THE WOOL POSITION

Dominion, Volume 15, Issue 66, 10 December 1921, Page 10

THE WOOL POSITION

THE QUESTION OF MARKETING BETTER PREPARATION L REQUIRED From Our Own Corresnondent.. Palmerston North, December 9. When dbpussi.ng the unsatisfactory slate of the wool market with a gentleman who has- been growing this staple for nearly fifty years, he expressed the opinion .that the matter of improving the position was io a great extent in the hands of tho growers themselves. Why Not Send Home Clean Wool? With regard to preparing wool for the market ho referred to tho fact that ■ in tho old days, when wo had io depend upon “wind-jammers” to take our wool to the Home markets, much more care | was taken to see that no deleterious matI ter was included with the fleeces, for ’ space was scarce and freight dear. At | that limo nearly every station had its 1 wash pool, and as many impurities as posable were removed: from the wool while on the sheep’s backs, the consequence being that tho wool went to market free from dirt, etf. With the advent of the local sales, however, le c s care had been taken with tho wool, with tho result that in thousands of bales there was a large nroportion '-f dirt, Raggings, etc., and this naturally depreciated its value. ' Ho suggests that legislation should be introduced making it compulsory for all sheep to be washed before shearing, and this would induce buyers to give much bettor prices for our output. He considers it simply ridiculous that cartage, storage, and other charges should bo paid cn a large proportion of tho contents of each bale, which by no stretch of iniarinafibn could be classed as wool. Tn addition, freight had also to be paid on this, which rendered it a most unprofitable proceeding. Ho asked why', this class of stuff should be foisted on to tho Homo or foreign buyer, and also why the money required to pay for labour for cleansing and sorting the wool should not bo spent in tho Dominion instead of allowing outsiders to reap the benefit. Are Local Sales a Benefit? Although the advent of local wool sales was hailed with delight when they were first instituted, he questioned in tho long run if they had not proved an unmixed 1 blessing. To begin with, these sales meant double handling of the wool, while tho charges connected with the.sales were considerable, as it practically meant paying a commission both here and abroad. Tn tho early days of tho industry in tho Dominion tho wool was sent direct from tho stations to tho ship’s side, and onco on board the banks made an advance in proportion to selling rates on the Home market. This was an absolutely safe business, and the growers were enabled to draw sufficient money to cover current expenses, and anything that they had! to como above this was generally looked upon as profit. commergiail Items INVESTMENT SHARES. A sale of 44 per cent. Inscribed Stock, 1938, at £B5 10s. was reported yesterday. The quotations were as follow:—

\ CUSTOMS REVENUE. Cunt.oins revenue collected at tile nort. of Weill ingtxn yesterday- totalled £4440 6s. 3d. / STOCK EXCHANGE. ’ By Telegraph.—Press Association. Auckland, December 9. Sales—Bank of New Zealand, 485.; British Insurance, 34s 9d.; Auckland Trams, 14s. 9d.; Refrigerating, 295. 3d • Waihi, 19s. 6d. Dunedin, December 9. Sales—Bank of New Zealand, 485., 475. 9d. EXCHANGE RATES. Australian-New Zealand Cable Association. (Rec. December 9, 5.5 p.m.i London, December 8. Foreign exchange rates are quoted as follow:—New York, 4.09 dollars to £1; Montreal, 4,43 dollars; Paris. 53.85 francs; Stockholm. 17.01 kroner; Christiania, 28 17 kroner; Copenhagen, 21.60 kroner; Berlin, 785 marks; Calcutta, 15? d to rupee- Yokohama, 28Jd. to yen; Hong-Kong, 32d to dollar. PRICES OF METALS. (Rec. December 9, 11.20 p.m.) ■ London, December 9. Copper.—On spot, £67 3s. 9d. per ton; forward delivery, £6B 3s. 9d. Lead.—On spot, £25 10s per ton, forward delivery, £24 15s. Spelter—On spot, £26 7s. 6d. per ton; forward delivery, £26 17s. 6d. Tin.—On spot, £166 2s. 6d. per ton, forward delivery. £l6B 2s. 6d.

Silver. —Bars, 341 d per oz. standard. COLONIAL AND OTHER PRODUCE. (Rec December 9, 5.5 p.m.) London, December 8. Wheat.—The market is quiet generally, with a rather easier tendency, owing to lower American nnd Argentine advices, but Australian rates are firm. January cargoes are quoted at. 525. and February at 51s. Parcels for delivery in January, 51s. 6d. Small business is doing on the spot; AustraTta’ii. ex quay, 535. 6d. Flour.—The market is steady, and moderate trade is being done. Australian, ex store. 425. 6d Oats and beans arc firm and quiet. Peas are dull. Tasmanian blues, ex store. 400 s. to 4405.; New Zealand, 380 s. to 4405. Sugar prices are unchanged. AUSTRALIAN PRODUCE. By Telegraph—A sWiation— Oopyrlght Melbourne, December 9. Birney, English. 4s. to 4s. 2d. per bushel; Cape, 3s. per bushel. Oats, 2s. 6d. to 2s. 7d. per bushel Potatoes, £3 to £7 10s. per ton. Onions, £4 I.os. per ton. AUSTRALIAN WHEAT. (Rec. December 9. 9.40 p.m.) Sydney, December 9. The Voluntary Wheat Pool’s first sale of a largo parcel through its London agency was at 5s 3Jd. per bushel f.0.b.. equivalent, to 4s. 6Ad. net to farmers at country stations. MELBOURNE HIDES MARKET. (Rec. December 9. 9.40 p.m.) Melbourne, December 9. Tn the hides market prices arc unchanged for all good-conditioned parcels, but for medium floppies and inferior sorts there has been a decline of one farthing per pound. Sir Harry Lauder’s Highland estate. Glenbranter (which ho bought for his son. killed in th® «'«’’>■ was offered for sale at Glasgow recently. The highest bid was AHO,COO. Th'e property, 1-1.000 acres in extent, was bought by- Sir Harry L.imb'r for £lOO,OOO. No sale was made.

