BETTER WOOL VALUES

Dominion, Volume 26, Issue 98, 19 January 1933, Page 10

BETTER WOOL VALUES

Brisk Competition from Buyers OPENING OF LONDON SALES London, Jan. 17. The January scries of wool sales has opened with strong competition. Merinos have advauced 5 per cent., and crossbreds arc selling at par to 7 J per cent, above last sale's closing rates. The initial catalogue of the series was an offering of 9751 bales, including 3u29 New Zealand. About 7620 bales were sold. A fairly representative selection was put before buyers. There was a crowded attendance, and brisk general competition was experienced. Yorkshire, Erance, and Germany were all bidding keenly, the Continental buyers being especially active for merinos. Greasy merino wools advanced by iuliy 5 per cent, when prices are compared with the December closing rates. Scoured wools sold at par to 5 per cent., and fine crossbreds advanced 74 per cent.; medium and coarse crossbreds realised par to o per cent. up. Private Market Reports 11. Irwell and Co., of London, cable to Douglas P. Walker, woolbroker, ’Wellington, as follows: The January series ot London wool sales opened in Colman Street. As compared with the last series, prices for crossbreds are higher for fine 5 to 7J per cent.; medium and coarse, 5 per cent.; New Zealand slipes, fine par to 5 per cent, higher, medium and coarse firm without change. There is good general competition. R. G. Anderson, Ltd., importers and exporters, are advised as follows: The January sales opened, and as compared with last series prices for crossbreds are higher for fine by 71 per cent., and for medium and coarse 5 per cent. New Zealand slipes, fine, are 5 per cent, dearer, and medium and coarse fully firm. Competition is strong and general. Murray, Roberts and Co., Ltd., are in receipt of the following wool market cablegram from their Loudon agents, dated January 17: —The sales have opened with a good tone. Competition is keen, all sections operating freely. Compared with last London sale's closing rates, greasy merino, of which a poor selection was offered, advanced.s per cent. The scoured merino market shows no material change. Crossbred greasy comeback and crossbred greasy fine advauced 5 per cent. Crossbred greasy medium and coarse advanced a shade, and crossbred scoured fine advanced 5 per cent. For crossbred scoured, other descriptions, the market shows no change. Slipe, fine crossbred, advanced 5 per cent. Eor slipe, other descriptions, the-market shows no change. The Bank of New Zealand, produce department, has received the following advice from its London office: —The sales have opened with strong competition and large attendance of buyers. There is an active demand by all branches of the trade. Compared with the close of last series, prices for nierino and fine crossbreds are 4d per lb higher; medium and coarse crossbreds arc ]d to Jd per lb higher. Wright, Stephenson aud Co., Ltd., and Abraham and Williams, Ltd., report having received cable advice from their London house regarding the London woo! sales, reading as follows: —The January wool sales opened to an average attendance of buyers, among whom there was animated competition. Continental and Bradford buyers were the chief operators. A good selection of wools were offered. We quote the following average prices:— Greasy halfbred. 50/56’s, yielding G 7 p.c., 94d.; greasy three-quarterbred. 48/50's, yielding 73 p.c., 7-Jd.: greasy fine crossbred, 46/48’s, yielding 74 p.c. 7Jd.: greasy medium crossbred, 44/46’s, yielding. 75 p.c., ajd.; greasy crossbred. 40/44's. yielding 76 p.c.. Sd.; crossbred lambs, 46/50’s'. yielding 75 p.c., Sd. Australian merinos were 5 per cent, to 74'per cent, higher. The slipe market unchanged. Advice received by Dalgety and Co. from their London office states, the sales opened with good competition, a large attendance and average selection. The Continent and Home trade buyers were operating freely. -As compared with closing rates of last series prices generally were 5 per cent, higher, except all descriptions of scoured, which were unchanged. Slipe was also unchanged. Jjevin and Co'., Ltd., have received the following cable from their London agents : —The auctions opened here with a large attendance of buyers. Competition was. keen. Compared with the closing rates of last sale, we quote:—Greasy merino, best, 4d. per lb. higher; greasy merino, average, id. higher; fine halfbrcds, 50/56’s, id. higher; halfbrcds, 48/50’s, jd. to-id. higher; fine crossbreds, 46/48’s, id. to id. higher; medium 44/46’s, |d. to -Id. higher; low, 36/40’s, id. to 4d. higher: scoured crossbreds, Id. to Jd. higher. Slipe wools generally showed no change of any importance.

