FINANCE AND COMMERCE

Dominion, Volume 27, Issue 37, 7 November 1933, Page 12

FINANCE AND COMMERCE

STOCKS AND SHARES Quiet Market Yesterday PRICES STEADY Little or no change was seen yesterday in the Wellington stock and share market. The demand was not , keen, but prices were generally steady a last week’s closing rates. Government loans and local body and other debentures were firm,the only Recorded business being, a sale of vance Bonds, 5 per cent., 1947, at : ±Sto. Banks were quiet, with no in horPTR ’prices There were two sales on change of Bank of New Zealands at 47/9 and one was reported at 41/11. Tn the pastoral «nd financial section the demand was limited. National Mort gage A’s advanced another 6d to 54/-, the B's being unchanged at »%^ /6 Gea J Meats sold late on Saturday at 32/6 and a sale was reported yesterday at do/• Wellington Woollens were done at io 11/- for both issues. # Miscellaneous shares were in good demand. prices showing little change. Colonial Sugars were 10/- easier at £6O 10/-. sellers asking £6l/10/-. Morns Hedstrom had a sale at 19/3, and more were wanted at 19/6.. . Gold and other mining shares were again dull, with no improvement m prices. WELLINGTON EXCHANGE Latest Quotations mkr. buying and gelling quotadons 6 on the WeWgton . Stock Exchange yesterday were as follow.

HEMP AND TOW October Gradings There was a heavy decrease in the quantities of hemp and tow graded last month compared with those for October, 1932. The figures are as follow:— Oct., 1932 Oct. 1933 Dec.* Bales Bales Bales Hemp 2764 1957 807 Tow 808 395 413 Stripper slipe . 18 15 3 ♦Decrease. Of the hemp graded last month, 309 bales or 15.79 per cent, was good fair, 775 bales,,dr 39.60 per cent., high fair; 277 bales, or 14.15 per cent., low fair; 448 bales, or 22.89 per cent., common; 92 bales, or 4.70 per cent.', rejected, and 50 balee, or 2.86 per cent., condemned. Of the tow, 169 bales, or 42.78 per cent., were classed as first grade; 144 bales, or 36.45 per cent., second grade; 58 bales, or 14.70 per cent., third grade; and 24 bales, or 6.07 per cent., condemned. BUTTER AND CHEESE London Markets Slow Joseph Nathan and Co., Ltd., have received from their principals, Trengrouse and Nathan, Ltd,, London, the following trnbled advice, dated November 4:—New Zealand butter: Finest, 87/- per cwt: first. 81/- to 82/-. Slow. New Zealand cheese: White and aoionred, 50/- I*r owt, Slow,

DEALINGS ON ’CHANGE Sales Recorded Yesterday RETURN ON INVESTMENTS Snips recorded on Dominion Stock Exdend r °from love'stmm/at tbVquoted price. Tn nflirnlatinc the return on shares in com* ™nlfs which* pay their dividends outside ?r a ew Zealand tW exchange rates have not hppn taken into consideration. The re turn on 4 oer cent. Government loan B inHudes redemption. In the case of 3* per cent loans the return is for Interest “ lo t n h e ’ and covers only the period for which tne loans are tax-free. No return is given on local body securities and debentures in the

FOREIGN EXCHANGES Position of Sterling (British Official Wireless.) Rugby, November 4. The following rates on foreign exchanges were current to-day, compared with those ruling on November 3:—

