THE WOOL MARKET

Dominion, Volume 27, Issue 190, 10 May 1934, Page 12

THE WOOL MARKET

London Competition Only Fair FREQUENT WITHDRAWALS By Telegraph.—Press Assn.—Copyright. London, May 8. Offerings at the London wool sales to-day were 9929 bales, including 419 c bales New Zealand. About 5695 bales were sold. .... , There were larger and better selections with fair competition. Prices were steady, although withdrawals were rather frequent, especially of speculators’ lots. . New« Zealand wool sold included:— Scoured halfbred combing. “Allandale, 32d per lb. highest. 261-Sd. average; halfbred lambs slipes. “Feilding over TBS,” 17}d. highest and 14Jd. average. The Bank of New Zealand, Produce Department, has received the following advice from its London office under date May B:—The sales continue with competition rather hesitating. Prices are fairiv well maintained. ’ Murray. Roberts and Co., Ltd., have received the following wool market cablegram from their London agents, dated May B:—Compared with present .London sales opening rates, competition fair. Greasy merino, par to 5 per cent, decline; scoured merino declined 5 per cent.; crossbred market firm. - Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., have received cabled advice from their London house as follows:—The wool sales continued before an average attendance of buyers, among.whom competition was good for super and average wools. The market was irregular for inferior anti faulty wools. Continental and Bradford buyers were the chief operators. t We quote the following average realisations: * Per lb. d. Greasy merino, 60/64, yielding 48 per cent •• ■ 16 Greasy fine halfbred, 56/58, yielding 64 per cent.’ •••••• 16 Greasy coarse crossbred. 36/40, yielding 77 per cent . 5$ Slipe and lambs’ wool were in buyers favour. Wool merchants were the main buyers for these types. DOMINION WOOL SALES Good Increase Shown The offerings and eales of wool during the ten months ended April 30, a period which includes the 27 official roster sales and the small sale at Timaru last month, show a considerable increase on those for the corresponding period of last year. At the April sales 67,526 bales were offered, of which 56,942 bales, or 84.32 per cent., were sold. The following table, compiled by Da;gety and Co., Ltd., compares the total offerings and sales for the ten montns ended April. 30 with those for the corresponding period of 1932-33: —

Of the total offerings of 690,7£>5 bales for this season, 646,703 bales, or 93.61 per cent., were sold. For the corresponding period of last season, 638,695 bales were offered, of which 567,776 bales, or nearly 89 per cent., were sold. This season’s offerings exceeded those of last year by 52,100 bales, but the actual sales were greater by 78,927 bales. Exports of wool last month were 84.093 bales, of which 22,538 bales were shipped from Wellington, 4613 from Wanganui, and 18,721 from Napier. Exports of wool for the ten months of 1933-34 ended April 30 totalled 720,320 bales, compared with 727,050 bales, a decrease of 6730 bales. Befalls of the exports compare as follow: —

Australian Wool Averages The prices of wool sold in Australia during the ten months to the end of April averaged 16d. a lb. for greasy and 24.1 d. for scoured. SYDNEY WOOL SALES Big Increase in Realisations From July 1 to April 30, sales of wool on the Sydney market totalled 1,044,073 bales, which realised £21,471,476. Compared with the similar period or the preceding season, the quantity sold shows a decrease of 132.306 bales, but the amount realised an increase of £8,267,392. The wool marketed during the ten months averaged £2O/11/3 per bale, or 16.5 d. per lb. greasy and scoured, compared with £ll/4/5 per bale, or B.Bd. per lb. a year previously. The following totals show the quantities sold and the amount realised for the wool marketed in Sydney during the ten months of six seasons: —

JAPAN’S WOOL IMPORTS Large Increase in Three Years 11. Dawson, Sons and Co., Ltd., the well-known wooßbrokers, supply the following statistics of wool and tops imported into Japan during the last three years :— Import ot 11 001.

FOREIGN EXCHANGES

Position of Sterling By Telegraph.—Press Assn.—Copyright. London, May 8. The following rates on foreign exchanges were current to-day compared with those ruling on May 7: —

