FINAL WOOL SALE

Dominion, Volume 28, Issue 167, 11 April 1935, Page 10

FINAL WOOL SALE

Small Wellington Offering HEAVY CARRY-OVER Bor the final wool sale of the 1934-35 season which is to be held at the wool store of Wright, Stephenson and Co., Ltd., at Pipitea Point, to-morrow afternoon, starting at 1.30 p.m., 9050 bales have been catalogued, as against 15,900 bales at the corresponding sale last year. liemarking that prices should be very firm to-morrow, a well-known authority yesterday pointed out that since the last Invercargill sale held on March 2 a firmer tone has prevailed for all classes of the textile, crossbreds of from medium to fine type being especially inquired for. Since Invercargill, sales have been held at Dunedin, Napier, Auckland, Wanganui and Christchurch, and as far as the North Island is concerned, prices for crossbreds at the Wanganui sale on April 1 were about the higheist of the present series. The appreciation has so far been well maintained, and at Dunedin on April S a further all-round hardening was recorded. It is difficult to account for the increased prices now ruling, as the closing prices at the last London sales on March 26 showed fine crossbreds id. to ild., medium id. to id., and coarse id., all lower as compared with the closing rates of the January series, the prices for average sorts being:—• d. d.

Latest reports from London are that supplies of the raw textile are not unduly heavy, but sufficient for present requirements, and further stocks are in sight from the Home-grown clip. At the London January sales a fair amount of buying was done on account of Russia and Germany, which helped to keep prices firm, but unfortunately no buying orders were forthcoming in Marell from either of the above, and prices suffered accordingly. According to latest reports, Germany is now much better stocked with wool than for some time past, so possibly she will not be operating with much freedom at the next London sales. North Island Carryover Heavy. The carry-over of crossbreds in the North Island is going to be heavy. At the moment it is difficult to give a reliable estimate, but it certainly will not be under 100,000 bales. As in past years, the South Island has met the market and sold freely, and only a small carry-over will be recorded there. In lean years in the textile trade, and when it is difficult under keen competition to make anything but small profits, nothing upsets the market more than the bogey of a heavy hold-over of the raw material. Confidence is impaired, and both top-makers and spinners then adopt a cautious hand-to-mouth buying policy to protect themselves against any fall owing to a heavy weight of wool coming on the market in a short period. It is a matter for congratulation that wool prices have firmed, and it is hoped that the rise will not prove to be a temporary one. Dominion wool disposals by auction for the 1934-35 season up to March 31 are 423,077 bales, as against 589,785 up to the same date in 1934—a decrease of 166,708 bales. During the 1933-34 season a heavy weight of carried-over wools was catalogued.

It is a recognised fact that most of the North Island crossbreds carry badly, and. when displayed for sale after a season’s storage, open' up with a etale, stained appearance, and show to disadvantage against the newly-shorn clips. The small offerings that have come forward for the last round of Dominion sales may to some extent account for the present firm market, buyers being anxious to cover their orders with good bright wools.

It is fully expected that prices will be very firm for to-morrow's sale, and, as some good wools are catalogued, bidding should be keen and a good clearance effected, so long as growers do not hamper brokers with prohibitive reserves. The offerings in order of sale are as under:—

Bales. Murray, Roberts and Co., Ltd. .. 1600 Levin and Co., Ltd 1100 N.Z, Lonn and Mercantile Agency Co., Ltd 1800 N.Z. Farmers’ Dist. Co., Ltd. .. 1100 Abraham and Williams & Wright, Stephenson and Co., Ltd. .. 600 Dalgety and Co., Ltd 3450 Total 9050 LEVIN AND CO.. LTD. Staff Appointments Consequent on the retirement of Mr, C. Pearce, head of the insurance department of Levin and Co., Ltd., after a service extending over 48 years, the following staff appointments are announced : Mr. E. W. Pearce will take charge of the insurance business at the head office in Wellington, and Mr, A. D. S. Duncan becomes manager of the firm’s branch at Masterton. , It is also announced that Messrs. A. D. S. Duncan, L. Goldfinch aqd W. It. Robson are appointed, to the board of direc*°Mr. K. D. Duncan has assumed the position of secretary of the company. BASE METALS MARKET Copper and Tin Prices Firm By Telegraph.—Press Assn. —Copyright. (Received April 10, 8.35 p.m.) Iliondon, April 9. The official London (middle) quotations for Tuesday, as reported by the Australian Mines and Metals Association, compare with those previously cabled as follow:— Aprils. April 9.

Butter Market Firm Joseph Nathan and Co., Ltd., have received from their principals, Trengrouse and Nathan Dtd. t London, the following cabled advice, dated April 9: —New Zealand butter, 77/- to 78/- per cwt. Firm. The New Zealand Producers’ Co-opera-tive Marketing Association’s weekly cabled market report from London dated April 9 is as follows:—Butter market firm. New Zealand, finest grade, 78/-; first grade, 77/-. Danish, 101/- to 103/-. Cheese market quiet. New Zealand, white, 44/6 to 45/-; coloured, 46/- to 46/6. A. H. Turnbull and Co., Ltd., have received the following cable from their principals, W. Weddcl and Co., Ltd., dated London, April 9:—Butter: Danish. 100/-. New Zealand, finest, 78/-. Kangaroo, 74/-. Market steady. Cheese: New Zealand, white, 45/-; coloured, 47/-, Market quiet.

48/50 6 to 61 46/48 5 J to G 44/46 ....... 5J to 5} 40/44 to 51

Per ton. Pe ton. Copper— .£ S. <1. s. d. Standard, spot ... 31 4 44 31 14 4* Ditto, forward . ... SI 13 li 32 3 1J Electrolytic ... 34 10 0 35 5 0 to 35 5 0 30 0 0 Wire bars ... 35 5 0 30 0 0 Lead— S-pot ... 12 5 0 12 1 3 Forward ..... ... 12 10 0 12 6 3 Spelter— Spot ... .13 0 0 12 17 0 Forward ..... .. 13 5 0 13 2 6 Tin— frSpot .. 223 5 0 224 12 fl Forward .. 210 17 (i 220 17 G Silver— Standard, per oz. . 28 5-lGd. 2813-10d. Fine tAineriean ...30 0-lfld. 48.90 cents a 31 l-8d. lb.