Gold and Silver. London, November 4. Gold.— &6/12/H per fine ounce. Silver.—Cash, 18 9-16 d per ounce; forward, 18 5-Bd. Dollar Conversion Bates The Associated Banks have agreed that the conversion rates from November 4 will be:— U.S.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts 4.74 4.75 Purchase of dollar bills . 4.94 4.95 These conversion rates are, of course, ascertained on a sterling basis (London funds), and therefore current rates of exchange New Zealand on London will also be charged or allowed as the case may require. i SYDNEY WOOL SALES Very Animated Market FURTHER RISE OF 5 PER CENT. By Telegraph.—Press assn.—Copyright (Received November 6, 10 p.m.) Sydney, November 6. At the wool sales to-day 13,635 bales were offered, of which 13,313 bales were sold at auction, 1505 being sold privately. A very animated market saw all the best features of the closing auctions of last week in evidence. Values showed a further advance ot five per cent. Greasy Merinos made 27‘}<L, which is a record for this season, and was obtained for four bales from Blandford. UNITED INSURANCE CO. Dividend, 7 Per Cent. Operations of the United Insurance Co Ltd., for the year ended September 30'1933. resulted in the company earning a profit of £26,923. Last. year a loss of £l2 022 was incurred, but in the previous year profit was A final dividend at the rate of 7 per cent, per annum is proposed, which, together with the interim dividend, makes the rate for the year 6 per cent., or 1 per cent, hignor than that for last year. Dividends require £27.000. and, after bringing forward £6780 from the previous year, £6703 has been carried forward as undivided profits. Net premiums from fire, marine, and accident insurance and interest and rents amount, to £344,b0d. insurance losses amount to £1.18,341. ana other expenses to £119,391. Net premiums were higher in the previous year, when they amounted to £357,835. but expenses, at £369.858. were more than proportionately greater.

