THE PRICE OF WOOL

Dominion, Volume 29, Issue 183, 1 May 1936, Page 14

THE PRICE OF WOOL

Factors in Comparison The statement that comparisons of the total returns from wool sold in New Zealand in the last year and the previous one were apt to be misleading unless all the factors were taken into account was made at a meeting of the Canterbury Sheep Owners’ Union. One speaker eaid there was a possibility o£ a misconception arising in the minds of the general public from the statements made through the Press about the total returns from New Zealand wool sold in New Zealand during the current year. ' ... It was stated that-the comparison between the receipts from last season’s sales and those for this season would be very misleading unless all the factors were taken into account. It should be noted that more than 233,000 more bales were sold during the season just ended, compared with the numbers sold during the previous year. The speaker said that the casual reader would “naturally infer that there was an increase Of nearly £5,000,000 for the clip just realised, jis compared with the realisations for the previous year's clip. This was, of course, not the case, as there was more than 30 per cent, more woo! sold last year than in the previous year, and it was thought necessary to, draw attention to this matter with a view to preventing a false impression being created in the minds of the general reader about the real position of the wool-grow-ing industry. The average price quoted of approximately 9]d. per lb. as compared with 6]d. for last season’s clip, a rise of 2Jd. per lb., while being of great assistance to wool-growers, still left the average price of wool only slightly more than 50_per cent, of the price realised in the 1927-28 season. It was agreed to be desirable to draw attention to this matter, with a view to preventing possible misconception by the general public. WAIMUMU SLUICING CO. An Unsatisfactory Year A rather unsatisfactory year has been experienced by the Waimumu (Gore) Sluicing Company, Ltd., according to the report of the directors for the period ended March 31. Though sluicing was carried on from April until October, 1935. during which time 2480 z. Bdwt. 4gr. of gold was secured, realising £1899/14/6, abnormally dry weather in October caused the Waimumu stream to fall to such a low level that operations had to be suspended, and it was impossible to make a fresh start until the third week in March of 1936. Work, however, j.s now going ahead steadily, and the directors are of the opinion that improved results will be forthcoming in the future from the property, which they are satisfied is a valuable ope. Consideration has been given to the installation of a gravel pump to reduce the cost, of pumping -water, but-further consideration of this has been deferred until the annual meeting of shareholders on May 8. The year resulted in n loss of £O4/16/4 after writing depreciation totalling £132 2/3 off plant account. Gold tax paid to date totals ,£230/7/9. considerably more, state the directors, than the company’s loss on working. The directors have saved the company over £7O by reducting the 'amount available for directors’ fees. The working account shows receipts from gold, less tax paid, at £1899/14/6. interest at £22/5/7, and sundry receipts at £5l/15/4, which, allowing for all expenses, made a loss of £64/16/4. London Wool Sales The New Zealand Loan and Mercantile Agency Co.. Ltd., have received the following advice from their London house, dated April 29: —Wool sales: List closed. New Zealand shipments ex Remuera, Northumberland, Dorset, Rangitiki and Matakana available.