THE WOOL MARKET

Dominion, Volume 29, Issue 182, 30 April 1936, Page 14

THE WOOL MARKET

Strong Statistical Position SMALL LONDON OFFERING •By Telegraph—Press Assn. —Copyright. London, April 28. In view of the strong wool statistical position, the third series of the London wool sales is expected to open on May 5 witli a very strong market. Sober oilservers of the course, ot the wool market consider that the situation is the best for years. Continental political uncertainties and the reluctance of the British consuming trades to stand further advances in prices will alone prevent any excessive ebullience in the market. < 'The catalogue to be offered will be smaller than usual, and the unsold raw material held in Yorkshire is at tlie lowest since 1932. The most healthy feature in the present position is that the heavy imports of tlie past eight, months have been for current consumption. Some traders are even talking of a wool famine. The quantity catalogued for the May series totals 91.31)0 bales, comprising 24,100 of Australian, 48.900 of New Zealand. 1400 of South African, and 16,900 of South American. Dalgety and Company, Limited, report that for the wool sales opening on May 5 Hie list of arrivals closed on April 27. The following vessels in which we are interested have arrived in time: — Ornri, Remuera, Mataron, Empire Star, Port Chalmers, Waiwera. Wnirangi, Rangitiki, and Matakana. Dalgety’s selling dates are:—-May 5, 7._ 12, 14, and 15. Sales close on May 15. Wright, Stephenson and Co., Ltd., and Abraham and Williams. Ltd., received cable advice from their London honse'regarding the London wool sales ns follows;—91,300 bales will be catalogued for next, sales commencing on May 5 and closing on May 15. GRAIN AND PRODUCE Christchurch Markets Dominion Special Service. Christchurch, April 29. Deliveries of fowl wheat from the country have been fairly heavy recently, and so much under grade has been on offer that the price has weakened for both good whole and under grade. Good whole is not offering in any great quantity. Potatoes have also weakened, because of a lack of interest by northern purchasers. The price nominally to-day was £5/10/- for whites and £5/12/6 to £5 15/- for Dakotas, f.o.b. With the reduction in values, farmers’ have not offered so freely. There is practically no activity locally in onions, which remain unchanged in price, but it was reported yesterday that there had been some inquiry from Sydney, and that a shipment of 20 tons would be sent by the Karetu at the end of the week. The sale was reported to have been made at a very satisfactory figure, the market in Sydney at present being favourable. The rest of the markets are quiet, except that, chaff is a little weaker. The following are the prices quoted to farmers, on trucks, at country sidings. unless otherwise indicated: — Wheat: ‘Milling grade for Anri] delivery, Tuscan 4/6, Hunters 4/8, Pearl 4/10. f.0.b.; good whole fowl wheat, prompt, to 4/S, f.0.b., under-grade to 4/2. f.o.b. Oats: A Gartons , 2/4. B Gartons 2/2}. Algerians 2/-, Dunns 2/6. Ryegrass: Perennial Western Wolths, 1/9 to 2/-; Italian, 1/9 to 2/-. Cocksfoot: Plains, 6d. to Bd.; Akaroa, Gd. to Bd. per 11). Cowgrass: 4d. to sd. per lb. White clover: Sd. to 9d. per lb. Chaff: £2/7/6 to £2/12/6 a ton. Barley: Feed. 2/3 to 2/4 a bushel. Potatoes: £4/7/6 a ton. Onions: £2/10/- a ton. Peas: 5/3 to 5/6. London Stock Exchange London. April 28. QuotatioAs on the Stock Exchange today of pastoral and other stocks nnd shares compnrc ns follows with those

Sales of goldmiining shares include Bulolo, £6/10/-. F.A.MrE. Insurance A recommendation by the directors that payment be made of one-half of the dividend on preference shares up to September 30, 1035. is contained in the report of F.A.M.E. Mutual Insurance and Guaranteed Incomes, Ltd., for the period ended March 31. 1035, presented to the first annual meeting of shareholders at ■Wellington yesterday. The directors’ report states that the difficulties confronting tlie company in the early part of its history have been overcome, and there is every reason to be sat’sfied with the progress being made in the company’s business. A reserve of 65 per j'ent. (instead of the customary 40 per cent.) of the net premium income earned hits been set aside to meet contingencies, and will be carried forward to next year's revenue accounts, says the report. After making this provision, there is a balance of £755/9/5 available, out of which the directors recommended lhe payment in the meantime of onehalf of the dividend on preference shares (5} per cent.) up to September 30. 1935 The balance-sheet rends as follows:—

Contingent liabilities—Amounts uncalled on shares held ns investments, including reserve liability on shares of banks. £3350.

lows: — To losses, £54/16/9; to reserve of premiums for unexpired policies (65 per cent.), £971/2/-; to commissions, expenses of management, and sundry charges, £B4B/13/7; balance, £755 9/5; total, £2630/1/9. Uy premiums, less return premiums and reinsurances, £1494; by interest from investments, including interest accrued £1135/11/9; share transfer fees, 10/-; total, £2630 .1/9.

previously cabled : —■ ”'d.’ April 14. April £ s. d. £ Dalgety and Co.. 4 p.c.. deb. stk. 101 0 0 00 10 O’* Bri tish Tobacco. 1 12 6 1 11 .3 Goldsbrongh Mort, B .pref., ex div. 1 6 .3 1 0 .3 ©algety and Co., shares S 0 0 s 0 0 P. and 0. def. . 1 0 0 1 0 4 J lx div.

1936. At March 31. LIABILITIES— £ s. d. Paid-up capital 52,431 15 0 Sundry creditors ....... Reserve of premiums for 448 19 1 unexpired policies .... 971 2 0 Life account 20 11 4 Revenue account 155 9 5 Total ..., 54.627 16 10

ASSETS— £ s. d. Motor-ears. ollice ftirnitore, liftings, etc., at < •• £ 2.245 13 11 Investments 35.311 15 10 ■4’nused stationery on hand 317 13 8 Debtors 1.21)1 • ) 1 Cash at bank 2,520 8 7 Cash in hand 0 0 Guaranteed income tables (143 9 10 Life establishment acet. 500 0 0 Establishment account. general and brokerage 11,772 19 11 Total 54.027 1(1 10 The profit and loss account is : as 1 fol-