STEADY MARKET Sydney Stock Exchange MODERATE TRADING By Telegraph.—Press Assn. —Copyright. (Received November 6, S.lO p.m.). Sydney, November 6. On the Sydney Stock Exchange to-day conditions were generally steady and the turnover moderate. Sales: Bank of New South Wales, £33 17/6: Commercial Bank of Sydney, £l7 13/- : Colonial Sugar, £6l/15/-; Mercantile Mutual Insurance, 21/-; Associated News, 20/74; ditto, pref., 20/74; Burns Philp, 55/-; Tooths, 43/9; Australian Gas, A, £7/7/-; Anthony Hordern, 12/11; ditto, pref., 21/6. . Dunlop Perdriau. 18/104 ; David Jones, 36/-; Wilcox Mofflin, 9/10; Winchcombe Carson, 30/-; Greater J. D. Williams, 7/9; Goodlet and Smith, 18/6; Lustre Hosiery, 18/3. Mt. Lyell. 23/3: Broken Hill Proprietary. 40/9; South Broken Hill. 64/6; North Broken Hill, 89/-; Mt. Morgan, 53/3; Kuala Kampar, 13/-; Bulolo Gold, £5/5/-; Bulolo Deposits, 1/9s. Morning sales included: Commonwealth Bonds, 4 per cent., 1941. 105/10/-; Bank of New South Wales, £33/17/6; Australian Gas, A, £7/6/6: Tooths, 43/6; Associated News, 20/74; Broken Hill Proprietary, 40/6. Melbourne, November 6. Sales on the Melbourne Stock Exchange to-day included : —Electrolytic Zinc, 26/6; Herald and Weekly Times, 48/-; Dunlop Perdriau, 18/9; Gordon and Gotch. 38/-; Mt. Lyell, 23/-; Taranaki Oil, 2/3. GOLD MINING k Latest Dredging Returns By Telegraph.—Press Association. Dunedin, November 6. The Okarito Five Mile Beach Gold Dredging Co.. Ltd., reports a return of 30oz. lOdwts. of gold for 115 hours’ work last week. By Telegraph.—Press Association. Greymouth, November 6. The Brian Boru dredge reports a return of 560z.’ 13dwt. for 108 hours’ work last week. Big River Gold Mines Big River Gold Mines Limited reports as follows for October: — No. 2 Level. —South drive off No. 2 Adit at 190 ft. east of shaft. Advanced 22 feet, total 117 feet. No change. At this point a crosscut at footwall was commenced. West crosscut off south drive at 117 feet from entrance. Opened out and. advanced 19 feet. Country nice slate carrying graphite seams, with a little quartz. . No. 3 Level. —No. 1 south drive on Henderson’s" Beef. Advanced 37 feet, total 245 feet. Lode track still well defined, but nothing of value met with. No. 2 rise above No. 1 south drive. Advanced 6 feet, total 381 feet. The make of stone met with in thia rise as reported last month proved to be an irregular lense shaped body of quartz with a maximum width of about 15 feet and length of 20 feet. The stone whiter carried fair gold does not appear to continue upward, and has pinched to a few inches on a fault, at 35 feet above the main level. During the month 150 tons of ore was obtained from this point, and prospecting work is being continued to determine the extension of the ore body. South intermediate drive off No. 1 rise 40 feet up. Put in 3o feet and connected with stopes at No. 2 rise to provide ventilation. Jones’s Reef.—Stoping was continued on the eastern and western ends of the ore body. Stone in east end averaged 3 feet in width and showed a little gold. In the western end, the width was 5 feet and gold was seen in breaking, although dish prospects were poor. . , Main Shaft—Repair work practically completed to 98 feet below No. 3 level. Considerable trouble was caused owing to caving of ground on withdrawing the old timber. Expect to reach No. 4 chamber early in coming month. Battery.— the month 206 tons of ore. were hauled and sent to battery. Clean up will take place next week. Future work is being concentrated, on main shaft repairs in order to reach No. 4 level as early as possible. All other work in the mine has been stopped, except eight miners who‘are breaking ore between Nos. 2 and 3 levels on Jones’s Reef. CENTRAL RESERVE BANK Proposal for India According to a letter received in Wellington yesterday from India, the Central Reserve Bank Bill has gone to a Parliamentary joint committee representative of the Council of State and the Legislative Assembly for consideration. Thio committee will submit its report some time this month, and it is expected that the Bill will be passed at the end of this month or early in December. The Bill is*based ou the report of a strong committee which considered the constitution of the proposed Central Reserve Bank. The committee included the finance member of the Legislature, Sir George Shuster, members of the Secretary of State’s Council and Indian representatives. The plan elaborated by the committee accords with the opinion of the Fedral Structure Sub-committee of the First Round Table Conference that “with a view to ensuring confidence in the management of Indian credit and currency .... efforts should made to establish on" sure foundations and free from any political influence .... a Reserve Bank, which will be entrusted with the management of the currency and exchange.” The bank is to be not a semi-Govern-ment institution but a shareholders’ bank, with special provisions for assuring the regional distribution of voting power. The Government will, however, have the right of appointment of a minority ot the directors of the board, and as regards the vital question of the governor of the bank it will actually make the appointment, though only from a panel submitted to it by the directors. Tins compromise plan means that the man who will hereafter control the currency policy of India will have to be someone mutually satisfactory to the Government and to commercial opinion. The scheme endeavours to guard against undue influence over the bank by sectional interests, acquired through the control of voting power. The capital ’s to be held by private shareholders, with» out restriction on the size of individual holdings; hut no shareholder may exercise more than ten votes. .. .. The board shall consist of eight directors representing tlie shareholders; four directors nominated by the GovernorGeneral in Council: one governor; one deputv-governor (or two. if two are appointed). with no voting power; one officer of Government with no voting power. * AUCTION DIARY TO-DAY. , . , Levin saleyards, T 1 a.m.-Otaki freehold property (A. & W.. Ltd.) Levin sale (A. & W„ Ltd.) Cuba St., 1.30 p.m.—Furniture (Silverstone.) TO-MORROW. W.F.C.A. Ltd., yards. Mastertou— Clearing sale farm implements, etc. (Dnlgety and Co.) , „ Johnsonville fat stock sale, 1 p.m. (» .. b., and Co.) 8 Willeston St.. 1 p.m.—Motor tires and tubes (E. Johnston.) Deo st.. Island Bay, 10.30 a.m.—Furniture (Dftyis Bros.)

