WOOL PRICES EASE

Dominion, Volume 27, Issue 184, 3 May 1934, Page 12

WOOL PRICES EASE

London May Sales Open FREQUENT WITHDRAWALS By Telegraph.—Press Assn.—Copyright. London, May 1. The offering at the first of the third series of London wool sales to-day was 7992 bales, including 3037 bales of New Zealand wool. Approximately 2490 bales were sold. The selection of wools offered was but moderate. Competition was soniewhat hesitant and irregular. German buyers were present, but were not operating. ' There were frequent withdrawals. As compared with March closing rates fine merinos were sold at par to 5 per cent, easier in price, and others were 5 per cent. down. Fine crossbreds were 5 per cent, lower, medium and coarse crossbreds 7j to 10 per cent, lower. New Zealand slipe, halfbred lambs, “Feilding.” sold ISd. highest, 14 7-Bd. average NO GERMAN BUYING Yorkshire and France Active The following cabled reports of the opening of the third series of London wool sales received yesterday in Wellington:— The Bank of Australasia has received the following cable from Balnie and Thomas.' wool brokers, London:—London colonial wool sales: Merino, par to 5 per cent, cheaper; fine crossbred, 5 per cent, cheaper; medium crossbred, 7i per cent, cheaper; coarse crossbred, 10 per cent, cheaper; slipe. 5 per cent, cheaper, below last series’ closing rates. Bank of New Zealand, Produce Department: The wool sales have opened with a poor selection,, and there is only a moderate demand. .Compared with the close of last series, merino and fine crossbreds are |d. to Id., medium and coarse crossbreds about Jd.; all lower. Dalgety and Co., Ltd.: Sales opened with large attendance, selection being mostly crossbreds. Competition irregular and hesitating,. Good demand for skirtings. As compared with closing rates of last series:— Merino, par to 4d. Inwer. Fine crossbred, jd. to 3d. lower. Medium and coarse crossbred, }d. to Id. lower. - , Fine slipe, }d. to 3d. lower. . Medium and coarse slipe, }d. to Id. lowep No German buying, but possibility some next week. Levin and Co., Ltd.: The auctions opened here to-day with an average attendance of buyers. Good competition, excepting Germany. The selection of wool offered was only fair, particularly greasy crossbreds. As at present arranged. the sales will close on May 11. Compared with the’closing rates of last sale, we fi'rtote: — Greasy merino, best, jd. per lb. lower; average, }d. per lb. lower. Fine halfbreds, 50/56’s, }d. per lb. lower. Extra fine crossbreds, 48/50’s, }d. to Id. per lb. lower. , Fine crossbreds, 46/48’s, }d. to Id. per lb. lower. Medium, 44/46’s, }d. to Id. per lb. lower. ■ Conrse crossbreds, 40/44’s, 4d. to Id, per'lb. lower. Low crossbreds, 36/40's, id. to Id. per lb. lower. , Slipe halfbred lambs, 1 : id. per lb. lower. Three-quarterbred lamb, jd. to Id. per lb. lower. v Scoured merinos, about par to 5 per cent, lower. Murray, Roberts and Co., Ltd.: Sales have opened; competition fair. Yorkshire and French buyers principal operators. Poor selection offered. Compared with last Landon sale’s closing rates: Greasy merino, par to 5 per cent._ decline; crossbred, greasy, fine; declined 5-7 i per cent.; crossbred, greasy, medium and coarse, declined 7i-10 per cent.; crossbred, scoured and slipe crossbred, declined 5-7 i per cent. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd.: The wool sales opened before an average attendance of buyers, among whom competition was good. Continental and Bradford buyers were the chief operators. Ah average selection of wool was offered. We quote the following average realisations :—

Greasy halfbred, 50/56’s, yielding 68 per cent., 12Jd. Greasy three-quarterbred, 48/50’s, 74 per cent.. 9|d. Greasy fine crossbred, 46/48’s, yielding 75 per cent., 7{d. Greasy medium crossbred, 44/46’s, yielding 75 per cent., 7d. Greasy crossbred, 40/44’s, yielding 76 per cent., 6jd. Crossbred lambs, 46/50’s, yielding 75 per cent.. 12$d. Scoured and slipe wools, 5 per cent, to 7j per cent, lower. New Zealand Loan and .Mercantile Agency Company, Limited: There was a good attendance at the opening of the sales to-day, competition by Home and French buyers being fairly active. The opening catalogues were fairly representativ. As compared with last sale’s closing rates, prices are lower, par to }d. per lb. for merino and 4d. to Id. per lb. for crossbred. New Zealand Farmers’ Co-operative Distributing Company, Ltd.: Wool sales opened to-day: good attendance and competition. Prices, compared with close of last series: Merinos, par to 5 per cent.; crossbreds, greasy, fine, 5 per cent.; medium, 5 per cent, to 7i per cent.; greasy, coarse. 10 per cent.; scoured slipes, 5 per cent., all down. Quantity, available. 76.000 bales. H. Irwell and Company, woolbrokers. London: Sales ojiened with general competition. but with prices slightly easier, fine wools being 5 per cent, down, while medium and coarse were 10 per cent, lower. R. G. Anderson: London sales opened yesterday to good general competition. As compared with the close of rhe lasc series, the market shows fine crossbred 5 per cent., medium 7i per cent.,, and coarse 10 per cent cheaper; New Zealand slines all round, are 5 per rent, for fine and 7-J per cent, for lower grades down in price. LOWER INTEREST RATES J Further Evidence of Trend The most recent evidence of the prevailing trend in interest rates is provided by the reduction of } per cent, to 2J per cent, in the interest paid by the Government on income-tax certificates issued as a means of paying tax in advance. Idle capital has probably found this another avenue of investment, nnd Hie Government considers it enn obtain all its requirements at a lower rate.