The New Zealand Farmers’ Co-op. Distributing Company, Ltd, has received the following cable from its London office: The wool sales opened, and prices! compared with last London series. Merinos and fine crossbreds, 5 per cent, up to 74 per cent, up; medium and coarse, part to sd. per cent, up; good demand all sections. particularly by Bradford. Total quality catalogued was '147,000 bales.. The Bank of New South Wales is in receipt of the following cable message from its London office:—At the London wool sales merino crossbreds, fine slipe, showed 5 per cent, advance on last sale. Close medium coarse slipe was unchanged. There was good general competition. New Zealand Loan aud Mercantile Agency Company, Limited, have received the following advice .from their London house: —There was a good attendance at the opening of the sales, competition by Home and. Continental buyers, being active, and prices as compared with the close of preceding series ruled par to i<i. per lb. higher for medium and coarse greasy crossbred, also coarse and medium crossbred slipe. Prices are higher by Id. per lb. for scoured crossbred, greasy merino. fine greasy crossbred and fine crossbred slipe. The opening catalogues were fairly representative. FOREIGN EXCHANGES Latest Quotations Compared

London, Jan. 17. The following rates on foreign exchanges w'ere current to-day, compared with those

GOLD AND SILVER. London, Jan. 17. Silver.—Cash, 16 13-16 U per ounce; forward. 16 7-Bd. Gold —£6/2/8 per fine ounce. Christchurch Gas Company By Telegraph—Press Association. Christchurch, Jun. 18. The Christchurch Gas Company have recommended a final dividend of 3 per cent., making, with the interim dividend already paid, 6 per cent. for the year.

rulinjr on January 16:— Jan, 16. Par. Jan. 17. N. York, dol. to £ 3.35 3.351 4.866 Montreal, dol. to £ 3.831 3.80} 4.866 Brussels, bel. to £ 24 7-16 3.801 35.00 Paris, fr. to £ 8513-16 86 124.21 £ 1713-32 24 24 O3J 00*7 Amst’dam, fl. to £ 8.34 8.35J 12.107 Milan, lire to £ 65 7-16 65 9-16 92.46 Berlin, mks. to £ 14 3-32 14.121 20.43 St’holm, knr. to £ 1811-32 18 3-8 18.159 C'hagen, knr. to £ 20 3-32 20 3-32 18.159 Oslo, knr. to £ lt> 17-32 10.5 18.159 Vienna, schgs. to £ *28 •28.5 34.585 Prague, knr. to £ 113 113} 164.25 Hel'fors, mks. to £ 227.5 227.5 193.23 Madrid, pes. to £ 41 411-8 25.225 Lisbon, esc. to £ 110 110 no Athens, drach. to £ 625 625 375 Belgrade, din. to £ 250 249 276.31 Bucharest, lei to £ 570 570 813.60 Rio de J., p. to mil. *5 3-8 *5 3-8 5.S99 B. Aires, p. to peso 42.5 42.5 47.62 M. Video, p. to peso *30 *30 51 Calcutta, p. to rnp. 18 3-16 18 3-16 18 Shanghai, p. to tael 20 1-16 20 3-16 — H.-Kong, p. to dol. 151 151 — Y'hama, p. to yen 14 7-8 11'7-8 24.582 Batavia, jrl. to X* —— —— 12.107 The South .African rate is quoted at (sellers) per £100 sterling.