REVIVAL IN DEMAND. Wool Outlook Favourable A WORLD SURVEY Remarking that “altogether wool values have risen by nearly 50 per cent, since last Jia reh,” the ‘•Economist” ot September 23, in a review of the world wool situation, says the importance of this advance in prices to countries such as Australia, Argentina, New Zealand and South Africa can scarcely be exaggerated. For example, at the present level of prices, the value of the new Australian clip would be in the neighbourhood of £5O millions, as compared with £34 millions realised during the season ended June 30. It is therefore pertinent to inquire if the sharp advance in wool prices was justified and if it is likely to be maintained. A Favourable Position. To begin with, it must be remembered that raw wool is one of the few primary products which has not been subject to price-raising experiments during the depression. Almost the entire annual clip has been freely marketed, but since «the production of wool has shown only a small decline during recent years, wool growers had to accept a substantial reduction in income. The absence of unwieldy stocks, the nightmare of producers of other raw materials who succumbed to the' temptation offered by restriction schemes, has therefore placed wool in a favourable position during ths recent revival of demand. In examining the development of wool production it should be borne in mind that the supply of wool, unlike that of metals, cannot be readily increased or decreased. Further, a large proportion of sheep are reared to yield mutton as well as wool. According to the figures compiled by the Empire Marketing Board, the world’s wool production increased steadily between 1924 and 1928. Despite the subsequent decline in prices, the world’s wool clip declined by only about 6 per cent, during the past four years. The trend of production in the principal countries is shown below: —

Aus., Australia; Arg., Argentina; N.Z., New Zealand; S.A., South Africa; U.S., United States of America;' U.K., United Kingdom; Wld., World, (a) Provisional. The six countries shown above are responsible for about two-thirds of the world’s wool production. Australia, South Africa, and the United States recorded a substantial expansion in production since 1924, whereas the magnitude of the annual wool clip in Argentina, New Zealand, and the United Kingdom has remained almost unchanged. The decline in world production between 1931 and 1932 was due chiefly to poor clips in the U.S.S.R. and in the United States. The latest information suggests that the current year’s wool clip will be considerably smaller than a year ago. While production in South America and in the United States will probably not exceed last year’s level, the clips of Australia, New Zeulan<r and South Africa are expected to be appreciably smaller. The drought which prevailed earlier in the year has wrought havoc among the South African flocks, and, as a consequence, the yield of wool is expected to show a decline of about 20 per cent, on last year. Similarly, it has been estimated that the Australian clip will be about 10 per cent, smaller than a year ago. Reduced Stocks. Not only has the whole of last year’s wool production been purchased by consumers, but stocks accumulated previously have been reduced to insignificance, as the next table shows: — Stocks of Raw Wool at End of Season. (In millions of lbs.)

(a) Season ended June 30. (b) Season ended September 30. Although statistics of world wool stocks are incomplete there is no evidence of heavy accumulation in consuming countries. Further, stocks of tops nt the principal commission combing establishments of Belgium, France, Germany and Italy are not abnormally heavy. Stocks of "merino” tops in these four countries amounted to 30.4 million lbs. at the end of August, as compared with 34.7 million lbs. a year ago. The' quantity of "crossbred” tops held by these commission houses was 40.0 million lbs. at the end of August, against 31.4 million lbs. at the end of August, 1932. It appears, therefore, that the supplies of this textile fibre during the current season will be aj>preciably smaller than a year ago. Trend of Consumption. There has been a substantial redistribution ip the proportionate demand for wool by the principal consuming countries during recent years. The expansion in British wool consumption, coupled with a sharp decrease in the demand for wool in France and in the United States, has placed Britain once more in the position of the world’s largest consumer. The figures for Germany and Belgium record an appreciable decline. Italian consumption, after declining between 1929 and 1931, increased to a record level in 1932. A notable feature is the increase in Japan’s wool ■ consumption between 1924 and 1932, which suggests that she is about to develop the manufacture of woollen goods at the same rate as she has expanded her cotton industry. The figures of retained imports of raw wool during the current year leave no doubt as to the cause of the rapid advance in prices. Thus France increased her imports from 271 million lbs. during the January-June period of 1932 to 374 million lbs. during the corresponding period of 1933. Japanese imports rose from 132 million lbs. to 146 million lbs. Germany’s foreign purchases rose from 198 million lbs. in the first seven months of last year to 233 million lbs. in 1933, and Italy’s imports during the January-May period of the current year, at 109 million lbs., show an increase of .16 million lbs. The United States did not, purchase larger quantities of foreign wool during the first five months of tlie current year, but since her own clip is not expected to be larger than a year ago, it is probable that she will have to buy heavily in ; order to satisfy the increase in demand. Similarly. the wool textile industry in Britain has experienced a substantial expansion since the beginning of the year. Present indications undoubtedly suggest that the expansion in the demand for raw wool will continue in the near future. The Trend of I’rices. Despite the sharp rise in wool prices since March, tlie present level of values is still substantially lower than in the years preceding the depression. The trend of prices since 1924 is shown below in the form of index numbers published by Mr. C. F. Mnllett:— Index- Numbers of Wool Prices. (July, 1914 equals 109.)

