UPWARD TENDENCY

Dominion, Volume 27, Issue 70, 15 December 1933, Page 14

UPWARD TENDENCY

Sydney Wool Prices Strong RISE WELL MAINTAINED By Telegraph.—Press Assn.—Copyright. (Received December 14, 10.25 p.m.) . Sydney, December 14. At the wool sales to-day, 12,304 bales were offered, of which 12,033 were sold at auction, 2148 being sold privately. Competition was well sustained, and the 'advance of’ five per cent, recently reported was fully maintained, with a further upward tendency noticeable. On all merifio skirtings, comebacks, and crossbreds ’- the improvement was most pronounced. Greasy merino made-34Jd. for four bales from Yass. • The average' price of the greasy wool sold in Sydney < for the; first three days of this .week was £2O/15/3 a bale, or 16.5 d. per lb.',-. There .will be no further sales iit Sydney this year, tGood Melbourne Clearance Melbourne, December 14. A good clearance was effected of the 9000 bales submitted at the Melbourne wool sales. 1 " ‘ -V The market was' practically unchanged, with, a hardening tendency again noticeable. for all super merinos: and comebacks., /WELLINGTON WOOL ® January Catalogue Closed Wool growers are notified, as already advertised, that the catalogues for' :the wool sale to be held in Wellington on January 11, 1934;.c105ed as at s;p.m. on Tuesday; December 12, the wool in; store' ,at that time being largely, in excess of the New Zealand,Wool Committee’s;allo.cation of. 30,000 bales. , ■; In view of a considerable, amount of, wool being shut but from this sale, brokers are’reluctantly compelled to catalogue the quantities necessary to fill the allocation strictly in order of arrival into store. KAURI TIMBER COMPANY i Improved Trading Results Dominion” Specht Service- ; ; : ' ' Auckland. December 14.: 5 The.accounts of the Kauri Timber Company. Limited, show a considerable trading’improvement during the year ended August 31, the thirteenth of the company’s operations. After providing for depreciation, the profits for the year amounted to £10,821 ns compared with a loss in the previous year of £26.022. The debit of £36.148 in the profit and loss account, from the previous two years’ operations is ex.tinguislicd by the transfer of £25.327 from contingency reserve, while £15.000 is transferred from the dividend equalisation fund to pay the 2 per cent, dividend recommended, which requires the whole of that sum. Nothing is carried forward. No dividend was paid in 1931 and 1932. OUTLOOK FOR GOLD t; lts Price in the Future An interesting passage in the speech of Mr. J. A. Agnew, the chairman, at the annual meeting of -Dake View and Star Gold-mining Company in London on November 1 was that in which he referred to the outlook for gold. Mr, Agnew stated that he was confident it would be a great many years before, gold would be dealt with on the basis of the old price of 85/- sterling. - The price of gold today was more or 'less fixed in accordance with the relation of the French-franc to sterling, and the«chairman said that one could appreciate the fears of those iwlio anticipated a condition of extreme uncertainty as to the position should France decided to abandon the gold standard. Mr. Agnew, however, does not. ■ share such fears, said “The Times.” He. recognised the probability of there being, *n the event of such action on the part ,of France, 'some doubt and possibly bewilderment for a time as to what the realisable price of gold might be. But in his opinion there would immediately arise, with such uncertainty as to the future of exchanges, a recognition of the fact that the more chaotic the condition of the latter the greater the necessity for a medium of exchange which would be acceptable to any international trading country. That, he pointed out. would make the purNhase and retention of gold on the part f most countries imperative, and in such case Mr. Agnew thought the demand might easily cause the price of gold, at any rate for a time, to go beyond what might be regarded as a reasonable oiie. He is quite confident that the world is likely to. see for some years, to come a price for gold'greatly’in excess of the ■normal.- and is content to work '.’dri < the basis of: it not falling below 120/- an ounce. ; ' < i i BASE . METALS MARKET General Firming in Prices ■; (Received December'l4, 9.15 p.m.) : London, December 13. ' The official. London (middle)' quotations ■'for Wednesday, as reported,by the Australian Mines and Metals Association, com-

51.50 cents a lb. •American, S cents a lb. Customs Exchange Rates Rates of exchange ruling at the an'nounced dates of departure of the vessels named are shown in the following table. ,; They. • are subject to confirmation by the Customs Department when the exact time of departure, is learned on' arrival of the .vessels, in New Zealand, finally declared rates being marked*:— ■ Canadian Scottish, America, dols. *4.64 Canadian Scottish. Canada, dols *4.85 Canadian Victor, Canada, dols. . 5.11 Aorangi. Canada, dols 5.05 Sydney Maru, Japan yen . i.... 14 9-32 London Tallow Market By Telegraph.—Press As»n.—Copyright London, December 13. Tallow sales: 927 casks were offered and 242 were sold. ~ Common sorts realised full prices, but fair to good qualities were neglected. Quotations: Mutton, fine, 24/3; mutton, medium, 20/-; beef, fine, 23/9 ; beef, medium, 20/-. The Bank of New Zealand, produce department, has received the following advice from its London office under date December 13 :—Tallow: Demand is rather quiet. Current quotations: Good mutton, 23/- to 23/6 per cwt.; good beef, 21/6; good mixed, 21/- to 21/6; gut, 17/6 to 19/9.

care as 'under wi th those oreviously cabled Dec. 12. Per ton. Dec. 13. Per ton. Copper— £ s d £ s d Standard .spot .. 30 0 41 30 15 7 i Standard. forward 30 11 104 30 18 » •Electrolytic 33 10 0 33 10 G to 34 0 0 34 0 0 Wire bars 34 0 0 34 0 0 Lead— Forward 11 8 9 11 12 6 Spot 11 13 9 11 16 3 SpelterSpot 14 12 6 14 16 3 Forward 14 18 0 15 2 0 Tin— 220 1 3 tSpot 228 1 3 Forward 228 3 9 220 1 3 Silver — Standard, per oz. . ISJd 18 9-16d Fine ... . 19 15-16(1 20d