BANK GF ENGLAND RETURN # Australian-New Zealand Gable Association. (Rcc. December 9, 5.5 p.m.) London, December 8. The Bank of England return for the week ending December 7 is as under:— Insult Depaiitmknt. Notes issued £l2l 962.000 Gov. debt... £11,015.000 Other seourlNotes in ties 7.434.000 reserve 20.100.000 Gold 126,511,000 fH5.062.000 ±’145.062.000 B/NKINO DF.PAniNFNT. Pioprietors’ Gov. securicapital ...jC14.553.000 ties ... £70,054.000 Public de- Other seciiriposits ... 11.096.000 ties 80.636.000 Other deposits ...142.743.000 Notes in Rest. 7-day reserve — 20.100.000 and other Coin in bills ... 3.830.000 reserve ... 1 822.000 . £172.622.000 £172.622 030 The leading Items of the Bank of England return afford tho following comparison This week Lest week Lasrt-ear Bullion 126.613000 120 012.000 124.074.000 Reserve - 21.922,000 21.779.000 13 916.000 Noto Circulation 124.962.000 125,113.000 130 411.000 Public Deposits 11.006.000 13.749 000 22.424,000 Other Deposits 142.743.000 13u.411.0U0 126.483 000 Proportion of reserves to liabilities 14.10 15,11 9-34 GOVERNMENT SECURITIES. Following are latest quotations for Imperial and Colonial Government securities.

*Ex Interest.. MONEY MARKET. The Bank of England discount rate, which wan raised from 6 per cent, to 7 per cent, on April 16, 1920, was reduced to 6i per cent, on April 26, 1921, to 6 per cent, on June 22, 1921, ,to 5J per cent, on July 20, 1921, and further reduced to 5 per cent, on November 3, 1921. OPEN MARKET RATE. The open market rate for three months’ bills is nominally Si per cent., as compared with 3-] per'cent, last week and 63 per cent, last year Short loans are quoted at 3J per cent as against 3J per cent, last week and 5J per cent, last year.

Buyers. £ s. d. Sellers. £ s. d 41 p.c. Insc. Stock, 1930 85 5 0 85 12 6 44 P.O. Bonds, 1938 85 5 0 5J p.c. Bonds. 1933 92 7 6 92 15 0 Bank New Zealand — - 2 8 9 Union Bank 11 15 0 —— Union Bank (new) . ... — - 4 12 0 Napier Gas (£10) — 9 10 0 Napier Gas (.£5) 4 15 0 Nanier (las (pref.) —— 8 12 0 Well. Gas (BIO) 7 18 6 — Canterbury Frozen 11 15 0 12 0 0 Goar Veat (cum.) 1 10 0 — TTent Export (£3 12s. 6d.) 2 12 6 3 1 0 Huddart-Parkcr (ord.) ... 2 2 9 2 3 6 Waipa Coal z 0 14 3 0 14 9 Kauri Timber (cum.) ... 1 5 6 —— Leyland-O’Brien Timber 1 10 0 1 —— Sharland and Co 1 0 0 — WniT-aTapa Farmers — 5 ,0 0 Wairarapa Farmers (pref.) - 0 15 8

Stock This Week Last Week £ B. <1> AImperial Couaoli 49 0 0 49 6 0 5 War Loan 90 0 C 89 17 6 3J .. War Loau 89 17 6 68 5 0 6i ,, AuE.-Coinmonw th 101 10 C 101 5 0 54 „ Aus.-Comjuonw’th 97 0 0 96 5 0 4 ,, N.8.W.193o ran-Julj “78 16 0 79 0 0 ( N.8.W. 19£5 Apl.-Oot 67 15 9 67 17 6 ii K js.8.w.is«)-5aJa-Jy •62 12 6 63 5 0 53 NSW 1922-32. May-N 06 0 0 95 2 6 64NSW 1930-40.Fe-Au 102 17 6 102 15 0 31 „ Vie. 1921-6 Jan-Jly “90 0 C 91 2 6 31.. Vic. 1929-49 Apl.-Oct 63'6 0 .63 5 0 1 Via. 1929-49 Jan.-Ju) *'56 0 0 57 0 0 3J 8.A. 1939 Jan.-Jly 68 5 0 *58 0 0 34 .. S.A. 1916 Jan.-Jly 51 0 0 *51 0 0 4 .. Q'l’d 1924 Jan-Jly “89 7 6 99 12 6 34 „ Q’i’dl922-47 Jan.-Jly “60 0 C 89 5 0 3 „ QTd 1922-47 Jan.-Jl; *54 5 0 55 10 0 4 „ N.Z. 1929 May-Nor. E8 0 0 87 10 0 34 N.Z. 1940 Jan-Jly *70 10 0 71 7 6 I N.Z. 1920 April-Oct. 62 0 0 62 0 0 34 .. W.A. 1916-35 My-Nv 71 10 0 71 0 0 0 W-A. 1915-35 My-Nov 68 2 6 87 15 0 3J Tm. 1920-40 Jan-Jly 68 15 0 “68 5 0 3 „ Tm 1930-40 Jan.-July 63 7 6 68 0 0