Tlie relatively smaller decline followed by a more pronounced rise in the figures for “merino” wool, tops and yarn is due to an increase, during recent years, in the

proportion of “crossbred” wool to total production. Owing to the growing scarcity of "merino” wool, "crossbred” wool is being increasingly used by manufacturers, with the result that the discrepancy in price has tended to become narrower at recent auctions. The latest upward movement in wool values initialed at the opening of the Australian selling season at the end of August is not reflected in these index numbers. In general it seems that the sharp improvement in the value of raw wool was the natural result of a revival in demand coupled with the expectation of a decrease in supplies. It was therefore fully justified. While it is true that the heavy buying at recent auctions was partly for “re-stocking” purposes, there is as yet no evidence of a falling-off in demand at the higher level of prices. The advance is, of course, not yet fully reflected in retail prices, but it is believed that, in tlirt absence of a serious recession in the world’s industrial activity, it can be passed on to the consumer without danger of a falling-off in demand sufficient to bring about a decline in the price of raw wool.

N.Z. GOVT. LOANS. Buyers. £ s d 4 „c' Bonds, 1940 .... 102 0 0 4 nc ditto, 1949 .... 100 10 0 i ditto. 1955 .... 101 10 o 31 p.c. Ins. Stk.. 1939-43 3J p.C. ditto, 1938-52 .. — 4 p c. ditto, 1910 ..... 10115 0 4 p.c. ditto. 1946 .... 101 lo 0 14 p.c. ditto, 194? .... 100 10 0 >4 p C ditto, 195u .... 101 10 0 Sellers. £ s d 103 0 0 101 5 0 102 5 0 102 0 0 100 17 6 debentures. A lick. City, 54 p.c.,1044 101 5 Chch. City. 54 p.c., 1944 101 o Dunedin City, 5} p.c., 1044 I 01 0 0 — 0 Wgtn. City. 5J p.c.. 1940 101 10 Ditto, 4i p.c.. 1943 .. 102 0 0 0 Wairere E.P. Bd., 6 p.c., Ififil — 102 10 0 Waitomo County Council, 6 p.c., 1061 . i: 102 10 0 Palmerston N., P-c., 104ft 0b 1U 0 — 0 — Vgtn. Racing Club ... 9<i 10 Amid. Brick and Pipe 0 95 0 95 0 (Wellington) ...... — Ditto (Auckland) .. — 0 0 BANKS. 12 17 c Comrcl. of Aust., ord. .. Old 11 0 IT 0 Enpr., Scot, and Aust. .. □ 11 u —— National of N.Z. ...... 4 2 National of Australasia, ■ 1 £5 paid — New South Wales ..... . — ’ZooInnH . . . J. . .. *2 7 10 *6 14 •34 7 2 8 0 6 2 Ditto, “D” long term *1 11 6 1 6 Union of Aust — 10 6 financial. kbraham and Williams 3 0 0 Enuitable Building Co., — 2 lo Goldsbrough, Mort, and co. J 6 1 9 10 National Mortgage, “A” 2 14 0 —— Ditto “B” 1 1° N.zf" Guarantee Corpn., ord., cum. rights .. 0 8 2 0 8 N.Z. Invest., Mort, and 6 N.Z Loan and Merc., 63 0 Wgtn. Trust, Loan .... (4 O 0 — GAS. 1 8 3 ‘Wellington, ord. 1 Is 6 1 14 3 INSURANCE. 0 12 Aust. Prov. Assce — National of N.Z "0 18 6 — New Zealand .'. 2 11 9 — MEAT. 1 12 Gear Meat, cum rights 1 12 4 9 N.Z. Refrig., £1 pd. .. 1 0 3 1 V V 0 9 11 Ditto. 10/- paid .... 0 9 8 Wgtn. Meat Exp., pref. 0 18 0 — TRANSPORT. 111 Huddart, Parker, ord. . 1 10 6 9 Union Steam, pref 1 4 6 P. and O. defd. stock . 1 3 9 — WOOLLEN. 5 12 Wellington, pref 5 8 0 6 COAL. . 1 0 1 — 0 •0 13 11 Westport-Stockton, pref. 0 1 10 — TIMBER. Taringamutu Totara .. 0 2 0 — BREWERIES. N.Z. Breweries — 1 18 0 MISCELLANEOUS. British Tobacco, Aust. — 1 18 3 0 61 15 0 T) I O ord 0 12 9 Dunlop Perdrlau — 0 18 11 Electrolytic Zinc, ord. .16 1 1 6 6 Farmers' Co-op. Auct'ng. 2 12 0 —- Henry Jones Co-op. *1 14. 9 1 16 0 National Electric — 0 6 9 N.Z. Drug 3 10 0 —— N.Z. Farmers’ Fertiliser 0 16 1 0 17 0 Prestige (N.Z.), Ltd., pref. — 1 2 0 Wilsons Cement *1 6 9 1 7 6 Woolworths, N.Z., pref. — 1 15 b Ditto. Sydney, 7 p.c., 1 6 6 Morris Hedstrom 0 .19 6 1 0 3 Australian Glass 2 11 0 OIL. Motnrua, ord • 0 2 ft I. Ditto, pref — 0 4, 9 MINING. Bell Hooper 0 1 0 0 1 2 Ditto, fully paid ... — 0 1 3 Roll Kilgour 0 1 2$ 0 1 6 Big River — 0 1 4 Central Shotover — 0 .1 3 2J Gillespie’s Beach, ex. 1 0 2 2J Golden Sands ........ 0 3 0 King Solomon — 0 3 6 0 2 1 Mount Lyell 1 2 1 !1 1 3 4 .0 I. Waihi 1 5 4 1 5 10 Waihi Grand Junction 0 3 1 il <•— - Al Bulolo 5 0 0 •'Cum dividend.