Gold and Silver. London, May 8. Gold—£6/16/1} per fine ounce. Silver—Cash. 19 l-Bd. per ounce; forward, 19 3-10 d. Colombo Tea Market By Telegraph.—Press Association. Dunedin, May 9. Mr. L. M. Wright has received the following cabled report on the Colombo tea auction of May 8: At yesterday’s auction of 2,610,0001 b., all grades were irregular and slightly easier. The quality of the offerings was plain. A total of 2.990,000 lb. is catalogued for the sale next week. Exports of Tallow Shipments of tallow from the Dominion last month were 2240 tons. For the ten months ended April 30. according to returns compiled by Dalgety and Co., Ltd., tallow exports totalled 16 960} tone, compared with 17.8044 tons for the corresponding period of 1932-33. Victorian Electricity Loan By Telegraph.--Press Assn.—Copyright. Loudon, May 8. The State Electricity Commission of Victoria is issuing a loan of £OOO.OOO at £96, and nt 3} per cent, per annum, repayable 1954. Of the total issue £265.153 will be offered to holders of Melbourne electrics 6 per cents., which are to be redeemed on June 1. Dollar Conversion Kates The Associated Banks have agreed that ‘he conversion rates from May 7 will be :— U.S.A. Canada Conversion of dollar bills received for collection and sale of dollar drafts 5-O1 5.00 Purchase of dollar bills 5.21 5.20 These conversion rates are, of course, quoted on a sterling basis (London funds) and current rate of exchange New Zealand on London will be charged or allowed as the ease may require. Talisman Dubbo Mines. Ltd., yesterday advised the Wellington Stock Exchange that 20 tons of ore was treated for i 342 actual realisation.

Ten Months to April 30, Invercargill , 1033-34. 1932-33. Offered. Sold. Offered. Sold. Bales. Bales. Bales. Bales. , 50,050 48,902 49,903,44,091 105,090 102,482 90,855 *94,267 Dunedin .... Tlmaru 35.847 34,581 35,398 33,000 Christchurch . , 86,190 82,900 87,402 83,538 Blenheim ... ,: 28 25 30 26 Wellington . , 139,567 128,070 120,984 104,975 Wanganui .. , 91,327 80,451 70,514 59,601 Napier ... , 108,653 98,011 103,588 80,387 Gisborne .... , 3,610 3.510 2,893 2,251 Auckland , , 69,833 67,165 68,128 58,980 Total ... , 090,795 646,703 638,605 567,776

Ten months to April 30. 1933-34. 1932-33. Bales. Bales. Invercargill ..... 55,421 62,466 Dunedin ........ 84,046 89,765 3,122 4,76(1 Timaru ........ 44,313 52,702 Christchurch .... 82.971 100.34] Blenheim. ..... 1.053 4,554 Nelson 2,814 2,218 Wellington 14-5,151 137.373 Wanganui 61,150 57.738 New Plymouth .. 2.S33 2,762 . Napier 112.726 118.086 Gisborne and Tokomaru Bay 43.505 36,524 Auckland and Opua 81,515 57,755 720,320 727.050

Bales. £ 1928-29 .. 1,070,140 .. 23,836,611 1929-30 830,234 .. 11.329.365 1930-31 .. 985,504 .. 11,249.609 1931-32 ... 1,067,298 .. 11,822.245 1932-33 .. 1,176,379 .. 13,204,081 1933-34 .. 1,044,073 . . 21,471.476

1931. 19321 1933. lbs. lbs. lbs. ■ China 138.935 103.535 180,002 England 188,TVS 568,308 1.180,933 S, America 4,412,400 1,079.332 5.998,101 S. Africa 157,734 2,318,133 3,920,531 Australia 185,537,000 198.425,467 220,230,933 Otliera 138,134 3,300.799 191.SOO Total 190,571,001 205,804,604 240,714,060 Import o; f Tops. 1931. 1932. 1933. lbs. lbs. lbs. 149.060 4A.J2M 04,266

May 8. May 7. Par. N. York, dol. to £ 5.11 1-8 5.11 3-8 4.806 Montreal, dol. to £ 5.09} 5.09} 4.800 Paris, fr. - to £ 77 9-32 77 7-32 124.21 Brussels, bel. to £ 21.855 21.82 35.00 Geneva, fr. to £ 15.745 15.725 25.225 AniBt’dam, fl. to £ 7.535 7.52} 12.107 Milan, lire to £ 00 59 3-10 92.40 Berlin, niks. to £ 12.9-15 12.935 20.43 Sfholm, knr. to £ 19.40 19.40 18.159 C'hagen, knr. to £ 22.395 22.395 18.159 Oslo, knr. to £ 19.905 19.905 18.159 Vienna, schgs. to £ 28 28 34.(18,1 Prague, knr. to £ 122.375 122.25 164.25 Hcl’fors, inks, to £ 220.75 220.75 193.23 Madrid, pes. to £ 37 5-10 37 9-32 25.225 Lisbon, esc. to £ 110 110 iib“ Athens, draeh. to £ *530 *530 375 Belgrade, din. to £ Bucharest, lei to £ ,225 225 270.31 510 510 813.00 Warsaw, zlot.v to £ — —- 43.38 Rio de J., p. to mil. B. Aires, p. to peso 14} 14} 5.890 1304 436} 47.62 M. Video, p. to peso 138} 438} 51 Calcutta, p. to rup. 18 3-32 18 3-32 18 Shanghai, p, to dol. 15} 15} —— II.-Kong, p, to dol. 17 16 7-8 Y'hama. p. to yen 14} 14} 24.582 Batavia, fl. to £ — — tSellera, official. •Sellers. 12.107