanged, at £12 17s. 6d. per ton. Spelter.—ss. higher, at £24 ss. per ton. TRUST AND AGENCY COMPANY. By Telegraph—Press Association—Oopyrieht (Rcc. May 5, 8.30 p.m.) London, May 4. The balance-sheet of tho Trust and Agency Company of Australia, shows a profit of £57,825, aud there is carried forward £2512. The "Financial Times" attributes the general firmness in the tone of shares of land companies of Australia during tho past two days to the results of the referenda. SILVER. By Telegraph—Press Association—Oopyrieht London, May 4. Bar silver is Quoted at 24 7-16 d. pcrounco standard. LONDON MABKETS. Messrs. Dalgety and Company, Ltd., report having received the following cablegrams from their London office, da-ted May 3:-Jtnbbitsl;ius: Since our last telegram prices are Id. to ljcl. per lb. lower for outgoing winters and summers. Other descriptions are par to jd. per lb. lower. Tallow generally is 3d. to 6d. per cwt, lower, except for finest mutton, which is extremely scarce. The following, dated May 4, was also received:—Frozen meat: There is rather better demand, but supplies are heavy. Lamb: Since our last telegram Canterbury is id. per lb. lower, Wellington fcd. per lb. Other descriptions are weak, but without quotable change. Decline may be checked as demand improves. Mutton: Demand is poor. Canterbury is unchanged. Since our last telegram Surth Island Is J.d. per lb. lower. Beef: Fair demand at unchanged prices.

GRAIN AND PRODUCE. (By Telegraph—Press Association.) Christchurch, May 5. A good deal of business has been done in wheat during the week between merchants, but few purchases have been made from farmers, who are holding firmly. The local market is firmer, so that the advantage to shippers gained iiy the reduction in freight to Home ports has been counterbalanced by a rise in the price of wheat locally, due to the firm way in which it is held. Buyers arc now compelled to offer 3s. 2d. at near stations and 3s. Id. at distant stations, and even at these prices few sales have been mnde. The London market has shown some improvement of late, though shippers are not able to obtain any better offers for New Zealand wheat. Oats and ch:iff are firm, and supplies arc difficult to obtain at buyers' prices. . The' potato market is easier in consequence of the northern markets having boon so heavily supplied. During the past ton days no fewer than 6530 bags have been nhipped north from Lyttcltoii, and 1000 bags from the Bluff, mid both Wellington and Auckland are fully stocked. Buyers are now ofTcring 70s. at stations, but growers aro holding out, for 755., tho price that has lately been ruling.

DIVIDEND DECLARED. Tho T.i.ringamutu Totara Sawmills, Ltd, have declared an interim dividend at the rate of 2s. per share, payable on Juno 1 next.

Variations _ coninaied Price. with last wcok. £ e. a. 35% Imperial Consols 81 5 0 Cs. higher •1 ,.N.S.\V.l933Jan.Jnly 10G 0 0 Unchanged 35 ,,K.S.\Y.W18.Mttr.-Sop. OS 1G 0 Uncbanscd 3 ,,N.S.\V.lU33Ai>i.-Oct. 37 10 0 Unchanged i ,,Vic. r&UJau.-July 10.113 0 5s. liisbcr 35 „ Vic. lttHi Jan. July us 10 0 Unchanged S „ Vic. llWMOJun.July 85 0 0 Unclmusea 34 ,,S,A. lOlli Jon.July 93)0 0 Unchanged 3 ,.S.A. lJiti Jan.July 82 10 0 Unchanged i i ,« , l , dMJ-i!lJan.July 103 15 0 Unchanted 3i „ y'l'ul'JiWOJau.July U7 1-3 (i Uncbanaed 3 ..QTcll'JJilTJan.July SOU Unchanged i ,,N.Z.l'Ji)May-Xov. 101 0 0 Unchanged 3j ,,X.Z.1!HU Jan.July 115 0 0 Unchanged i ,,K.Z. 1'JWAiiril-Oct. K 10 0 Unchanged 3i „ W.A.lUX'-iU-Uay-Xov % 12 5 25.Cd.hi(!hi!V 3 ,,W.A,llilo-i5Jlay-Nov tG 7 6 'Js.M. lower 3i ,,Tas. lWUJan.-Juiy U7 10 0 Uncbanccd I ,,'X'as.JWj-iJJau.JuIy tG 0 0 105.hi(!her