meantime. „„„ INGTON . InvestSale price £ ment £ s d s a Rural Advance Bonds 95 0 0 5 10 0 Bank of N.Z. (2) pifto 2 7 9 2 7 11 4 13 10 N.Z. Guarantee Corpn. 0 8 3} 3 0 3 •1 12 6 t *nittn v 1 13 0 t Wgtn. Woollen, ord. . Ditto, pref 5 11 0 5 11 0 4 4 10 10 1 1 Westport - Stockton, •0 2 0 Morris Hedstrom ..... 0 19 3 •Late sale Saturday, tlnterim dividend passed. 4 3 1 AUCKLAND. £ s d £ 8 d Rural Bonds, 5 p.c., 95 12 e 15/9/47 5 9 2 laser. Stock, 4 p.c., 100 10 0 1049 3 19 1 Ditto, 4 p.c., 1955 .. 102 0 0 3 17 Comm. Bank of Aust. 0 17 0 — 18 10 Bank of N.Z 2 7 11 4 13 10 Ditto, D mortgage . 1 12 2 4 13 3 N.Z. Insurance ....... South British Inspr2 15 0 3 8 3 12 6 3 13 6 Taunlri Coal (2) 0 15 0 6 13 4 Auckland Gas (2) .... 13 7 4 13 3 Wellington Gas 1 14 1} 4 13 9 12 6 4 8 10 0 15 0 3 6 8 Farmers’ Trading .... 0 3 3 1 13 0 t Farmers’ Fertiliser .. 0 16 6 6 1 N.Z. Newspapers 18 0 3 11 <) 0 13 —■» Gillespies Beach 0 2 3 — ytafhi 7 17 4 Ditto 15 6 7 16 10 Golconda, 8d pd Unofficial list:— Invest. Exec. Trjist, B 0 0 9 —’ dobent litres 98 0 0 9 13 10 tlnterim dividend passed. CHRISTCHURCH. * £ 8 d X / s d Govt. Bonds, 4 p.c., 1055 102 5 0 3 If i 10 Goldsbrough, Mort .... 19 9 1 13 • , 7 Alexander Mines, contr. (f») 0 17 0 - Ditto 0 17 1 pit tn 0 17 0 Bell Hooper (2) 0 10 — , O 1. 2 Oxenibridige Shotover . . 0 0 9 — DUNEDIN. £ fi <1 £ d 0 2 0 Ditto , 0 2 1 Bell Kilgour 0 13 — Nokomal . 0 3 0 —

Nov. 4. Nov. 3. Par. N. York, dol. to £ 4.86J 4.84} 4.866 Montreal, doL to £ 4.865 4.855 4.866 Paris, fr. to £ 801-33 801-33 124.21 Brussels, beL to £ 22.455 22.475 35.00 Geneva,, fr. ' to £ 16.165 16.175 25.225 Amet’dam, fl. to £ 7.765 7.765 12.107 Milan, lire to £ 59.50 59 7-16 02.46 Berlin, inks, to £ 13.115 13.13 20.43 St’iholm, knr. to Chagen, knr. to £ 19405 10.395 18.159 £ 22.40 22.395 18.159 Oslo, . knr. to £ 19.90 . 19.905 18.159 Vienna, schgs. to £ 28.50 ■28.50 34.585 Prague, knr. to £ 105.50 105.50 164.25 Hel’fore, inks, to £ 226.50 226.50 103.23 Madrid, pes. to £ 3713-32 37 7-16 25.225 Lisbon, esc. to £ 103:75 103.75 110 Athens, drach. to £ 560 560 375 Belgrade, din. to £ — 228.50 276.31 Bucharest, lei to £ 535 530 813.60 Warsaw, zloty to £ •—■ — 43.3S Rio de J., p. to mil. 14 3-8 |4 3-8 5.899 B. Aires, p. to peso }44} Hii 47.62 ■M. Video, p. to peso •30? •30} 51 Calcutta, p. to rup. 181-33 18 18 Shanghai, p. to dol. 15} 15 5-8 —- H.-Kong, p. to dol, 174 147-16 17} — Y’hama, p. to yen 14 7-16 24.582 Batavia, fl. to 7.75 7.73 12.107 •Nominal. tOfllclal.

World Wool Production. (In millions of lbs., "greasy” basis.) Period Aus. Arc. N.Z. S.A. U.S. U.K. Wld. 1909-13 728 332 171 158 314 136 3,086 1024 . 777 322 247 176 205 98 3,199 1925 . 834 326 235 234 315 104 3,391 1926 . 924 371 250 246 335 110 3,624 1927 . 888 319 262 276 357 112 3,659 1928 . 968 353 272 285 384 112 3,832 1029 . 938 332 273 309 400 no 3,826 1930 . 912 354 271 290 433 109 3,703 1931 . 097 341 283 302 460 112 3,701 1932(a) 1,030 340 260 300 434 118 3,584

Atxs.(a) Arg.(b) N.Z.(a) S.A.(a) .... 10.5 9.3 24.0 — 1926 1927 . .... 8.0 3.7 20.0 1928 . .... 9.9 18.5 19.5 7.4 1929 . .... 13.7 25.0 28.0 9.9 7930 . .... 32.8 19.8 82.8 6.6 1931 . .... 10.6 13.2 97.0 17.2 1932 . .... 44.5 117.9 24.0 1933 . .... 12.9 — 78.6 5.0

Wool 'IXips Yarns Gr’up Year. M. c. M. c. H. ('• Av. 1924 222 174 22'1 186 229 190 204 1925 170 146 172 151 192 m 167 1926 119 117 148 129 171 139 142 1927 151 129 149 135 171 145 147 1928 157 150 160 .156 177 161 160 1929 110 117 121 12.8 147 110 128 19.30 77 72 84 84 110 104 88 1931 62 52 71 06 95 85 72 1932 63 48 70 63 91 80 69 1933— Marell 04 45 68 58 87 75 68 May , 70 51 7(1 61 94 75 72 July. 84 59 91 74 108 S3 SO All j*.. 88 60 96 74 109 S3 80 M.. .Merino; rossbrod; B., Botany.